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3 February 2014 The ManagerCompany AnnouncementsAustralian Securities Exchange LimitedLevel 6, 20 Bridge StreetSydney NSW 2000 Via E-lodgement Range Resources ("Range" or "the Company") Appointment of CEO and Non-Executive Directors The Board of Range is pleased to announce with immediate effect,the appointment of Mr. Rory Scott Russell as the Company's new Chief ExecutiveOfficer and the appointment of two new Non-Executive Directors, Mr. GrahamLyon and Dr. Christian Bukovics. Together these appointments bring a wealth oftechnical, operational and financial experience onto the Board, to fullysupport the Company's future growth and development. Range also announces that Mr. Peter Landau, will step down from hisposition as Executive Director with immediate effect. Mr. Landau will continueto support the business by remaining on the Board as a Non-Executive Director. Further to the above, the Range Board has initiated a recruitmentprocess for a full-time Chief Operating Officer and will provide an update indue course. Brief biographies of the new Directors are provided below: Mr. Rory George Scott Russell, Chief Executive Officer Mr. Rory Scott Russell (aged 34) has over ten years ofinternational experience in upstream positions at Shell. Most recently he wasFinance Manager for Exploration in Europe and Russia based in London. In thisrole he oversaw all financial aspects of the business, corporate governanceand control, treasury management and sat on regional investment committeescovering the North Sea, onshore Netherlands and Germany, Italy, Russia andKazakhstan. He was involved in country entries and project start-ups inGreenland, Albania, Spain, Ukraine and Russia. Prior to this he was Financeand Commercial Manager for exploration in Russia based in The Hague and Moscowand has also worked in the strategic planning unit for Shell's global upstreambusiness, based in The Hague. Rory has a BSc (Hons) from the University ofEdinburgh. Mr. Graham Victor Lyon, Non-Executive Director Mr. Graham Lyon (aged 56) has over 30 years of experience in theoil and gas industry, working for a wide range of listed and privatecompanies. Graham has a BSc Eng (Hons) in Petroleum Engineering from ImperialCollege London. He started his career with Chevron before moving to Shell assub surface team leader and as project petroleum engineer. Graham then spent14 years with Deminex in a series of technical leadership roles in the UK,Germany and Egypt, and its successor, Veba Oil and Gas, including RegionalManager for the Caspian and Middle East, thereafter he was heavily involvedwith the sale of the company to Petro-Canada. Graham remained withPetro-Canada for a further 7 years holding roles culminating in Vice PresidentStrategy and Business Development, International and Offshore. Within the last5 years Graham has held the position of President and Chief Executive Officerof Mena Hydrocarbons Inc, a TSX-V listed energy company, with assets in Egyptand Syria and is currently a Non-Executive Director at Hawkley Oil and Gas Ltdan ASX listed energy company, and a Director at Tarbagatay Munay LLP a privateKazakhstani oil and gas company and Soncer Ltd. Dr. Christian Eduard Wilhelm Johann Bukovics, Non-ExecutiveDirector Dr. Christian Bukovics (aged 62) has 33 years' experience inexploration and has held executive positions at Shell. Until end of 2012,Christian was Vice President for exploration in Russia and the Former SovietUnion and a member of the global exploration leadership team. Prior to this heheld the exploration manager position for the European Atlantic Margin, wasGeneral Manager for Shell businesses in Iran and Kazakhstan and Vice Presidentfor the Commercial division of Shell Global Exploration. Over his careerChristian participated in and managed the discovery of over three billionbarrel equivalents of oil and gas, pioneered the application of new technology(notably 3D seismic) in Shell and spearheaded entries into new territorieswith over fifty thousand square kilometers of acreage acquired. Christian hasa PhD in experimental physics from the University of Vienna. He is a member ofPetroleum Exploration Society of Great Britain (PESGB) and of the EuropeanAssociation of Geoscientists and Engineers (EAGE). In addition to his Boardposition, Christian is a partner in an exploration-focused venture fund. See appendix for further information in accordance with Rule 17, Schedule Two(g) of the AIM Rules for Companies. After the appointments, the Board will comprise seven Directors: Non-Executive