Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, announce a comprehensive restructuring of the various payment obligations with LandOcean Energy Services Co., Ltd.

Key Highlights:

• Medium term extension agreed to repayment obligations with no payments of principal or interest due until 2022 at the earliest;
• US$20 million convertible note extended for a new 3-year term with interest payments only due for repayment at maturity in November 2022. Revised conversion price at a 267% premium to current share price;
• Reduction in overall outstanding debt of over 20% by a repayment of US$19.7 million of the outstanding balance through issuance of new shares;
• Refundable deposit of US$2.8 million paid by Range to LandOcean in December 2017 will be utilised in permanent payment towards the outstanding consideration for RRDSL acquisition. The remaining consideration will be extended for a further 3-year period;
• The completion of the Proposed Debt Restructuring is subject to approval by Range shareholders, approval by LandOcean shareholders (if required) and the completion of a proposed new acquisition;
• The Board has identified a transformational acquisition opportunity to acquire a 49% interest in a pre-school education business operating in China, with due diligence process currently underway;
• The Proposed Acquisition, if completed, would constitute a reverse takeover under Rule 14 of the AIM Rules that will be subject to a vote of the Company's shareholders and relevant regulatory approvals; and
• The Company has requested a suspension of trading in its shares on AIM and ASX with immediate effect pending the publication of an admission document.

Range’s Chairman, Kerry Gu, commented:
“We are delighted to have successfully renegotiated our payment obligations with LandOcean and to have secured extension of repayments until 2022 at the earliest. This was our key objective for 2019 and this is an important step for the Company in stabilizing the balance sheet position and positing the business towards growth. I would like to thank both LandOcean and my fellow shareholders for their continued support during this process. 

Moreover, we are particularly excited with a potentially transformational acquisition opportunity and I look forward to sharing further details with our shareholders in due course. We will also be undertaking a review of the oil and gas business.

Upon completion of the Proposed Debt Restructuring and the Proposed Acquisition, the Company will have a reduced debt burden, improved working capital and liquidity position and an ability to progress with new opportunities.”

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