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News: Range Resources confirms sale of Texas assets

  1. Proactive
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    25/03/15
    10:11
    Post #: 14974822

    Range Resources (ASX:RRS, LON:RRL) has confirmed the sale of its assets in Texas to Citation Resources Ltd has now completed.

    The AIM quoted oil firm has now received a AU$500,000 cash payment.

    It also benefits from an AU$830,000 ‘carry’ on projects in Guatemala, and forgiveness on money owed to Citation totalling AU$189,000.

    Range also receives 200mln new shares in Citation as part of the deal.

    The company also now has the right to appoint a director to the board of Citation Resources, for as long as it owns at least 100mln shares.

    The sale comes as Range focusses on its core assets in Trinidad.

     

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