Range closes Trinidad farm-in deal with Niko
Range Resources (AIM: RRL) signed a farm-in agreement with Niko Resources (TSX: NKO) for Trinidad block Guayaguayare, increasing its footprint in the region by 280,000 acres (113,311ha).
Under the deal Range will earn 50% of Niko's existing interests in the block, and will drill two test wells in return, with the first well expected to be spud in early 2014.
Range will fund both drilling operations, as well as a potential appraisal well in the event of a discovery, with costs being shared equally thereafter. Niko also will share the cost of an additional offshore test in the block.
Niko holds shallow and deep PSCs for 65% of the onshore portion and 80% of the offshore portion of the block, with Range set to earn 32.5% and 40%, respectively, on a cost recoverable basis. Trinidad state oil company Petrotrin holds the remaining 35% and 20% interests of each portion, respectively.
The deal is subject to final regulatory approval. The release is available at this link.
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