Quarterly Report

Range Resources Limited (`Range' or `the Company') 30 July 2014 ASX Code: RRS AIM Code: RRL FOURTH QUARTER REPORT FOR PERIOD ENDING 30 JUNE 2014 The Board of Range provides the following update regarding its activitiesduring the three months ended 30 June 2014 to be read in conjunction with theAppendix 5B (Quarterly Cash Flow Report), which follows this announcement. Rory Scott Russell, CEO, commented: "This has been a transformational quarter for Range as we continue to focus onour core development assets in Trinidad. We have completed our management teamchanges and reported a material increase in our proved reserves in Trinidad,alongside encouraging operational results in the South Quarry field. Ourachievements to date signify a new beginning for Range and the company is nowpoised for growth." Production Overview Total gross oil production for the quarter in Trinidad was 48,173 bbls(average of 529 barrels of oil per day "bopd"). Operations Trinidad - Operations continued without any significant Health, Safety, Security andthe Environment (HSSE) incidents. - The Company's drilling campaign continued, with four of the fleet of sixdrilling rigs currently operational. - Excellent results were encountered at the South Quarry QU 452 developmentwell (as announced on 16 June 2014). QU 452 is the first development well tobe drilled in the South Quarry licence since 2007. This successful outstepdevelopment well confirmed the extension of the shallow producing trend and isexpected to result in additional development drilling targets and an increaseto the Company's proved reserves. - The Company reported an increase by over 9% in total 2P reserves from thepreviously reported 20.2 MMbbl to 22.1 MMbbl*. This increase in reserves is aresult of the Company's ongoing development drilling programme and consequentupdate to development schemes in Trinidad during the period. \* The independent reserves report was completed by Forrest A. Garb &Associates, Inc. effective January 1, 2014. Please refer to the Company'sannouncement on 16 June 2014 for full details. New Positive Fiscal Incentives in Trinidad Range announced that the Government of Trinidad and Tobago has approved andadopted the budget incentives for oil and gas companies introduced by theMinister of Finance and Economy of Trinidad and Tobago in the 2014 BudgetStatement. These new budget incentives, which especially reward companies withaccelerated development and exploration programmes, including Range, areexpected to have a significant positive impact on the Company's cash flows andreturns from its ongoing production growth. These changes will be effectiveretrospectively from January 1, 2014. Georgia During the quarter, the Company's JV partner and Operator, Strait Oil & Gas UK(Strait), continued to advance discussions and negotiations with respect topotential transactions associated with the JV and it's Production SharingContracts (PSCs) in Georgia. Strait advises Range that a positive outcome tothese discussions is still likely to occur. In June, Strait signed a one year extension of the PSC for Block VIb with theState Agency for Regulation of Oil and Gas. Guatemala The Company's equity interest in Citation Resources reduced to 6.67%.Following this change, Range has a direct and indirect interest ofapproximately 24% in the Guatemalan Project (previously 32%). Colombia During the quarter, Range announced that it made a strategic decision for apartial withdrawal from Colombia and relinquished its investment obligationson PUT-7 block in the Putumayo Basin. Corporate Integrated Master Services Agreement with LandOcean The Company signed an Integrated Master Services Agreement (IMSA) withLandOcean Energy Services Co Ltd ("LandOcean") (SHE: 300157). According to theagreement, LandOcean will act as the preferred services contractor (subject toall tendering and procurement rules) for Range for oilfield services includinggeoscience, engineering, procurement and construction. Services provided underthe IMSA will be agreed in individual purchase orders as the need for servicesarises. The agreement provides Range with an extremely capable and technicallysophisticated preferred services provider. US$12 Million Financing and Debt Repayment Completed During the quarter, Range completed a US$12 Million financing with AbrahamLtd, a Hong Kong based private institutional investor. Under the terms of theSubscription Agreement, the investor subscribed US$12 million in cash and wasissued with approximately 712 million Ordinary Fully Paid Shares of theCompany at a price of £0.01 per Share, representing a premium of approximately49% to the mid-market share price at the close of business on AIM on 14 May2014. The full terms of the financing are disclosed in the Companyannouncement on 15 May 2014. Following completion of the financing, Range utilised the funds to repay theCompany's convertible debt. As a result, the total outstanding Company debtreduced