LandOcean Energy Services Co.,Ltd. (SZSE:300157) signed a binding conditional sale and purchase agreement to acquire Range Resources Trinidad Limited from West Indies Exploration Company Limited for $93.5 million on September 3, 2019. As consideration, LandOcean Energy Services Co.,Ltd. will set off all the loan due from Range Resources Limited (ASX:RRS), parent of West Indies Exploration Company Limited and its subsidiaries to LandOcean Energy Services Co.,Ltd. and its subsidiaries and will pay $2.5 million in cash. The total current outstanding balance payable to LandOcean is approximately $91 million including a $20 million convertible note. The first tranche of the cash consideration of $0.5 million will be payable upfront as deposit. $1 million will be paid within five business days of the approval of the shareholders’ meeting of LandOcean. If the key conditions for completion are not satisfied by June 30, 2020, the deposit and the first payment (together with interest accrued at 8% per annum) will be repaid to LandOcean. If all conditions are satisfied but LandOcean chooses not to proceed with completion for any reason, the deposit and the first payment will be retained by Range and $1 million to be paid within five (5) business days of the completion date. Range and LandOcean have agreed that the $2.8 million refundable deposit will be allocated permanently towards the consideration and will not be refunded to Range. On February 17, 2020, Star Phoenix (AIM: STA) and LandOcean Energy signed an agreement in relation to the $1 million cash consideration due by LandOcean and agreed an extension to the payment on a rolling basis, subject to late fees of 8% interest per annum, calculated daily from February 12, 2020 until the date the payment (and any accrued interest) is received by Star Phoenix. The transaction is subject to approval of shareholders of Range Resources Limited and LandOcean Energy Services and approval of government of Trinidad and Tobago. A meeting of shareholders of LandOcean will be held in October 2019 and shareholders of Range Resources will be held in November 2019. As of January 20, 2020, shareholders of LandOcean Energy Services Co., Ltd approved the transaction and all key conditions for the transaction have been successfully satisfied. The long stop date for the agreement is June 30, 2020. David Porter and Rick Thompson of Cantor Fitzgerald Europe acted as the financial advisors to Range Resources Limited. LandOcean Energy Services Co.,Ltd. (SZSE:300157) completed the acquisition of Range Resources Trinidad Limited from West Indies Exploration Company Limited on March 31, 2020. Following completion of the Transaction, all of the Company's debt and payables to LandOcean have been offset and repaid, and all debt agreements with LandOcean have been terminated. The Company and LandOcean have agreed that the remaining $1 million, plus an interest rate of 8% per annum, calculated daily from March 31, 2020 until the payment is received, will be paid on or before April 30, 2020. On April 30, 2020, remaining cash consideration of $1 million is now expected to be received on or before May 15, 2020.