Directors Sir Sam Jonah, Non-Executive Chairman (appointed 2006)Graham Lyon, Non-Executive Director (appointed February 2014)Christian Bukovics, Non-Executive Director (appointed February 2014)Marcus Edwards-Jones, Non-Executive Director (appointed 2006)Peter Landau, Non-Executive Director (appointed 2005) Executive Directors (and therefore not deemed independent)Rory Scott Russell, Chief Executive Officer (appointed February 2014)Anthony Eastman, Executive Director (appointed 2009) Commenting on today's announcement, Sir Samuel Jonah, Non-ExecutiveChairman, said: "I am delighted with today's appointments, which represent asignificant strengthening of the Board at this important time in the Company'sdevelopment. The new Directors' extensive knowledge and experience in theinternational oil and gas and financial sectors will provide the necessaryskills and support to ensure that Range is well equipped for future growth. At the same time, on behalf of the Board I would like to thankPeter for his invaluable contribution in developing Range and its excitingportfolio of assets over the past 9 years. We are pleased that we can retainhis experience and expertise as we take the Company through a busy pipeline ofcorporate and operational activity." Rory Scott Russell, CEO, commented: "I am excited to be joining Range Resources as CEO, with theopportunity to take the Company into its next phase of development. It hasbeen a difficult journey in recent months, however Range continues to hold anunderlying portfolio of fundamentally strong assets. In the short term, we will continue to seek to rationalise theportfolio and realize value for Rangethrough divestments and farm-outs,focusing our efforts on the Company's key Trinidadian assets. We will also continue the work started by the Board to appoint anexecutive team with the technical and management skills required to fulfilRange's future growth ambitions." Yours faithfully Rory Scott RussellChief Executive Officer ContactsRange Resources Limited Buchanan (Financial PR - UK)Rory Scott Russell Tim Thompson T: +44 (0) 20 7466 5000 E: rangeresources@buchanan.uk.com GMP Securities Europe LLP RFC Ambrian Limited (Nominated Advisor)(Joint Broker) Stuart LaingRichard Greenfield / Rob Collins / T: +61 (8) 9480 2500Alexandra CarseT: +44 (0) 207 647 2800 Fox-Davies Capital Limited (Joint Broker) Old Park Lane Capital (Joint Broker)Daniel Fox-Davies Michael ParnesT: +44 (0) 203 463 5000 T: +44 (0) 207 493 8188 PPR (Financial PR - Australia) Dahlman Rose & Company (Principal American Liaison)David Tasker OTCQX International Market (U.S.)T: +61 (8) 9388 0944 Christopher Weekes / Stephen NashE: david.tasker@ppr.com.au T: +1 (212)-372-5766 Appendix - AIM Rule 17 Mr. Rory Scott Russell Directorships and partnerships in the last five years: None Mr. Rory Scott Russell does not hold any interest in the share capital ofthe Company. Mr. Graham Lyon Directorships and partnerships in the last five years are as follows: Name StatusSoncer Ltd CurrentHawkley Oil and Gas Ltd CurrentTarbagatay Munay LLP CurrentSoncer Bel BvBa CurrentSoncer Cyp Ltd CurrentMENA Hydrocarbons Inc PreviousMENA Hydrocarbons UK Services PreviousLtdVAL Energy Management Ltd Previous Mr. Graham Lyon does not hold any interest in the share capital ofthe Company. Dr. Christian Bukovics Directorships and partnerships in the last five years are as follows: Name StatusAdamant Ventures LLP CurrentCaspi Meruerty Operating Company PreviousB.V. Dr. Christian Bukovics is directly interested in 280,000 OrdinaryShares in the capital of the Company ("Shares"). There are no other matters in relation to the new directors that requiredisclosure under the AIM Rules. Range Background Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration 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 threeonshore production licenses and fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMBO with 25.2MMBO of proved, probable and possible (3P) reserves and an additional 81 MMBOof unrisked prospective resources. Range also has a farm in with NikoResources giving it exposure to circa 280,000 acres of prospective onshore andoffshore acreage. - In the Republic of Georgia, Range holds a 45% farm-in interest in onshoreblocks VIa and VIb, covering approx. 