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Range Resources Ltd Provides Update With Respect To Proposed Strategic Merger With International Petroleum Limited

Sunday, 16 Jun 2013 08:11pm EDT 

Range Resources Ltd provided the following update with respect to its proposed strategic merger with International Petroleum Limited (International Petroleum) (the Transaction). Since announcing the intended merger transaction, key legal, technical, corporate and financial advisors have been appointed and the parties have made good progress towards the completion of due diligence and confirming the structure of the transaction, which is likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders. Subject to satisfactory finalisation, it is expected that the formal offer will be made in the coming 3-4 weeks. The terms and conditions will be in line with previously disclosed. In conjunction with the formal merger processes, a technical team from International Petroleum has visited the Company‚Äôs Trinidad assets and reviewed various strategies in fast tracking development of both the conventional and waterflood programs. Range has advanced USD8 million of the USD15 million secured financing to International Petroleum as part of the merger process, with the remaining balance being forwarded within the coming two weeks. 

Company Quote

9 Dec 2014