Atzam #4 Update - Significant Initial Oil Produ...

3 June 2013


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


By e-lodgement

Significant Initial Oil Production Establishes Commercial Atzam #4 Well in
Guatemala

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following update with respect to its stake in Guatemalan project (in which
Range has an indirect attributable interest of 24%), released by Citation
Resources Limited (ASX:CTR) today:

- Initial 7 foot section (2846-2853ft.) perforated in the Upper C17 carbonates
  has produced significant oil and gas to surface immediately post perforation;

- Flow rate of 610 bopd established over 24 hour period - average of hourly
  flow rates using varying choke sizes with a recorded peak of + 1,000 bopd;

- No acid wash or reservoir stimulation used flow rate generated by natural
  reservoir pressure;

- Oil cut of 99% from producing zone, with strong gas flare;

- Good quality 29° API oil, with calculated natural reservoir pressure of 1300
  psi;

- Pressure gauges will now be used to confirm the reservoir pressure reading
  from the producing C17 zone to establish updated resource estimates for the
  Atzam Project and Atzam #4 well;

- Current Probable Reserve estimate of 2.3m barrels of oil in Atzam #4 well
  alone, to be revised on results;

- Production is being stored in onsite tanks - commercial sales of production
  to commence; and

- Net backs in Guatemala approximately 50% of the WTI market price -
  favourable economics; and

- Highly prospective 13ft. zone in Upper C17 and the C13 and C14 carbonate
  sections that are the producing units in the Rubelsanto Field - remain
  untested due to the high pressure oil and gas production from perforated zone
  - will be perforated in future well production operations.

The Company is pleased to announce that after perforating a 7 foot
section in the reservoir in the Upper C17 carbonates from 2846-2853 ft., the
Atzam #4 well immediately started to produce fluids and gas to surface without
assistance. Following an initial well clean up with recovery of fluids, the
well produced at an average rate of 610 bopd over a 24 hour period using
various choke sizes. The generation of a 610 bopd average rate over this
period without acid wash of the section or well swabbing is considered a
strong endorsement of the commercial potential of the well, and likely to
increase the recoverable resource volumetrics for the Atzam Field.

The Operator, Latin American Resources Ltd. ("LAR"), has a
calculated natural reservoir pressure of over 1300 psi and confirmed that the
open reservoir section in the Upper C17 carbonate is producing a good quality
29° API oil. The oil produced to date is being stored to be sold and the
Operator expects to have a commercial contract in place to sell future
production over the next few days.

With the volume of oil being produced at these reservoir pressures,
the Operator is unable to be immediately testing a highly prospective 13 foot
section in the Upper C17 above this producing unit or the C13 and C14
carbonate sections that are the producing units in the Rubelsanto Field. These
sections can be tested and bought onto production in Atzam #4 at an
appropriate time in the future depending on the well's production profile, and
will be primary targets in the next Atzam #5 well.

Atzam # 4 - Initial ELAN and CMR Log Interpretation Results

Zone    Depth   Thickness % Porosity   % Oil    Permeability
                                     Saturation
C13 A 1748-1794  46 feet    15-45%   Up to 53%  Up to 559 md
C13 B 1806-1824  18 feet     20%     Up to 49%
C14 A 1845-1860  15 feet     28%     Up to 54%
C14 B 1902-1915  13 feet    13-15%   Up to 74%  Up to 131 md
C16 A 2464-2470  16 feet     15%     Up to 58%    1,390 md
C16 B 2494-2514  20 feet     10%     Up to 73%     50 md
C17 A 2772-2774  2 feet      12%     Up to 90%      100
C17 B 2846-2854  8 feet      6-8%    Up to 50%

Porosities and oil saturations not measurable because of large hole
diameter caused by extremely fractured and friable limestones and dolomites in
the section. The C18 N and O correlate to the producing section in the Atzam
#2 well as does the top of the C19. Oil and gas shows in the zones while
drilling and a structural gain of 270 and 240 feet respectively indicate
productive intervals. Formation tops were picked based upon drilling samples,
drilling times and gamma ray logging. Permeabilities were measured in specific
points by CMR log.

Highly Prospective C13 and C14 Carbonates - Still Untested and
Behind Pipe in Atzam #4

The Atzam #4 well produced impressive oil shows during the drilling
of the well through the C13 and C14 carbonates, complemented by higher than
expected permeability and porosity results from the electric logs over these
sections. This established the C13 and C14 carbonates as two of the reservoir
sections in the well that display strong commercial potential, and are the
main producing zones in the nearby Rubelsanto Field.

The Rubelsanto Field has produced over 30 mmbbl to date from 8
wells and is located only 17km to the north east of the Atzam Field, along a
structural fault offset.

