OIL and gas explorer Range Resources yesterday announced its plans to merge with International Petroleum, with expansion into Trinidad, Russia and onshore Africa high on the agenda.
The merger will take the form of a ratio of three Range shares to two International Petroleum shares, valuing the latter at A$105m (£71m) based on Range’s share price on the Aim market yesterday.
Chris Hopkinson, current CEO of Australia-listed International Petroleum, will be appointed managing director of the merged company.
A timeframe for the deal’s completion will be announced within four weeks and the merged company will list on the Australian Stock Exchange and London’s Aim market, taking advantage of Range’s dual listing.
“Range Resources and International Petroleum have excellent project and management synergies, with advanced oil & gas projects across Eastern Europe, Trinidad, Central Asia, Latin America and Africa,” said Peter Landau, executive director of Range Resources.
“The merged entity will have solid oil and gas production that is targeted to increase substantially, backed by a considerable reserve and resource base.”