Range Resources Limited Georgia Update (5798B)
05 April 2017 - 4:00PM
UK Regulatory
TIDMRRL
RNS Number : 5798B
Range Resources Limited
05 April 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Georgia Update
Range notes an article published on 3 April 2017 by the
Government of Georgia represented by the LEPL State Agency of Oil
and Gas of the Ministry of Energy of Georgia ("the Agency"),
announcing an open international tender on Block VI(A) in Georgia
(the article can be accessed here:
http://www.energy.gov.ge/projects/pdf/news/Tender%20Annousment%201673%20eng.pdf)
("the Tender Announcement").
Range, through its 45% shareholding in Strait Oil and Gas
Limited ("SOG"), holds an interest in the Production Sharing
Contract over Block VI(A) dated 29 March 2007 ("the PSC"). Range
has been involved in the project since 2009 and has invested very
substantial capital since that time with funds used to complete the
minimum work programme stipulated by the PSC. The Agency has
previously confirmed to SOG that this minimum work programme has
been satisfactorily completed.
Range firmly believes that the PSC over Block VI(A) remains
valid and is in good standing. Range believes that any purported
relicensing of Block VI(A) by the Agency pursuant to the Tender
Announcement would be a flagrant breach of the terms of the
PSC.
Range has contacted the Agency to seek an amicable resolution
and has requested an urgent meeting. In the meantime, Range has
engaged legal advisers and is exploring relevant routes to preserve
the value of its investment.
As at 31 December 2016, Range has a carried value of US$1.25
million attributed to its interest in the project on its balance
sheet.
Further announcements on this subject will be made as and when
necessary.
Contact Details
Cantor Fitzgerald Europe
Range Resources Limited (Nominated Advisor and
Evgenia Bezruchko (Group Corporate Broker)
Development Manager) David Porter / Sarah Wharry
e. admin@rangeresources.co.uk (Corporate Finance)
t. +44 (0)20 7520 9486 David Banks (Corporate
Broking)
t. +44 (0)20 7894 7000
This information is provided by RNS
The company news service from the London Stock Exchange
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