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LandOcean supporting Range Resources at Trinidad onshore plays

03rd June 2014

Range Resources has entered into an integrated master services agreement (IMSA) with Beijing-based oil and gas services provider, LandOcean Energy Services

LandOcean assisting Range Resources at Trinidad onshore plays
Range has contracted LandOcean to carry out a wide ranging geological and engineering study of secondary recovery projects in Trinidad

According to agreement, LandOcean will act as the preferred services contractor (subject to all tendering and procurement rules) for Range for oilfield services including geoscience, engineering, procurement and construction.

Services provided under the IMSA will be agreed in individual purchase orders as the need for services arises. The agreement will last up to eight years and could cover a total contract value of up to USD 400m.

Under the IMSA, Range has already entered into its first purchase order to enlist USD 5m worth of services from LandOcean. These services include a wide ranging geological and engineering study of secondary recovery projects (including waterflooding) in the Beach Marcelle, Morne Diablo and South Quarry fields in Trinidad. 

"We are looking forward to working with LandOcean as our preferred oilfield services provider. LandOcean is one of China's largest private listed oilfield services businesses and brings extensive technical expertise both from a subsurface and engineering perspective,” said, Rory Scott Russell, Range Resources CEO. “Range’s ability to tap into such expertise is extremely important to our future success in Trinidad and elsewhere. I am also pleased that they will share in this future success via an incremental production bonus structure where both contractor and operator are incentivised to work together to maximise production. The financing package provided by LandOcean also shows their commitment to our projects, management team as well as to the partnership's future success. This is an important milestone on the delivery of the new beginning for Range."

In addition to the services agreement LandOcean will also provide Range an option to take up to USD 50m of financing. 

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