Range to gain stake in Citation

Guatemala stake: Range's acquisition of a 19.9% stake in Citation will give it a non-operated exposure to two blocks in Guatemala

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Josh Lewis

 25 January 2013 05:20 GMT

Range Resources is picking up a 19.9% strategic stake in fellow Australian company Citation Resources, increasing its Latin American footprint.

Range is acquiring the stake through the conversion of existing debt funding provided by Range to Citation into ordinary Citation shares at A$0.02 (US$0.02) with a one-for-two free attaching listed Citation option, equating to about A$2 million for the 19.9% stake.

Citation currently holds a farm-in right to gain a 70% interest in Latin American Resources (LAR) which holds operated stakes in Block 1‐2005 and Block 6‐93 in Guatemala’s South Peten basin.

Range is also paying A$2 million for a direct 10% equity stake in LAR which is finance carried through the…

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