Ann: Debt restructuring and Trinidad sale agreements signed, page-10

Here is what Malcy's got to say:

Range Resources

Just when you thought nothing could go right for Range a significant rabbit has been pulled out of the hat. The company has signed binding SPA for the sale of Range Resources Trinidad to LandOcean in return for offset of all debt ($91m) and cash of $2.5m to Range.

This is a cracking deal for Range as in a stroke it has made the company debt free, with cash resources bringing increased liquidity and of course improved shareholder sentiment. Getting @$95m for these assets is by any matter of means incredible and should have an immediate knock on effect for other players in the area.

Range is left with the drilling company in Trinidad and the Indonesian assets, as this transaction is completed one can only hope that the deal gets completed. Range shareholders will then rejoice.