Range Resources advances $2.8m to LandOcean

Range Resources has advanced a partial payment of US$2.8m to LandOcean Petroleum as part of the consideration for the completed acquisition of Range Resources Drilling Services.

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

The company says this early, refundable payment will benefit Range as it will no longer have to pay the 6% interest rate per annum accruing on the amount of consideration.

The consideration for the acquisition remains due to be paid by no later than 30 November 2020.