Guatemala Update

16 May 2013

The ManagerCompany AnnouncementsAustralian Securities Exchange LimitedLevel 6, 20 Bridge StreetSydney NSW 2000 By e-lodgement GUATEMALA UPDATE Range Resources Limited ("Range" or "the Company") would like to draw attentionto the announcement released by Citation Resources Limited (ASX: CTR) on thecurrent flow testing program on the Atzam #4 well in Guatemala (in which Rangehas an indirect attributable interest of 24%). Citation Resources has announced that following a technical review program onthe Atzam#4 well undertaken with Schlumberger, flow testing of the C13 and C14carbonate sections of the well is expected to commence within 2 weeks. Further details are contained in the Citation Resources announcement, which canbe accessed at:http://www.citation.net.au/media/articles/ASX-Announcements/20130515-Atzam-4---Project-Update--206/1221729.pdf Yours faithfully Peter LandauExecutive Director Contacts Range Resources Limited PPR (Australia)Peter Landau David TaskerT: 61 (8) 9488 5220 T: +61 (8) 9388 0944

E: [email protected] E: [email protected]

RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing Michael ParnesT: +61 (8) 9480 2500 T: +44 (0) 207 493 8188

Fox-Davies Capital Limited (Joint GMP Securities Europe LLP (Joint

Broker) Broker)Daniel Fox-Davies / Richard Hail James PopeT: +44 (0) 203 463 5000 T: +44 (0) 207 647 2800 Dahlman Rose & Company (Principal American Liaison)OTCQX International Market (U.S.)Christopher Weekes / Stephen NashT: +1 (212)-372-5766 Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration 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.

All of the technical information, including information in relation to reservesand resources that is contained in this document has been reviewed internallyby the Company's technical consultant, Mr Mark Patterson. Mr Patterson is ageophysicist who is a suitably qualified person with over 25 years' experiencein assessing hydrocarbon reserves and has reviewed the release and consents tothe inclusion of the technical information. The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) have aninterest 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 reservesand resources that is contained in this document has been reviewed internallyby the Company's technical consultant, Mr Mark Patterson. Mr Patterson is ageophysicist who is a suitably qualified person with over 25 years' experiencein assessing hydrocarbon reserves and has reviewed the release and consents tothe inclusion of the technical information. The reserves estimates for the 3 Trinidad blocks and update reserves estimatesfor the North Chapman Ranch Project and East Texas Cotton Valley referred abovehave been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is aninternational petroleum engineering and geologic consulting firm staffed byexperienced engineers and geologists. Collectively FGA staff has more than acentury of world–wide experience. FGA have consented in writing to thereference to them in this announcement and to the estimates of oil and naturalgas liquids provided. The definitions for oil and gas reserves are inaccordance with SEC Regulation S–X an in accordance with the guidelines of theSociety of Petroleum Engineers ("SPE"). The SPE Reserve definitions can befound 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 theinformation with regards to the Company's Georgian interests in the form andcontext that they appear. These estimates were formulated in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE").

The prospective resource estimates for the two Dharoor Valley prospects areinternal estimates reported by Africa Oil Corp, the operator of the jointventure, which are based on volumetric and related assessments by Gaffney,Cline & Associates.

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

In granting its consent to the public disclosure of this press release withrespect to the Company's Trinidad operations, Petrotrin makes no representationor warranty as to the adequacy or accuracy of its contents and disclaims anyliability that may arise because of reliance on it. The Contingent Resource estimate for CBM gas at the Tkibuli project is sourcedfrom the publically available references to a report by Advanced ResourcesInternational's ("ARI") report in 2009: CMM and CBM development in theTkibuli-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 technicalconsultants have not yet reviewed the details of ARI's resource estimate andthe reliability of this estimate and its compliance with the SPE reportingguidelines or other standard is uncertain. Range and its JV partners will beseeking to confirm this resource estimate, and seek to define reserves, throughits 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 ProspectiveResources

Proved Reserves are those quantities of petroleum, which by analysis ofgeoscience and engineering data, can be estimated with reasonable certainty tobe commercially recoverable, from a given date forward, from known reservoirsand under defined economic conditions, operating methods, and governmentregulations.

Probable Reserves are those additional Reserves which analysis of geoscienceand engineering data indicate are less likely to be recovered than ProvedReserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscienceand engineering data indicate are less likely to be recoverable than ProbableReserves.

1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and 3Prefers to Proved plus Probable plus Possible Reserves.

Prospective Resources are those quantities of petroleum estimated, as of agiven date, to be potentially recoverable from undiscovered accumulations byapplication of future development projects. Prospective Resources have both anassociated chance of discovery and a chance of development. ProspectiveResources are further subdivided in accordance with the level of certaintyassociated with recoverable estimates assuming their discovery and developmentand 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, butwhich are not currently considered to be commercially recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is estimated, on agiven date, to be contained in accumulations yet to be discovered. Theestimated potentially recoverable portion of such accumulations is classifiedas Prospective Resources, as defined above.

Australia London

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Perth WA 6005, Australia Street, London SW1 6DN

t:+61 8 9488 5220, f:+61 8 9324 2400 t:+44 (0)207 025 7040, f:+44 207 287 8028e:[email protected]

w: www.rangeresources.com.au