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Range Resources makes early payment for drilling services acquisition

It is an interest saving transaction, which can be undone at Range Resources request
oil and gas operations
Range wont have to pay 6% on the US$2.8mln

Range Resources Limited (LON:RRL) has confirmed in a stock market statement that it has advanced a US$2.8mln partial payment to LandOcean Petroleum Corp as part of the consideration for the completed drilling services acquisition.

The payment is on a refundable basis and the funds will be immediately repayable to Range upon the company's request, Range noted.

READ: Range Resources spuds new development well in Trinidad

It highlighted that the early payment benefits the company as it means it no longer has to pay a 6% interest (per annum) charge on the consideration, and it added that formally the consideration for the acquisition remains due to be paid by no later than 30 November 2020.  

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