Trinidad Operations Update and Increase in Reserves

16 June 2014 ASX Code: RRS and AIM Code: RRL Range Resources Limited ("Range" or "the Company") Trinidad Operations Update and Increase in Reserves Trinidad Operations Update Range is pleased to provide an update on its Trinidad operationswith the following highlights: - Operations continue without any significant Health, Safety,Security and the Environment (HSSE) incidents. - Production has increased by 18% from the previously reported 533barrels of oil per day ("bopd") (see announcement on 22 April 2014) to 630bopd. - The increase in production is primarily due to excellent resultsat the South Quarry QU 452 development well. The well is producing at astabilised rate of 70 bopd of very light 470 API oil on a 5/32" choke. - The well was drilled to a depth of 1,945 ft., and a 17 ft.section perforated between 1,702-1,730 ft. - QU 452 is the first development well to be drilled in the SouthQuarry licence since 2007. This successful outstep development well confirmsthe extension of the shallow producing trend and is expected to result inadditional development drilling targets and an increase to the Company'sproved reserves (additional to the increase in proved reserves mentionedbelow). - Four of the fleet of six drilling rigs are fully operational: - Rigs 1 and 5 are engaged in development work in the Morne Diablo licence. - Rig 6 is engaged in workover operations also at Morne Diablo. - Given encouraging results from South Quarry QU 452 well, the Company iscurrently evaluating the possibility of moving rig 8 to South Quarry licenceto drill additional development targets and expedite the drilling programme. - The remaining rigs 2 & 7 are undergoing maintenance. - The Company is finalising the location of the first planned wellon the Guayaguayare block with JV Partner Niko Resources, and will update themarket on further progress via separate announcements. Increase in Reserves Range is pleased to announce an independently audited increase inreserves attributed to the Company's onshore Beach Marcelle, Morne Diablo andSouth Quarry licences in Trinidad. The Company's total 2P reserves have increased by over 9% from thepreviously reported 20.2 MMbbl to 22.1 MMbbl. These reserve increases are aresult of the Company's ongoing development drilling programme and consequentupdate to development schemes in Trinidad during the period. During the periodthe Company produced 1.2 MMbbl of oil from its three fields. The updated independent reserves report was completed by Forrest A.Garb & Associates, Inc. ("FGA") with the reserve volumetrics used in thereport effective January 1, 2014 and prepared in accordance with SECRegulation S–X and with the guidelines of the Society of PetroleumEngineers. The following table set outs the increase in the Company's netreserves from FGA Report effective October 1, 2012 to the latest reporteffective January 1, 2014. Total Net Reserve Volumes: October 1, 2012 January 1, 2014 % Increase Oil (MMbbl) Oil (MMbbl)Proved (1P) 17.5 19.0 8.6%Proved plus Probable (2P) 20.2 22.1 9.4%Proved plus Probable plus 25.2 28.2 11.9%Possible (3P) Commenting on today's announcement, Rory Scott Russell, CEO, said: "The 18% production increase is a great result for the company andshows good progress towards meeting our production targets for the year. TheQU 452 well in particular demonstrates the untapped potential of ourdevelopment assets in Trinidad, flowing exceptionally light oil at 70 bopd andopening up a new area for development drilling. We are also pleased to provide the updated reserve figures for ourcore producing assets in Trinidad. The increase in these reserves figures is aresult of our ongoing drilling, de-risking and development planning work. Theincrease in reserves more than replaces production since the last report againhighlighting the development potential of the acreage." Yours faithfully Rory Scott Russell Chief Executive Officer Contacts Range Resources Limited Buchanan (Financial PR - UK) Rory Scott Russell Ben Romney / Helen Chan T: +44 (0) 20 7466 5000 E: [email protected] Securities Europe LLP (Joint Cantor Fitzgerald (Nominated Advisor andBroker) Joint Broker)Rob Collins / Liz Williamson David Porter / Tom Sheldon / JulianT: +44 (0) 207 647 2800 Erleigh (Corporate finance) / Richard Redmayne (Corporate broking) T: +44 (0) 20 7894 7000PPR (Financial PR - Australia) David Tasker T: +61 (8) 9388 0944 E: [email protected] of Reserves Detailed below are the estimated reserves for the Range projectportfolio. Gross Oil Reserves Range's Net AttributableProject 1P 2P 3P Interest 1P 2P 3P OperatorOil & NGL -MMboeTrinidad 19.0 22.1 28.2 100% 19.0 22.1 28.2 RangeTexas - NCR 16.4 25.2 35.3 20-25% 2.2 3.4 4.8 Western GulfTexas - ETCV 1.0 1.6 3.3 22% 0.2 0.3 0.6 Crest ResourcesGuatemala 0.4 2.3 - 24% 0.1 0.5 - Latin American ResourcesTotal Oil & 36.8 51.2 66.8 21.5 26.3 33.6LiquidsGas Reserves -TcfTexas - NCR 0.1 0.2 0.2 20-25% 0.01 0.02 0.02 Western GulfGeorgia - CBM - - 0.6 45% - - 0.2 Strait Oil & GasTotal Gas 0.1 0.2 0.8 0.01 0.02 0.22Reserves With the exception of Guatemala, all of the technical information,including information in relation to reserves and resources that is containedin this document has been reviewed internally by the Company's CompetentPerson, Dr Douglas Field. Dr Field is a petroleum / reservoir engineer who isa suitably qualified person with over 30 years' experience in assessinghydrocarbon reserves and has reviewed the release and consents to theinclusion of the technical information. The reserves estimates for the three Trinidad blocks have beenformulated 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 ofthe Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can befound on the SPE website at spe.org. In granting its consent to the public disclosure of this pressrelease with respect to the Company's Trinidad operations, Petrotrin makes norepresentation or warranty as to the adequacy or accuracy of its contents anddisclaims any liability that may arise because of reliance on it. The TSX certified 51-101 certified reserves with respect to theGuatemalan project are as reported by ASX listed Company Citation Resources(ASX: CTR). The technical information included in this announcement withrespect to Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. DrYukler is a geologist who is a suitably qualified person with more than 38years of experience in the international oil & gas industry, and in assessinghydrocarbon reserves. Dr Yukler has advised companies and government entitiesof all size from small caps to super-majors, as well as state regulatoryauthorities on the management of resources and exploration areas. Dr. Yuklerhas reviewed the release and consents to the inclusion of the technicalinformation with respect to Georgia. SPE Definitions for Proved, Probable, Possible Reserves andProspective Resources Proved Reserves are those quantities of petroleum, which byanalysis of geoscience and engineering data, can be estimated with reasonablecertainty to be commercially recoverable, from a given date forward, fromknown reservoirs and under defined economic conditions, operating methods, andgovernment regulations. Probable Reserves are those additional Reserves which analysis ofgeoscience and engineering data indicate are less likely to be recovered thanProved Reserves but more certain to be recovered than Possible Reserves. Possible Reserves are those additional reserves which analysis ofgeoscience and engineering data indicate are less likely to be recoverablethan Probable Reserves. 1P refers to Proved Reserves, 2P refers to Proved plus ProbableReserves and 3P refers to Proved plus Probable plus Possible Reserves.