Guatemala Update

15 January 2014


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


Via E-lodgement

                               Guatemala Update

Range Resources Limited ("Range" or "the Company") would like to
draw attention to the announcement released today by Citation Resources
Limited (ASX: CTR) with respect to the Company's interest in Guatemala with
the following highlights:

- Atzam #5 oil well has been spudded - Latin American Resources Harold Lee 500
rig is drilling ahead towards the well's initial reservoir targets

- Drilling schedule for Atzam #5 is approximately 40 days on a trouble free
basis, to a planned target depth of 4,100 feet

- Primary reservoir targets are the C17, C18 and C19 carbonates

- Atzam #5 well to target the same carbonate reservoir targets as the Atzam #4
production well - 2.3m barrels of 2P reserves which excludes the C18 and C19
carbonate sections in Atzam #4

- Increased Atzam #4 production well flow rate following opening of choke-
flow rate increased to 150 bopd immediately following small increase in the
choke size (12/64 to 16/64 inch), still with no water production to date

- Significant exploration potential on Atzam Oil Field - unexplored salt dome
and anticline structures to be evaluated and tested through 2014

Range has a direct and indirect 32% interest in the Guatemalan Project.

Further details are contained in the Citation Resources
announcement, which can be accessed at:

http://www.citation.net.au/media/articles/ASX-Announcements/20140115-Atzam-5---Drilling-Commenced--264/CTR-14-Atzam-5-Drilling-Commenced.pdf


Yours faithfully


Peter Landau
Executive Director


Contacts

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

GMP Securities Europe LLP                   RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                              Stuart Laing
Richard Greenfield / Rob Collins /          T: [phone]
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint Broker)   Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies / Richard Hail            Michael Parnes
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 Trinidad; Puntland, Somalia;
the Republic of Georgia; Guatemala; Texas, USA, 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. Range also has a farm in with Niko
Resources giving it exposure to circa 280,000 acres of prospective onshore and
offshore acreage.

- In the Republic of Georgia, Range holds a 45% farm-in interest in onshore
blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners across the license
areas given the recent review performed across the licenses.

- 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 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 programme as part of its exploration commitments
on the Company's Colombian interests. Farm–in interest from a number of
parties has been received and preparations for the seismic programme will be
initiated subject to further financing becoming available.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited
(ASX: CTR) which holds a 60% 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 20% interest in
LAR.

Table of Reserves and Resources

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

                 Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P  Operator
Oil & NGL -
mmbbls
Trinidad        17.5   20.2    25.2      100% 17.5   20.2   25.2 Range
Guatemala*      0.4    2.3      -         32% 0.13   0.74    -   Latin American
                                                                 Resources
Total Oil &     17.9   22.5    25.2           17.6   20.9   25.2
Liquids
Gas Reserves -
Bcf
Georgia - CBM        -      -  508        45%      -      - 229  Strait Oil & Gas
Total Gas            -      -  508                 -      - 203
Reserves

* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have
an interest in is as reported by CTR.

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

                      Gross Oil Resources  Range's      Net Attributable
Project               Low    Best/   High  Interest  Low     Best/   High  Operator
                             Mean                             Mean
Contingent Oil Resources - mmbbls
Guatemala                 -    20.1      -      32%      -       6.4     - Latin
                                                                           American
                                                                           Resources
Total Contingent          -    20.1      -               -       6.4     -
Resources
Prospective Oil Resources - mmbbls
Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1      40.5  81.0 Range
Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1      40.6  81.2 Range
onshore
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1      10.7  21.5 Range
offshore
Total Prospective      35.0   175.0  350.0            18.3      91.8 183.7
Resources
Undiscovered Oil-In-Place - mmbbls
Puntland               -     16,000   -         20%   -        3,200   -   Horn
                                                                           Petroleum
Georgia                -        403   -         45%   -          181   -   Strait Oil &
                                                                           Gas
Colombia               -        7.8   -      65-75%   -      5.1-5.8   -   Petro
                                                                           Caribbean
Undiscovered Gas-In-Place - Tcf
Georgia -              -      18.44   -         45%   -        8.30    -   Strait Oil &
Conventional                                                               Gas
Georgia - CBM          -       3.16   -         45%   -        1.42    -   Strait Oil &
                                                                           Gas

*Range's interest in the Niko JV resources is subject to completing
its earn-in obligations.

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 advisor, Mr Mark Patterson. Mr Patterson
is a petroleum geologist and geophysicist who is a suitably qualified person
with over 30 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 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 world–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 S–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.

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

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 technical information included in this Announcement with
respect to Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr
Yukler is a geologist who is a suitably qualified person with more than 38
years of experience in the international oil & gas industry, and in assessing
hydrocarbon reserves. Dr Yukler has advised companies and government entities
of all size from small caps to super-majors, as well as state regulatory
authorities on the management of resources and exploration areas. Dr. Yukler
has reviewed the release and consents to the inclusion of the technical
information with respect to Georgia.

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.