20th Jan 2020 14:06
(Alliance News) - Star Phoenix Group Ltd said Monday the shareholders of LandOcean Energy Services Co Ltd have approved the acquisition of Range Resources Trinidad Ltd.
The shareholder approval follows the Trinidad & Tobago state regulator green-lighting the deal last Friday.
Star Phoenix said the deal can now be completed as it has satisfied all regulatory hurdles.
Shares in the oilfield services firm, formally known as Range Resources, were up 5.0% in London on Monday afternoon at 2.10 pence each.
Star Phoenix shareholders approved the sale of its Trinidad assets to LandOcean in late November. LandOcean will pay USD2.5 million and forgive the approximately USD91 million debt and payables due from Range Trinidad to LandOcean.
The deal will be subject to a transaction fee payable to the state firm, Heritage Petroleum Co Ltd, due to a change of control clause in the Morne Diablo and South Quarry farm-out agreements.
The fee will be no more than 20% of the cash value of the transaction attributable to the Morne Diablo and South Quarry licences. The exact amount will be agreed with Heritage in due course, Star Phoenix said.
By Paul McGowan; [email protected]
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