from $US10.5 million (as reported on 30 April 2014) to nil at quarterend. Board, Management and Advisor Changes During the quarter, the Company announced the appointment of Nick Beattie asChief Financial Officer. Nick has over twenty years of experience in financeworking with a range of international banks and was previously a ManagingDirector in the BNP Paribas Upstream Oil and Gas team in London. As part of a corporate restructuring initiative, Range also announced theresignation of Peter Landau and Anthony Eastman from the Board of Directors,and subsequent appointment of Ian Macliver and David Riekie as newNonâ€Executive Directors. The Company appointed Cantor Fitzgerald Europe as its Nominated Adviser andBroker. Voluntary OTCQX delisting As part of corporate streamlining, Range has voluntarily delisted from theOTCQX effective as of the close of market on 20 June 2014. AIM Share issue Further to the Company's announcement on 3 June 2014, Application has beenmade to the London Stock Exchange for 507,299,891 New Ordinary Shares, whichrank pari passu with the Company's existing issued ordinary shares, to beadmitted to trading on AIM. Dealings are expected to commence on 31 July 2014 Appendix 5B Summary - Consolidated Statement of Cashflow Current quarter Year to date Cash flows related to operating activities (12 months) $US'000 $US'000 1.1 Receipts from product sales and 4,648 23,028 related debtors 1.2 Payments for (a) exploration & (1,420) (4,992) evaluation (2,727) (11,885) (b) development (2,302) (11,011) (c) production (2,369) (7,377) (d) administration1.3 Dividends received - -1.4 Interest and other items of a similar 4 11 nature received1.5 Interest and other costs of finance (736) (1,609) paid1.6 Taxes paid/refunded (167) 4491.7 Other (provide details if material) - 2,513 Net Operating Cash Flows (5,069) (10,873) Cash flows related to investing activities1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (426) (921)1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - -1.10 Loans to other entities - (700)1.11 Loans repaid by other entities - -1.12 Other - net cash acquired on acquisition of subsidiary - - Net investing cash flows (426) (1,621)1.13 Total operating and investing cash flows (carried forward) (5,495) (12,494)1.13 Total operating and investing cash flows (brought forward) (5,495) (12,494) Cash flows related to financing activities1.14 Proceeds from issues of shares, 6,653 10,210 options, etc.1.15 Proceeds from sale of forfeited - - shares1.16 Proceeds from borrowings - 14,1091.17 Repayment of borrowings (7,375) (16,567)1.18 Dividends paid - -1.19 Other (provide details if material)* 6,000 6,000 Net financing cash flows 5,278 13,752 Net increase (decrease) in cash held (217) 1,258 1.20 Cash at beginning of quarter/year to 6,680 5,205 date1.21 Exchange rate adjustments to item 5 5 1.201.22 Cash at end of quarter** 6,486* 6,486* * US$6million is the 2nd tranche of the proceeds from equity placement toAbraham Limited announced on 29 May 2014. This US$6million was only recognisedas proceeds from issue of shares post-quarter end following the shareholdermeeting on the 11 July 2014. ** Cash at quarter end represents unrestricted cash on hand of US$2.988millionand restricted deposit of US$3.48million related to cash held in support ofperformance bond issued for obligations in Colombia. Yours faithfully Rory Scott Russell Chief Executive Officer Range Resources Limited advises the following information required under ASXListing Rule 5.4.3: Tenement Location Working Acquired/ Working Reference Interest Disposed Interest at at End of Beginning Quarter of QuarterOil & Gas Morne Diablo Trinidad 100% N/A 100%beneficialpercentageinterests helddirectly or infarm-in orfarm-outagreements South Quarry Trinidad 100% N/A 100% Beach Trinidad 100% N/A 100% Marcelle Guayaguayare Trinidad 32.5% N/A 32.5% (shallow) (shallow) / 40% / 40% (deep) (deep) St Mary's Trinidad 100% N/A 100% Block 1-2005, Guatemala 32% 8% indirect 24% South Peten interest Basin disposed North Chapman Texas, USA 20-25% N/A 20-25% Ranch East Cotton Texas, USA 22% N/A 22% Valley Block Vla Republic of 45% N/A 45% Georgia Block Vlb Republic of 45% N/A 45% Georgia Dharoor Block Puntland 20% N/A 20% Nugaal Block Puntland 20% N/A 20% Contacts Range Resources LimitedRory Scott Russell Cantor Fitzgerald(Nominated Advisor and Broker) David Porter / Sarah Wharry(Corporate finance) Richard Redmayne (Corporate broking) t. +44 (0)20 7894 7000 Buchanan (Financial PR - UK) Ben Romney / Helen Chan t. +44 (0)20 7466 5000 e. [email protected] PPR (Financial PR - Australia) David Tasker t. +61 (8) 9388 0944 e. [email protected] Australian Office 945 Wellington Street West Perth, WA 6005 Australia t. +61 8 9322 7600 f. +61 8 9322 7602 UK Office Suite 1A, Prince's House38 Jermyn StreetLondon, SW1Y 6DNUnited Kingdom t. +44 (0)20 7025 7040 f. +44 (0)20 7287 8028 e. [email protected]

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