Range increases its footprint in Trinidad

4 July 2013


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

       Range increases its FOOTPRINT in Trinidad by over 280,000 acres

Highlights:

- Range increases its Trinidad gross acreage footprint by circa 17x (gross
increase by +280,000 acres) through a proposed farm-in with Niko Resources
Ltd. on the Guayaguayare block in Trinidad;

- Farm-in will provide Range with vast exposure to both onshore and offshore
potential and creates excellent synergy between Range's three existing blocks
and the Guayaguayare block;

- Range to gain exposure to both shallow and deep horizons within the
Guayaguayare block, including the highly prospective Upper Cretaceous
formation - believed to be the source formation for Trinidad's current and
historical hydrocarbon discoveries;

- There are four prospective onshore fields within the Guayaguayare block,
each considered to have significant potential for oil, whilst the offshore
structural complex is believed to have significant potential for large gas
discoveries with several large structures mapped;

- Range to utilise its own drilling rigs and personnel for the farm-in, and in
advanced discussions with a leading International Drilling and Oil-field
Services Provider to complement existing infrastructure and accelerate
development; and

- Range is in the final stages of completing and drawing down on its reserve
based debt financing of staged amounts of up to US$100m (increased from
previously announced US$35m) - having drawn down on initial £3m as a
convertible financing arrangement in the interim.

Farm-in with Niko Resources

Range Resources Limited ("Range" or "the Company") is pleased to
announce that it has reached an agreement in principle with a leading Canadian
exploration and development company, Niko Resources Ltd. ("Niko") (TSX:NKO)
regarding the Guayaguayare Block in Trinidad. As a result of the agreement,
Range increases its gross acreage exposure in Trinidad by over 280,000 acres,
across both the shallow and deep horizons with proven oil producing trends.

Niko currently holds shallow and deep Production Sharing Contracts
for 65% of the onshore portion and 80% of the offshore portion of the license
area with the Guayaguayare Block comprising 280,170 shallow acres and 293,999
deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds the
remaining balance of the interests (35% onshore and 20% offshore).

According to the agreement in principle, Range will earn 50% of
Niko's existing interests in the deep and shallow rights covering both onshore
and offshore areas, with the consortium to drill two onshore wells: one
shallow onshore well to a maximum of 5,000 ft., and one deep onshore well to a
minimum of 5,000 ft. In the event of a discovery from either of the two
initial wells, the consortium with look to drill an initial appraisal well.
The first well is targeted to spud in early 2014.

Drilling rigs and personnel from Range's operating group in
Trinidad will be used to drill the initial three wells as mentioned above.

Range will fund the two onshore wells and the potential initial
appraisal well at its sole expense, and will split costs 50/50 with Niko in
the offshore well, and any other costs going forward. Under the agreement,
certain payments will be made to Niko upon achievement of commercial
production from any discoveries.

The agreement is subject to completion of final transaction
documents and government and regulatory approval, as well as approval by the
Range and Niko boards.

As shown in the map above, the Guayaguayare Block is comprised of
over 280,000 contiguous acres covering both onshore and offshore portions of
known, productive trends along the southern coast of Trinidad. The
Guayaguayare block is situated along trend with the most prolific oil and gas
fields in Trinidad and lies in the transition area between the transpressional
Southern basin and the extensional Columbus basin. A regional wrench fault,
and extension of the Los Bajos fault, cuts through the onshore to offshore
transition zone. Traps associated with this fault produce oil in Southwest
Trinidad and off the East Coast from Upper Miocene / Pliocene Sands.

The Block surrounds Range's Beach Marcelle Field, and extends south
to the limits of Trinidad's territorial waters. In addition to proven
Tertiary-age exploration targets, the block is believed to hold significant
potential in the Cretaceous section, which has been successfully developed in
the Eastern Venezuelan basin.

There are four prospective onshore fields within the Guayaguayare
block, each considered to have significant potential for oil, whilst the
offshore structural complex is believed to have significant potential for
large gas discoveries with several large structures mapped.

