Range Resource makes damages claim after Georgia contract termination

Writer,

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

Range Resource said said its legal advisers had submitted a notice of arbitration against Georgia in respect to what it described as the wrongful termination of a production sharing contract there.

The company said it was seeking damages currently estimated at around $21.9m, as well as interest of around $1.7m.

As at 30 June 2018, Range had fully written down the value of its investment in the related project.