7,000sq.km. The Company is focussing on arevised development strategy that will focus on low-cost, shallow appraisaldrilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")coal deposit, which straddles the central sections of the Company's twoblocks, along with attracting potential farm-in partners across the licenseareas given the recent review performed across the licenses. - In Puntland, Range holds a 20% working interest in two licenses encompassingthe highly prospective Dharoor and Nugaal valleys. The operator and 60%interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two explorationwells and will continue with a further seismic and well program over the next12-18 months. - Range is earning a 65% (option to move to 75%) interest in highlyprospective licences in the Putumayo Basin in Southern Colombia. Farm–ininterest from a number of parties has been received and preparations for theseismic programme will be initiated subject to further financing becomingavailable. - Range has taken a strategic stake (19.9%) in Citation Resources Limited(ASX: CTR) which holds a 60% interest in Latin American Resources (LAR). LARholds an 80-100% interest in two oil and gas development and explorationblocks in Guatemala with Canadian NI 51-101 certified proved plus probable(2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 20% interest inLAR. Table of Reserves and Resources Detailed below are the estimated reserves for the Range project portfolio. Gross Oil Reserves Range's Net AttributableProject 1P 2P 3P Interest 1P 2P 3P OperatorOil & NGL -mmbblsTrinidad 17.5 20.2 25.2 100% 17.5 20.2 25.2 RangeGuatemala * 2.3* * 32% * 0.74* * Latin American ResourcesTotal Oil & 17.5 22.5 25.2 17.5 20.9 25.2LiquidsGas Reserves -BcfGeorgia - CBM - - 508 45% - - 229 Strait Oil & GasTotal Gas - - 508 - - 203Reserves* The reserves estimate for the Guatemalan Blocks in which LAR (and CTR) havean interest in is as reported by CTR. CTR has not reported 1P and 3Pestimates, but Range is seeking such information from CTR for future reportingpurposes. Detailed below are the estimated resources and oil-in-place delineated acrossRange's portfolio of project interests. Gross Oil Resources Range's Net AttributableProject Low Best/ High Interest Low Best/ High Operator Mean MeanContingent Oil Resources - mmbblsGuatemala - 20.1 - 32% - 6.4 - Latin American ResourcesTotal Contingent - 20.1 - - 6.4 -ResourcesProspective Oil Resources - mmbblsTrinidad (BM & MD) 8.1 40.5 81.0 100% 8.1 40.5 81.0 RangeTrinidad - Niko JV 20.3 101.5 203.0 40%* 8.1 40.6 81.2 RangeonshoreTrinidad - Niko JV 6.6 33.0 66.0 32.5%* 2.1 10.7 21.5 RangeoffshoreTotal Prospective 35.0 175.0 350.0 18.3 91.8 183.7ResourcesUndiscovered Oil-In-Place - mmbblsPuntland - 16,000 - 20% - 3,200 - Horn PetroleumGeorgia - 403 - 45% - 181 - Strait Oil & GasColombia - 7.8 - 65-75% - 5.1 - - Petro 5.8 CaribbeanUndiscovered Gas-In-Place - TcfGeorgia - - 18.44 - 45% - 8.30 - Strait Oil &Conventional GasGeorgia - CBM - 3.16 - 45% - 1.42 - Strait Oil & Gas*Range's interest in the Niko JV resources are subject to completing itsearn-in obligations. With the exception of Guatemala, all of the technical information, includinginformation in relation to reserves and resources that is contained in thisdocument has been reviewed internally by the Company's technical advisor, MrMark Patterson. Mr Patterson is a petroleum geologist and geophysicist 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 3 Trinidad blocks have been formulated byForrest A. Garb & Associates, Inc. (FGA). FGA is an international petroleumengineering and geologic consulting firm staffed by experienced engineers andgeologists. Collectively FGA staff has more than a century of world–wideexperience. FGA have consented in writing to the reference to them in thisannouncement and to the estimates of oil and natural gas liquids provided. Thedefinitions for oil and gas reserves are in accordance with SEC RegulationS–X an in accordance with the guidelines of the Society of PetroleumEngineers ("SPE"). The SPE Reserve definitions can be found on the SPE websiteat spe.org. In granting its consent to the public disclosure of this press release withrespect 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 the Guatemalanproject are as reported by ASX listed Company Citation Resources (ASX: CTR).CTR has not reported 1P and 3P estimates, but Range is seeking suchinformation from CTR for future reporting purposes. 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 technical information included in this Announcement with respect toGeorgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr Yukler is ageologist who is a suitably qualified person with more than 38 years ofexperience 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. 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 and3P refers 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.