StockMarketWire.com - Oil company Range Resources said its production in Q4 2019 was broadly unchanged from the previous quarter as it continued with low cost programme of well optimization, infrastructure upgrades and new studies.

Its average production for the quarter was 501 barrels of oil per day.

The firm added that it is continuing negotiations with LandOcean to agree revised terms for the outstanding payable balance, including the convertible note, after it had terminated the previously proposed acquisition of an interest in an educational company in China.

The proposed debt restructuring agreements with LandOcean were conditional on the firm completing this acquisition.

As a result, Range Resources said the debt restructuring will not proceed on the terms announced on 18 March 2019.

In addition, during the quarter Range submitted a Notice of Arbitration against the State of Georgia in respect of what it said was the 'wrongful termination' of a production sharing contract.

Range is seeking damages of $21.9m as well as $1.7m in interest.


At 9:52am: [LON:RRL] Range Resources Ltd share price was -0.01p at 0.02p



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