StockMarketWire.com - Oil company Range Resources said a due payment $2.8m it was owed by LandOcean Energy Services had been delayed.

Range Resources had advanced the refundable payment to LandOcean in regards to an acquisition.

LandOcean now couldn't make the payment due to 'foreign exchange controls and the need for routine examination and approval of the payment from the State Administration of Foreign Exchange of China'

LandOcean, however, had confirmed that the payment remained refundable to Range and that it would use all reasonable endeavours to arrange payment as soon as possible.

'Range believes that it may take up to six months to obtain the necessary approvals from SAFE, and a backstop date for the refundable payment of 30 June 2019 has been agreed between Range and LandOcean,' Range said.

Range's current cash position was around $3.3m.



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