Company Update

3 June 2014

                                                ASX Code: RRS and AIM Code: RRL

                            Range Resources Limited                             

                          ("Range" or "the Company")                           

                                 Company Update                                 

Range is pleased to provide a Company update with the following highlights:

  * As a result of the recent debt repayment, the total outstanding debt of the
    Company is forecast to reduce from $US10.5 million (as reported on 30 April
    2014) to approximately GBP 75,000 by the end of June 2014.
   
  * The Company's equity interest in Citation Resources Limited (ASX: CTR) has
    reduced to 6.67%. Following this change, Range will have a direct and
    indirect interest of approximately 24% in the Guatemalan Project
    (previously 32%).
   
Debt Repayment

Following completion of US$12 million financing (see Announcement on 29 May
2014), Range utilised the funds to repay the Company's debt and is pleased to
provide details on its debt repayment progress.

The Company has agreed to pay a total of approximately US$7.4 million to repay
outstanding debt with Platinum Partners, Yorkville and a syndicate of
Australian investors, out of which US$6.7 million has already been paid with a
remaining final payment of approximately US$0.7 million to be paid to the
Australian syndicate prior to 30 June 2014.

The remaining lenders, Hudson Bay and a US based institutional investor, which
had outstanding loans of AU$250,000 and GBP 210,000 respectively, continue to
be repaid through the conversion into equity rather than cash, as permitted
under their respective loan agreements. As a result, the AU$250,000 loan with
the US based institutional investor has been fully repaid and converted into
27,777,777 shares. The outstanding GBP 210,000 loan with Hudson Bay Master Fund
was partially converted (through the issuance of 23,333,334 shares and
11,666,667 unlisted options - please refer to Issue of Shares at the end of
this announcement). The current outstanding loan balance with Hudson Bay Master
Fund is GBP 75,000 and this loan expires on 13 September 2015.

The total remaining outstanding Company debt has therefore reduced from $US10.5
million (as reported on 30 April 2014) to approximately GBP 75,000 after final
payment of approximately US$0.7 million to be paid to the Australian syndicate
prior to 30 June 2014.

As part of the original debt agreement, Platinum Partners held 100 million
Range shares along with 100 million shares Range held in Citation Resources
Limited (ASX: CTR), as collateral for the loan. Range has agreed with Platinum
Partners that the lender is not required to return to the Company these shares,
as part of the loan settlement. This arrangement has, therefore, allowed the
Company to fully repay the loan for a reduced cash payment and provides the
Company with additional liquidity to fund its Trinidad commitments and for
on-going general working capital.

Interest in Citation Resources Limited

As a result of the transactions detailed above, the Company's equity interest
in Citation Resources Limited (ASX: CTR) which holds interest in the Guatemalan
Project has reduced to 6.67%. A Form 604 - Notice of Change of Interest of
Substantial Holder advising of the change in shareholding has been lodged with
the Australian Securities Exchange today.

Range retains its 20% interest in Latin American Resources, which holds an 80–
100% interest in the Guatemalan Project.

Following this change in Citation Resources Limited shareholding, Range will
have a direct and indirect interest of approximately 24% in the Guatemalan
Project (previously 32%).

Commenting on today's announcement, Rory Scott Russell, CEO, said: 

"We are pleased to have reached agreements with our various lenders to repay
the expensive corporate debt which has diluted the Company's equity over recent
months. The Company has been able to achieve these repayments as a result of
the US$12 million equity financing which completed last week. The agreements
reached allow the company to maximise its cash position to fund development
work on its core Trinidad assets as well as retain cash for other corporate
purposes. Substantially removing this expensive and dilutionary debt is an
important step as we continue to focus on our operational and long term
financing objectives."

Issue of Shares

Range announces the issue of 507,299,891 Ordinary Fully Paid Shares as follows:

  * 356,188,780 Ordinary Fully Paid Shares were issued to Abraham at £0.01 in
    Tranche 1 as per US $12 million financing agreement.
   
  * 100,000,000 Ordinary Fully Paid Shares issued to Platinum Partners at
    AU$0.031 as per settling of debt agreement dated 15 October 2013.
   
  * 27,777,777 Ordinary Fully Paid Shares issued at AU$0.009 per share for debt
    conversion as per agreement with a US based institutional investor.
   
  * 23,333,334 Ordinary Fully Paid Shares issued at AU$0.01 per share for debt
    conversion as per agreement with Hudson Bay Master Fund.
   
  * 11,666,667 Unlisted Options issued (£0.006, 31 May 2017) for debt
    conversion as per agreement with Hudson Bay Master Fund.
   
Application will be made for the 507,299,891 new shares to be admitted to
trading on the ASX and AIM. Trading in the new shares is expected to commence
on or around 10 June 2014.

