17th Oct 2014 08:30
LONDON (Alliance News) - Range Resources Ltd Friday said it has completed its USD15 million loan financing with Lind Asset Management, funds it said it will use to invest in its rig fleet and to accelerate development drilling of its Trinidad portfolio.
At the end of last month, the oil and gas explorer said its pretax loss widened in the year ended June 30, following a major write-off of assets and increased finance costs, as it looks to focus on developing its operations in Trinidad through further acquisitions.
Its plans is to focus on its operations in Trinidad, in which it has a 100% working interest in the Morne Diablo, South Quarry and Beach Marcelle licenses.
Range Resources shares were trading 9.2% higher Friday morning at 0.786 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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