Range Resources has indicated that it will sell off its Trinidad assets to LandOcean.
The company stated in a press release that a binding conditional agreement was signed with LandOcean for the sale of Range Resources Trinidad in exchange for offsetting all outstanding debt due from Range to LandOcean (currently estimated at US$91 million) and cash consideration payable to Range of US$2.5 million.
Range Resources had production of about 650 barrels of oil/day (2018) and also had substantial independently verified reserves of 15.2 million barrels.
The company had 100% working interest in Beach Marcelle, Morne Diablo and South Quarry. The company also had majority stake in Guayaguayare Shallow, Guayaguayare Deep and St Mary’s.
It should be noted that the completion is subject to shareholder and government approvals