Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to announce that it has reached an agreement with Agencia Nacional de Hidrocarburos (“ANH”) to settle all outstanding claims and disputes between ANH and the consortium of Optima Oil Corporation and the Company (the “Consortium”).
As previously announced (on 1 September 2016), ANH had served a demand notice to the Consortium seeking payment of approximately US$53 million and had alleged that its actions were a result of various exploration work commitments not being fulfilled and the presentation of invalid letters of credit. The Consortium subsequently filed a comprehensive response to the claim. Over the last 18 months, Range has been working with its legal advisers and the Consortium partners to reach an acceptable outcome and the key terms of the settlement arrangement are as follows:
The agreement between the Consortium and ANH is subject to court approval in Colombia which is anticipated to be received within the next 3-6 months.
Range acknowledges the constructive approach taken by all parties during negotiations and is pleased to have reached a mutually acceptable outcome with ANH. Range has no material assets in Colombia and is now commencing the process of closing its Colombian branch office which is anticipated to be completed during 2018.
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