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

 4,450,368,534 Ordinary Fully Paid Shares                   
                                                            
    80,508,341 Options ($0.05, 31 January 2016)             
                                                            
       855,166 Unlisted Options (£0.04, 30 June 2015)       
                                                            
     7,058,824 Unlisted Options (£0.17, 30 April 2016)      
                                                            
    17,921,146 Class B Performance Shares                   
                                                            
     5,180,000 Unlisted Options (£0.075, 31 January 2017)   
                                                            
     9,000,000 Unlisted Options (£0.125, 31 March 2015)     
                                                            
    15,708,801 Unlisted Options (£0.0615, 19 October 2015)  
                                                            
    32,275,862 Unlisted Options (£0.05075, 30 November 2015)
                                                            
     5,000,000 Unlisted Options ($0.10, 31 January 2016)    
                                                            
     5,000,000 Unlisted Options ($0.06, 10 February 2016)   
                                                            
   146,533,850 Unlisted Options (£0.04, 30 April 2016)      
                                                            
     5,000,000 Unlisted Options (£0.037, 11 July 2016)      
                                                            
       476,190 Unlisted Options (£0.021, 25 July 2016)      
                                                            
       952,381 Unlisted Options (£0.021, 29 July 2016)      
                                                            
     6,714,284 Unlisted Options (£0.021, 31 August 2016)    
                                                            
     9,000,000 Unlisted Options (£0.02, 31 August 2016)     
                                                            
     3,947,369 Unlisted Options (£0.19, 30 September 2016)  
                                                            
     8,666,670 Unlisted Options (£0.18, 30 September 2016)  
                                                            
       694,445 Unlisted Options (£0.018, 31 October 2016)   
                                                            
     2,205,885 Unlisted Options (£0.017, 31 October 2016)   
                                                            
     1,250,000 Unlisted Options (£0.016, 31 October 2016)   
                                                            
    17,333,336 Unlisted Options (£0.015, 31 October 2016)   
                                                            
     3,000,000 Unlisted Options (£0.015, 30 November 2016)  
                                                            
     1,428,571 Unlisted Options (£0.014, 30 November 2016)  
                                                            
     3,923,077 Unlisted Options (£0.013, 30 November 2016)  
                                                            
     2,000,000 Unlisted Options ($0.0321, 11 December 2016) 
                                                            
     4,083,334 Unlisted Options (£0.012, 31 December 2016)  
                                                            
    20,545,457 Unlisted Options (£0.011, 31 December 2016)  
                                                            
    21,136,365 Unlisted Options (£0.011, 31 January 2017)   
                                                            
     1,450,690 Unlisted Options (£0.010, 28 February 2017)  
                                                            
     7,500,000 Unlisted Options (£0.012, 1 March 2017)      
                                                            
     3,125,000 Unlisted Options (£0.008, 31 March 2017)     
                                                            
     6,250,000 Unlisted Options (£0.006, 31 March 2017)     
                                                            
    14,583,334 Unlisted Options (£0.006, 30 April 2017)     
                                                            
     7,500,000 Unlisted Options (£0.005, 30 April 2017)     
                                                            
    33,000,000 Unlisted Options (£0.005, 31 May 2017)       
                                                            
    11,666,667 Unlisted Options (£0.006, 31 May 2017)       

Yours faithfully


Rory Scott Russell

Chief Executive Officer

Contacts                              Buchanan (Financial PR - UK)             
                                                                               
Range Resources Limited               Ben Romney / Helen Chan                  
Rory Scott Russell                    T: [phone]                  
                                      E: [e-mail]        
                                                                               
GMP Securities Europe LLP (Joint      Cantor Fitzgerald(Nominated Advisorand   
Broker)                               Joint Broker)                            
Rob Collins / Liz Williamson          David Porter / Tom Sheldon / Julian      
T: [phone]               Erleigh (Corporate finance) / Richard    
                                      Redmayne (Corporate broking)             
                                      T: [phone]                  
                                                                               
PPR (Financial PR -Australia)         Cowen Group(Principal American Liaison)  
                                      OTCQX International Market (U.S.)        
David Tasker                          Christopher Weekes / Stephen Nash        
T: [phone]                   T: [phone]                       
E: [e-mail]                                                     

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 a 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 holds a strategic stake in Citation Resources Limited (ASX: CTR) and
    Latin American Resources (LAR), which hold 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 has a direct and indirect 24% interest in the Guatemalan Project.
   
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Australia                               London                                 
Ground Floor, 1 Havelock Street, West   Suite 1A, Prince's House, 38 Jermyn    
Perth WA 6005, Australia                Street, London SW1 6DN                 
t:[phone], f:[phone]    t:[phone], f:[phone]   
e:[e-mail]           8028                                   
                                        w: www.rangeresources.com.au