Published: September 21, 2016 |

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Range Resources Ltd has rejected a claim from Colombia’s oil agency Agencia Nacional de Hidrocarburos (ANH) that it still owes money for licenses it used to own in the country.

The company has submitted a “comprehensive response” to ANH objecting to the demand issued by the government organization.

ANH is seeking payment of US$53mln and revoking three exploration licenses in Colombia.

Perth-based Range said it no longer had any “material assets” in the country, adding there was no provision to enable court judgements or orders from ANH to be recognized in Australia.

ANH claimed that the consortium had not fulfilled its minimum work obligations, and said Optima, one of the partners, had presented “invalid letters of credit” to the agency.

Range said under the terms of the joint operating agreement, it was the sole responsibility of Optima to meet the minimum work obligations and provide all necessary funding, including letters of credit, to ANH.

Source: (September 15, 2016) Proactive Investors

About Range Resources
Range is a growing dual listed E&P company with the largest private onshore acreage in Trinidad. The company has established a stable funding position for its growth through a number of attractive equity, supplier and trade finance packages. The company’s objective is to create sustainable shareholder value by growing oil production, developing discovered resources and continuing exploration on its highly prospective assets.

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