News: Range Resources focuses on ASX and AIM listings

Range Resources (ASX:RRS, AIM:RRL) is voluntarily delisting from the OTCQX as of the close of market on 20 June 2014 as part of its corporate streamlining.

Shares in the company, which will continue to trade on the ASX and the AIM, had risen to a high of $0.023 on the ASX on Tuesday, up 64.3% from its close of $0.014 on Monday, 26 May.

Range has made significant progress recently on increasing oil production at its flagship Trinidad project.

It has signed up China’s LandOcean Energy Services, one of the country’s largest private listed oilfield services businesses, as its preferred provider for services including geoscience, engineering, procurement and construction.

LandOcean will also provide Range an option for up to US$50 million in financing.

While this is primarily to pay for LandOcean's services, it can be used for other purposes if the two companies agree.

Range has also recently secured US$12 million in financing through a placement of about 712 million shares priced at £0.01 (A$0.018) each with a Hong Kong based private institutional investor to repay debt.