2.3m Barrel Probable Reserve Estimate for Atzam #4 Well

Ralph E Davis and Associates (RED) were commissioned to undertake
an independent reserves report based on the results of the logging and the
analytical work completed by Schlumberger on the Atzam #4 well. The report
concluded that upon reviewing Schlumberger's detailed petrophysical work there
is up to 20 material oil shows in the Atzam #4 well, with 8 zones recommended
by RED to be tested for commerciality.

The report concludes the Atzam #4 well has a Probable Reserves
estimate of 2.3m bbls using a 30% recoverability factor and a 160 acre
drainage area as set in the table below, which excludes several deeper zones
in the lower C-18 and C-19 which were not evaluated due to lack of detailed
well log data due to the well bore washout encountered whilst drilling:

Gross Oil Volumes, Barrels

         RF 25%     RF 30%
C-13A     421,174    505,409
C-13 B    202,198    242,637
C-14A      79,988     95,985
C-14 B    278,715    334,458
C-16      157,925    189,509
C-17      453,143    543,772
C-18A     201,401    241,681
C-18B     132,757    159,308
        1,927,301  2,312,759

The report used production and well data from analogous wells in
the area to compare to the petrophysical results recorded in the Atzam #4
well. Although the Lower C18 and C19 zones were not included, as these zones
were washed out while drilling and the logging tool could not be used through
this interval, RED believe that there should be hydrocarbons present and the
Lower C-18 and C-19 should be tested in the next well scheduled to be drilled
on the project.

The reserves estimates in the report conform to the definition of
probable reserves approved by the SPE/WPC/AAPG/SPEE Petroleum Resources
Management System (SPE-PRMS) document as co-sponsored by the Society of
Petroleum Engineers, the World Petroleum Council, the American Association of
Petroleum Geologists and the Society of Petroleum Evaluation Engineers.

Atzam Carbonates and Tortugas Salt Dome Projects

Mapping of the Atzam structure using existing data from previous
operators (Basic, Hispanoil) and MEM, and incorporating reservoir data
acquired since production initiated in December 2007, indicate the possibility
of a structure of comparable size and orientation to that of the existing
Rubelsanto field in Guatemala. The Rubelsanto field has produced +30 MMBBL of
oil since its discovery in 1976. The field currently continues to produce
+1,000 bopd, 36 years after its discovery. The Atzam #2 well had initial flow
rates of 1,200 bopd of 34°API oil which led to new well designs for the Atzam
#4 well.

In addition to the Atzam structures on Block 1-2005, the Tortugas
Salt Dome structure is a suspended oil field. Originally 17 wells on Tortugas
salt dome were drilled by Monsanto looking for sulphur. One well (T9B) had an
oil blowout at approx. 1,500 ft and most others had oil shows in multiple
zones. The Company is reviewing the well re-entry opportunities on the
Tortugas Salt Dome structure with the Operator.

Short Term Working Capital Funding to Citation

Due to expected cash calls of the Operator relating to the installation of
commercial production facilities, contracting key production personnel and
ongoing activities, Citation Resources has agreed to a short term working
capital facility with Range Resources (and its financiers) for up to
$1,000,000. Citation Resources is required to fund the ongoing Atzam
operations through its financing obligations to earn its 70% equity interest
in the project owner and Operator, Latin American Resources Ltd.

The loan can be repaid by Citation or converted into ordinary shares at
AUD$0.01per share (being the 10 day VWAP) at the election of the financier
subject to any regulatory approvals.

Competent Person Statement

The information included in this Announcement that relates to
resources was prepared by Mr Allen L. Kelley, who is an executive with Ralph
E. Davis Associates, Inc. based in Houston, Texas. Mr Kelley has over 30 years
of oil and gas experience and is a Certified Petroleum Geologist (Certificate
Number 6092). Mr Kelley is a member of the American Association of Petroleum
Geologists, Houston Geological Society, and the Society of Petroleum
Engineers. In addition Mr Kelley has been a contributing member of the
Potential Gas Committee for over 20 years holding positions of Eastern Region
Vice President, Chairman of the Gulf Coast and Atlantic Committees and
currently is on the Editorial Committee and Chairman of the Alaska Committee.
Estimates as to recoverable hydrocarbon volumes contained in this Announcement
are based upon certain assumptions. Accordingly, actual results will differ,
and may differ significantly and materially, from those presented.


Yours faithfully


Peter Landau
Executive Director

Contacts

Range Resources Limited                 PPR (Australia)
Peter Landau                            David Tasker
T: 61 (8) 9488 5220                     T: [phone]
E: [e-mail]        E: [e-mail]

RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)
Stuart Laing                            Michael Parnes
T: [phone]                    T: [phone]

Fox-Davies Capital Limited (Joint       GMP Securities Europe LLP (Joint
Broker)                                 Broker)
Daniel Fox-Davies / Richard Hail        James Pope
T: [phone]                 T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [phone]

Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas
exploration company with oil & gas interests in the frontier state of
Puntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.

