Trinidad Approves New Positive Fiscal Incentives

17 June 2014

                                                ASX Code: RRS and AIM Code: RRL

                            Range Resources Limited                            

                          ("Range" or "the Company")                           

               Trinidad Approves New Positive Fiscal Incentives                

Range is pleased to confirm that, further to announcement of 16 September 2013,
the Government of Trinidad and Tobago has approved and adopted the proposed
budget incentives for oil and gas companies introduced by the Minister of
Finance and Economy of Trinidad and Tobago in the 2014 Budget Statement. These
newly proposed budget incentives, which especially reward companies with
accelerated development and exploration programmes including Range, are
expected to have a significant positive impact on the Company's cash flows and
returns from its ongoing production growth. These changes will be effective
retrospectively from January 1, 2014.

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

"Range is fully committed to growing its business in Trinidad and we are
therefore delighted with the ratification of these new positive fiscal
incentives. Operating in a favourable economic environment will bring
significant benefits to the Company as we continue to increase production and
unlock value from our core development assets in Trinidad."

The key changes to the fiscal regime that impact Range can be found in the
table at the end of this announcement.

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)                                                  
                                                                               
David Tasker                                                                   
                                                                               
T: [phone]                                                           
                                                                               
E: [e-mail]                                                     

The key changes to the fiscal regime that impact Range are summarised in the
table below.

               Current                        Revised (effective January 1,    
                                              2014)                            
                                                                               
Investment tax ·  Tax credit of 20% on        ·    Unchanged                   
credit         qualifying capex                                                
                                                                               
               ·    Tax credit can only be    ·    Excess investment tax credit
               used in year incurred          may be carried forward           
                                                                               
                                              and offset in arriving at the SPT
                                              liability for the year           
                                                                               
                                              immediately following the        
                                              financial year in which the      
                                                                               
                                              credit were generated            
                                                                               
Capital        Exploration                                                     
allowances                                                                     
               Intangible expenditure         ·    2014 to 2017 - Allowance of 
                                              100% of costs                    
               ·    Initial allowance (Yr 1)                                   
               - 10% of costs                                                  
                                                                               
                 * Annual Allowance (Yr 1) -                                   
                   20% of residue                                              
                                                                               
               Balance                                                         
                                                                               
               ·    Annual allowance                                           
               (Subsequent years) - 20%                                        
                                                                               
               reducing balance                                                
                                                                               
               Tangible expenditure                                            
                                                                               
               ·    Initial allowance (Yr 1)                                   
               - 20% of costs                                                  
                                                                               
                 * Annual Allowance (Yr 1) -                                   
                   20% of cost less                                            
                                                                               
               Initial allowance                                               
                                                                               
               ·    Annual allowance                                           
               (Subsequent years) - 20% of                                     
                                                                               
               cost less initial allowance                                     
                                                                               
               Development                                                     
                                                                               
               Intangible expenditure         Intangible & tangible expenditure
                                                                               
               ·    Initial allowance (Yr 1)    * Initial allowance (Yr 1) -   
               - 10% of costs                     50% of costs                 
                                                                               
                 * Annual Allowance (Yr 1) -    * Annual Allowance (Yr 2) - 30%
                   20% of residue                 of costs                     
                                                                               
               balance                          * Annual allowance (Yr 3) - 20%
                                                  of costs                     
               ·    Annual allowance                                           
               (Subsequent years) - 20%                                        
                                                                               
               reducing balance                                                
                                                                               
               Tangible expenditure                                            
                                                                               
               ·    Initial allowance (Yr 1)                                   
               - 20% of costs                                                  
                                                                               
                -·   Annual Allowance (Yr 1)                                   
               - 20% of cost less                                              
                                                                               
               initial allowance                                               
                                                                               
               ·    Annual allowance                                           
               (Subsequent years) - 20% of                                     
                                                                               
               cost less initial allowance                                     
                                                                               
               Workovers & Qualifying                                          
               Sidetracks                                                      
                                              ·    100% deduction of all       
               ·    100% deduction of         tangible and intangible costs    
               intangible costs incurred                                       
                                              incurred                         
               in the current year                                             

                                                                    

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