Company Update

22 April 2014 
                                                        ASX Code: RRS and AIM Code: RRL

                           Range Resources Limited
                          ("Range" or "the Company")

                                Company Update

Range wishes to provide the following update on the Company's
corporate and operational activities.

Trinidad Update

- Operations continue without any safety or environmental incidents
and have been LTI-free since September 2013.

- Average production for March was 533 bpd oil.

- Three of the fleet of six drilling rigs are fully operational and
drilling ahead. The fourth (rig 1) has now undergone preliminary regulatory
inspections prior to becoming operational.

- The maintenance programme for the remaining heavy rigs 6 & 7
continues.

- Morne Diablo field development drilling update:

- QUN 148 well completed and on production.

- QUN 149 well drilled to a total depth of 1,400 ft. in the Lower
Forest horizon. The well was completed and is under production test.

- QUN 150 well is drilling with the rig at approximately 700 ft.
(target depth 1,400 ft.)

- Following delays in sourcing equipment the sidetrack on the
deeper well MD 248 kicked off from 3,234 ft. targeting a depth of 6,500 ft.

- South Quarry field development drilling update:

- QU 452 well was drilled to a revised depth of 1,945 ft. The well
was logged and partly perforated, showing an influx of oil with no water
produced. Currently awaiting regulatory approvals for further perforations. QU
452 was the first development well to be drilled in the South Quarry field
since 2007. This outstep development program is expected to extend the field's
shallow producing trend into new fault blocks and result in additional Proved
Reserves and future development targets.

- QU 453 well is drilling with rig 2 below 700 ft. (target depth
2,000 ft.)

- The Company has received Petrotrin approval for its Beach
Marcelle waterflood programme and is currently awaiting further regulatory
approvals.

- The Company is also delighted to announce the appointment of Mr
Terry Motley, as Operations Manager in Trinidad. Mr Motley has extensive
global experience in all aspects of drilling and production operations,
including Trinidad. Most significantly, having managed multiple rigs to
increase oil production onshore Yemen from 2,000 bopd to 25,000 bopd over a
two-year period. Additionally, Mr Motley has technical expertise in horizontal
drilling, high-pressure wells, and multi-well developments.

Corporate Update

Financing

The new Range management team, in place since February 2014, are
reviewing a number of financing opportunities, including the previously
announced Reserve Based Lending option, for the Company's development projects
in Trinidad. The Company is also seeking to refinance the existing convertible
bond issues. Negotiations with funding providers are ongoing and Range will
update the market as and when these are finalised.

Texas

The Company acknowledges the failure of the purchaser to complete
the sale of its Texas assets within the agreed timeframe. The Company will
continue to pursue sale completion with the purchaser while also running a
simultaneous process to re-market the assets in order to divest this non-core
development project.

Other Assets

In Guatemala, the Operator (Latin American Resources) is drilling
ahead the Atzam #5 well at 2,907 ft. - currently drilling through the C17
carbonate sections. The Atzam #5 well plan is to drill to the top of the C18
carbonate section and set 9 5/8 inch production casing, then drill ahead to a
planned depth of 4,100 ft. to open hole test the C18 and C19 primary reservoir
targets. The Company will provide an update on successfully reaching target
depth.

As previously announced, Range is continuing with non-core asset
rationalization in Georgia and Colombia, as the strategic focus is now on the
Company's world-class onshore position in Trinidad.

International Petroleum

As previously announced, the proposed merger with International
Petroleum Ltd will not be proceeding. Constructive negotiations are continuing
with regards to Range's $8m loan to International Petroleum.

LandOcean Strategic Alliance

The Company is pleased to announce the completion of a memorandum
of understanding with LandOcean Energy Services Co Ltd ("LandOcean")
(SHE:300157), whereby the two companies intend to form a strategic alliance
for the development of international oil and gas projects (the "understanding"
). The understanding significantly increases Range's technical capabilities
while also providing additional options for the funding of future projects.
The understanding between Range and LandOcean is set out in a non-binding term
sheet, which is subject to final, legally binding documentation. Further
details of the terms of the proposed strategic alliance will be provided to
the market if and when the parties enter into final documentation.

LandOcean is one of the largest listed oil and gas services
companies in China and provides a wide variety of services across the upstream
development cycle, from frontier geological studies through to engineering and
procurement for development and production projects. Range is very pleased to
have LandOcean as a technical partner as we continue to rationalise and
restructure our portfolio.

Change of Company Secretary

Mr Anthony Eastman and Ms Jane Flegg will step down as Joint
Company Secretaries and will be replaced by Ms Rebecca Sandford in the UK and
Ms Sara Kelly in Australia. The Board would like to thank Mr Eastman and Ms
Flegg for their commitment and contribution to the Company.

Investor Update Conference Call

The Company would also like to announce that it will be holding an
update conference call for analysts and investors on Wednesday 14 May at 09.00
GMT.

Range's CEO, Rory Scott Russell, will be hosting the call and will
provide corporate and operational updates on the Company.

Conference call dial-in details will be provided via separate
announcement in due course.

Investors are invited to submit questions via email ahead of the
conference call to the Company's Financial PR, Buchanan -
[e-mail]. Please send any questions by 09.00 GMT on Friday,
9 May.

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

"Since joining Range in February I have been working to restructure
and focus the Company's portfolio, implement appropriate financing for our
projects and bring in an experienced oil and gas management team. We are
making progress on all these fronts and the new management team is excited by
the opportunities ahead, particularly in building on our world-class onshore
Trinidad asset."

Issue of shares

The Company announces the issue of 72,089,309 Ordinary Fully Paid
Shares pursuant to the conversion of debt at AU$0.01 per share, 6,250,000
Unlisted Options issued for debt conversion as per agreement (£0.006, 31 March
2017) and 14,583,334 Unlisted Options issued for debt conversion as per
agreement (£0.006, 30 April 2017).

Application will be made for the 72,089,309 new shares to be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on AIM on or around 25 April 2014.

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

3,690,863,252 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)
6,250,000     Unlisted Options (£0.006, 31 March 2017)
14,583,334    Unlisted Options (£0.006, 30 April 2017)
              
 

              
 
Yours faithfully

Rory Scott Russell
Chief Executive Officer



Contacts
 
Range Resources Limited            Buchanan (Financial PR - UK)
Rory Scott Russell                 Tim Thompson / Helen Chan
                                   T: [phone]
                                   E: [e-mail]

GMP Securities Europe LLP (Broker) RFC Ambrian Limited (Nominated Advisor)
Rob Collins / Liz Williamson       Samantha Harrison / Trinity McIntyre
T: [phone]            T: [phone] / [phone]
                                   
PPR (Financial PR - Australia)     Dahlman Rose & Company (Principal
David Tasker                       American Liaison)
T: [phone]               OTCQX International Market (U.S.)
E: [e-mail]         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 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 is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. Farmâ€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 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 32% interest in the Guatemalan Project.

Table of Reserves

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%     0.1    0.7    -     Latin American Resources
Total Oil & Liquids   17.9   22.5   25.2            17.6   20.9  25.2
Gas Reserves - Tcf
Georgia - CBM           -      -     0.6     45%      -      -    0.2   Strait Oil & Gas
Total Gas               -      -     0.6              -      -    0.2
Reserves

With the exception of Guatemala, 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 three 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 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.

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.

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.