Range alongwith its Georgian partner Strait has entered into a Heads of Agreement ("HOA") with Red Emperor Resources to acquire a 20% farm-in interest (10% from Range and 10% from Strait) in Block VIa and Block VIb in Georgia.
The key terms of the HOA will see Red Emperor contribute 40% of the drilling costs for the planned two well program (capped at total gross costs of $14MM - RMP contributing $5.6MM) to acquire the 20% interest in the two blocks.
The Company believes the transaction significantly reduces the Company's financial exposure to the two well drilling program through the favorable two-for-one farm-in terms, whilst still maintaining a significant 40% interest in the two blocks.
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