To date, the following work has been completed by Niko and previous
operators on the block:

Onshore:

- Acquired and processed 217km2 3D land survey

Offshore:

- Acquired and processed 277km2 3D marine survey (2011)

- Two 3D marine surveys were reprocessed (ELF 1997 and Mobil 1990)

- All 3 offshore 3D surveys have been merged prestack (total 836 km2)

Strategic Partnership with a leading International Drilling and Oil-field
Services Provider

Range is also pleased to announce that in anticipation of the
increased activity in Trinidad, the Company is in advanced discussions with a
leading International Drilling and Oil-field Services Provider, with a view to
maximise the development of current acreage and potential new licenses,
through bringing in additional rigs, infrastructure and manpower to Trinidad.
The partnership will complement the Company's existing drilling fleet of 6
rigs and over 250 employees, as the Company looks to rapidly ramp up
activities in Trinidad through expansion and organic growth.

Funding Facility

With the intention of Range utilising its reserve based lending
facility for its expanded activities in Trinidad and potentially in Russia
(with the proposed International Petroleum merger), the Company is pleased to
announce that the previously announced US$35m reserve based debt financing
through Meridian SEZC has been increased to staged amounts of up to US$100m.
The Company is now in the final stages of completing and drawing down on its
facility. As an interim measure, an initial £3m has been drawn down as a
convertible financing arrangement on the following key terms:

- 18 month term, effective 10% interest rate;

- 90% VWAP conversion on or after 30 days from drawdown;

- 50% face value can be converted if repayment election by the Company is
made; and

- 1 for 2 attaching option, with 3 year expiry at £0.038, upon conversion.

The company will be releasing a comprehensive presentation on its progress and
developments in Trinidad, as well as further updates from across its projects
in the due course.

Peter Landau, Executive Director, commented:

"We are very enthusiastic about the opportunity to work with the
Niko team on this venture. The new block gives Range vast exposure to both
onshore and offshore potential and creates excellent synergy between our three
existing blocks and Guayaguayare. The Guayaguayare Block represents a perfect
opportunity for Range to add highly prospective acreage on trend with its
existing exploration, development and secondary recovery projects, while
leveraging its fleet of drilling and production rigs and operating experience
within the region. Given our ongoing production operations in South Quarry,
Morne Diablo, and Beach Marcelle, Range is uniquely positioned to operate
future discoveries, whether on or offshore, which in turn should result in
appreciable synergy and lower operating costs. We are also extremely excited
about our potential partnership with a leading International Drilling and
Oil-Field Services contractor, which fits well with our increased operations
in Trinidad, and complements our existing infrastructure, by providing
additional rigs, infrastructure and personnel. With the increased reserve
based lending facility almost complete along with the Texas sale, we are fully
set for expansive growth in operations and expertise in a Country with immense
hydrocarbon potential."

Issue of Shares / Options

Range Resources Limited is pleased to announce the issue of the following securities:

- 20,107,629 Ordinary Fully Paid Shares issued in lieu of debt
repayments and financing costs

- 146,533,850 Unlisted Options issued with respect to £0.04p
placement and approved at 19 June 2013 EGM - (£0.04, 30 April 2016)

- 5,000,000 Unlisted Options issued in conjunction to £3m
convertible note (£0.038, 30 June 2016)

Application will be made for the 20,107,629 new shares to be admitted to trading on
the ASX and AIM. Trading in the new shares is expected to commence on or around 9 July 2013.

Following the issue of these securities the total number of securities on issue are as follows:

2,873,944,243      Ordinary Fully Paid Shares (RRS)

40,000,000         Listed Options ($A0.05, 31 January 2016)

855,166            Unlisted Options (£0.04, 30 June 2015)

7,058,824          Unlisted Options (£0.17p, 30 April 2016)

5,180,000          Unlisted Options (£0.075p, 31 January 2017)

9,000,000          Unlisted Options (£0.125p, 31 March 2015)

15,708,801         Unlisted Options (£0.0615p, 19 October 2015)

32,275,862         Unlisted Options (A$0.05075p, 30 November 2015)

5,000,000          Unlisted Options (A$0.10, 31 January 2016)

5,000,000          Unlisted Options (A$0.06, 10 February 2016)

146,533,850        Unlisted Options (£0.04p, 30 April 2016)

5,000,000          Unlisted Options (£0.038, 30 June 2016)

17,921,146         Class B Performance Shares


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       Old Park Lane Capital (Joint Broker)
Broker)                                 Michael Parnes
Daniel Fox-Davies / Richard Hail        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 MMbbl of oil and 17
MMbbl 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 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.

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.