Range Resources (ASX:RRS, LON:RRL) has disposed of its non-core Texas based assets to its associate Citation Resources (ASX:CTR).
ASX-listed Citation is already a partner with Range in its Guatemala production and exploration venture.
Citation will pay A$1.7mln for the Texas business, comprising A$500,000 cash and A$200,000 worth of Citation shares.
Additionally, Range will be ‘carried’ for A$830,000 of its share of costs in Guatemala, and the remainder of the deal value will set against monies owed to Citation (A$189,000).
The deal also releases Range from US$900,000 of imminent spending commitments in Texas.
Earlier this year Range wrote down the value of its Texas assets to US$1mln.
Range said its strategic focus will remain on Trinidad, and it will continue to rationalise non-core assets.
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