This fund raising was conducted pursuant to the exercise of nearly 250 million outstanding options that expired at the end of December 2011, providing Range with approximately A$15.5m of additional capital.
OPL successfully placed 70 million shares at 7.5p (A$0.115), issued upon exercise of the same number of options, raising £5.25m (A$8.05m) for Range.
Range is now well positioned to advance its aggressive drilling programme across several territories in 2012. In Trinidad, Range will accelerate its multi-well development drilling schedule over the next twelve months. Meanwhile in Texas, drilling on the Albrecht #1 appraisal well on the North Chapman Ranch Project is approaching target depth and a successful result could significantly enhance the company’s reserve base and the subsequent value of its interest in the project.
In Puntland, Range expects that high impact exploration drilling will commence soon with the spudding of Shabeel-1, the first exploration well in Puntland for over 20 years. A successful outcome in this comparatively stable region of Somalia has the potential to transform Range Resources into a major player in the UK E&P sector.
Michael Parnes, CEO of Old Park Lane Capital, commented: “We’re delighted to have been able to raise such a significant amount of money for Range. It is a great start to the year and we are very confident that Range will go from strength to strength in 2012.”
For more in depth comment from Michael Parnes, please contact anne@pr4.com
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Notes to Editors:
Old Park Lane Capital PLC have two separate but complementary divisions:
- Corporate broking and research
- Institutional and invitation only agency stockbroker
The corporate broking and research service is focused exclusively on natural resources. OPL analysts are specialists with unrivalled expertise in there sectors. OPL offer a turnkey brokerage solution.
Disclaimer
This information is not intended to be an offer to buy or sell any securities of any of the companies referred to and any opinions expressed are subject to change without notice. Recommendations may not be suitable for everyone and if you have any doubt you should seek advice from a financial adviser. Except for any liability owed under FSMA 2000 or the regulatory system, Old Park Lane Capital plc (OPL) accepts no liability for any losses which may be incurred. Companies mentioned in this press release may be corporate finance clients of OPL. Analysts at OPL may receive compensation based either directly or indirectly on profits derived from fund management activities. OPL its directors and employees may have a position or holding in any of the above investments or in a related investment, therefore OPL is not holding out that this is impartial or objective as defined by the FSA Conduct of Business Rule 7.16.5, as set out in our conflicts of interest policy and procedures Old Park Lane Capital plc is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority. (FSA no. 477870). Registered address: 49 Berkeley Square, Mayfair, London, W1J 5AZ.