Range Resources intends to sell off its Trinidad assets to LandOcean.
In a press release, Range said 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 has production of about 650 barrels of oil/day in 2018 and also had substantial independently verified reserves of 15.2 million barrels.
The company had 100 percent working interest in Beach Marcelle, Morne Diablo and South Quarry and majority stake in Guayaguayare Shallow,
Guayaguayare Deep and St Mary’s.
The completion of the sell off was subject to shareholder and government approvals.