- In Trinidad Range holds a 100% interest in holding companies with three
onshore production licenses and fully operational drilling subsidiary.
Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2
MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBO
of unrisked prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D
seismic program with independent consultants RPS Energy identifying 68
potential structures containing an estimated 2 billion barrels of undiscovered
oil-in-place (on a mean 100% basis) with the first (Mukhiani-1) exploration
well having spudded in July in 2011. The Company is focussing on a revised
development strategy that will focus on low-cost, shallow appraisal drilling
of the contingent resources around the Tkibuli-Shaori ("Tkibuli") coal
deposit, which straddles the central sections of the Company's two blocks.

- In Puntland, Range holds a 20% working interest in two licenses encompassing
the highly prospective Dharoor and Nugaal valleys. The operator and 60%
interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two exploration
wells and will continue with a further seismic and well program over the next
12-18 months.

- Range holds a 25% interest in the initial Smith #1 well and a 20% interest
in further wells on the North Chapman Ranch project, Texas. The project area
encompasses approximately 1,680 acres in one of the most prolific oil and gas
producing trends in the State of Texas. Independently assessed 3P reserves in
place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of oil and 17
mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
Red River County, Texas, USA, where the prospect's project area encompasses
approximately 1,570 acres encompassing a recent oil discovery. The prospect
has independently assessed 3P reserves in place (on a 100% basis) of 3.3mmbbls
of oil.

- Range is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. The Company
will undertake a 3D seismic program in the near term as part of its
exploration commitments on the Company's Colombian interests.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited
(ASX: CTR) which holds a 70% interest in Latin American Resources (LAR). LAR
holds an 80-100% interest in two oil and gas development and exploration
blocks in Guatemala with Canadian NI 51-101 certified proved plus probable
(2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10% interest in
LAR.

Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

All figures in       Gross Oil      Range's    Net Attributable
MMboe                Reserves
Project           1P     2P    3P   Interest  1P      2P       3P  Operator
Oil & NGL
Texas - NCR *     16.4   25.2  35.3   20-25%  2.2         3.4  4.8 Western Gulf
Texas - ETCV       1.0    1.6   3.3      22%  0.2         0.3  0.6 Crest Resources
Trinidad          17.5   20.2  25.2     100% 17.5        20.2 25.2 Range
Guatemala           **  2.3**    **   21-24%   ** 0.48-0.55**   ** Latin American
                                                                   Resources
Total Oil &       34.9   47.0  63.8          19.9        21.3 28.9
Liquids
Gas Reserves
Texas - NCR *    106.0  162.7   228   20-25% 11.7        18.1 25.4 Western Gulf
Total Gas        106.0  162.7   228          11.7        18.1 25.4
Reserves
* Reserves attributable to Range's interest in the North Chapman Ranch asset,
which are net of government and overriding royalties as described in the
Forrest Garb report.

** The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR. CTR has not reported 1P and 3P
estimates, but Range is seeking such information from CTR for future reporting
purposes.

Detailed below are the estimated resources and oil-in-place delineated across
Range's portfolio of project interests.

All figures in MMboe  Gross Oil Reserves  Range's    Net Attributable
Project               Low   Best/   High  Interest  Low    Best/   High Operator
                             Mean                           Mean
Prospective Resources
Trinidad               8.1     40.5  81.0     100%    8.1     40.5 81.0  Range
Total Prospective      8.1     40.5  81.0             8.1     40.5 81.0
Resources
Undiscovered
Oil-In-Place
Puntland               -     16,000   -        20%   -       3,200   -   Horn
                                                                         Petroleum
Georgia                -      2,045   -        40%   -         818   -   Strait Oil &
                                                                         Gas
Colombia               -        7.8   -     65-75%   -       5.1-5.8 -   Petro
                                                                         Caribbean
All of the technical information, including information in relation to
reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have an
interest in is as reported by CTR. CTR has not reported 1P and 3P estimates,
but Range is seeking such information from CTR for future reporting purposes.

All of the technical information, including information in relation to
reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley referred
above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is
an international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of worldâ€wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation Sâ€X an in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.

RPS Group is an International Petroleum Consulting Firm with offices
worldwide, who specialise in the evaluation of resources, and have consented
to the information with regards to the Company's Georgian interests in the
form and context that they appear. These estimates were formulated in
accordance with the guidelines of the Society of Petroleum Engineers ("SPE").

The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates.

The TSX certified 51-101 certified reserves with respect to the Guatemalan
project are as reported by ASX listed Company Citation Resources (ASX: CTR).

In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no
representation or warranty as to the adequacy or accuracy of its contents and
disclaims any liability that may arise because of reliance on it.

The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency. -
.globalmethane.org/documents/ toolsres_coal_overview_ch13.pdf. Range's
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its appraisal program and review of historical data during
the next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources

Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations.

Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves.

1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and
3P refers to Proved plus Probable plus Possible Reserves.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a
given date, to be contained in accumulations yet to be discovered. The
estimated potentially recoverable portion of such accumulations is classified
as Prospective Resources, as defined above.