Mr Zhiwei (Kerry) Gu

Mr Zhiwei (Kerry) Gu, executive chairman Range Resources Ltd

A PRE-SCHOOL education business operating in China may end up owning an oil company producing 583 barrels of oil per day (bopd) in Trinidad, a statement from London-listed Range Resources Ltd said last week.

Struggling to repay its Chinese debtor, LandOcean, an oil and gas equipment and services provider, the loss-making company has advised the London Stock Exchange of what would be reverse takeover. Range will acquire a minority shareholding in the pre-school business and the pre-school business will take over Range in exchange for restructuring its debt.

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