Range Resources fails in court bid set aside US$7.2m payment

Oil and gas explorer Range Resources said would consider appealing a court decision which ordered it to repay Lind Asset Management US$7.2m.

The company had applied to the Supreme Court of Western Australia to aside the statutory demand orders, but the court said it must pay.

The court said it would make an order on the deadline for repayments on 3 July, 2015.

In a statement, Range Resources said it was taking legal advice and if it appealed it would seek a time extension to repay the debt.

The company said $5.5m of the Lind facility had been drawn down and Range had repaid $0.5m.

Shares in Range Resources fell 2.78% to 0.70p at 0845 BST on Thursday.