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  • Range Resources Adds Capital Group As Substantial Shareholder 0 comments
    Apr 30, 2013 10:22 PM

    Range Resources (ASX: RRS) has added Capital Group to its register as a substantial shareholder with a 5.85% interest.

    Capital Group acquired 67,000,000 ordinary shares from 29 January 2013 through 29 April 2013 at an average price of 0.04 GBP each.

    Capital Group, which holds 167 million shares in Range, is one of the world's largest investment management organisations with assets of around US$1 trillion (A$964.1 billion) under management.

    Range is set to transform into a global oil and gas production company after proposing to merge with International Petroleum.

    International Petroleum holds highly prospective assets in Russia, Kazakhstan, and Niger with total 3P Reserves of 233 million barrels (MMbbl) of oil and best estimate prospective resources of 761MMbbl of oil and 157 billion cubic feet of gas.

    The merger will create a leading ASX and AIM listed oil and gas company with a strong production growth profile. The key near term focus of the merged entity will be the expansion and development of the projects in Trinidad, Russia and onshore Africa.

    Another point of merit is that International Petroleum's recently acquired assets in Niger provide a strong exploration upside fir to Range's own portfolio of large potential onshore projects.

    Range has received commitments for a A$20 million placement to major funds and institutions and has agreed to provide US$15 million to International Petroleum by way of a secured loan over International Petroleum's Russian assets.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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