STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Company Update

PR Newswire

London, December 18

18 December 2012

Range Resources Limited ("Range" or "the Company") is pleased to announce thefollowing update with respect to the Company's Trinidad operations and Texasdivestiture with the following highlights:

The Company is pleased to announce that the MD248 development well has beendrilled to a depth of approximately 3,800 ft. using Rig 8 and successfullylogged. Seven inch (7") casing has been run to 3,200 ft. and the well isproceeding to a total depth of 6,500 ft. to test the Lower Cruse formation.Based on historical production rates seen in the Middle Cruse formation, it isexpected that a Lower Cruse well could have similar initial production rates of200-300 Bopd.

Offset to the MD248, the previously drilled MD 19 well encounteredwell-developed Lower Cruse sands. However, they were structurally low andwater-saturated at that location. The MD248 well is targeting the Lower Crusesands up dip from the MD19 well where oil is expected to be trapped.

Upon completion of MD248, Rig 8 will drill the first of a series of wells thatwill test the prolific Herrera formation as a primary exploration target, withthe Forest and Cruse formations as secondary objectives.

Rig 8 is capable of drilling to approximately 11,000 ft., a depth believed tobe sufficient to test the Herrera formation. The estimated spud date of thefirst Herrera well is late January.

Following operational delays with the QUN 135 well, drilling has nowrecommenced (currently at 2,300 ft) towards a target depth of 3,500 ft to testthe Middle Cruse formation below the current Lower Forest development area.Based on historical production rates seen from the Middle Cruse formation, asuccessful well at this location could have initial production rates of up to200-300 Bopd.

Lower Forest drilling activity

Range continues to develop the Lower Forest formation on its Morne Diablolicense with shallower capacity rigs and has drilled and completed five newwells during the quarter, with another three drilling ahead. Encouragingly,actual results from the current Lower Forest development program, are exceedingthe Company's initial expectations in terms of average well performance andinitial production rates (currently averaging approximately 60 bopd),offsetting recent operational delays which have caused slippage in the drillingtimetable. Range continues to refurbish and upgrade its drilling rigs toimprove their performance and reduce downtime. In addition, the operations teamin Trinidad continues to add the drilling and completion personnel required tosupport the ongoing development programs. Recruiting, training, and equippingthe Range operations team in Trinidad remains one of the Company's principalchallenges moving forward.

Of the recent wells, two were drilled to test the southern limit of the ForestFormation productive trend and encountered thin Lower Forest sands. The resultsof these two wells have allowed Range to define the southern extremity of theLower Forest trend. Each of these wells has the potential to be side trackedback into the main productive area within the Lower Forest trend.

The QUN 137 well was completed and also encountered the Lower Forest formationwith initial production rates of 100 Bopd. The QUN 138 well also reached targetdepth of 1,000 ft and logged 100 ft. of net oil sands across a number ofhorizons including a highly resistive zone between 770 and 810 ft that isexpected to yield better than average production rates.

At the QUN 139 well site, Range is about to commence drilling another LowerForest well to a target depth of 1,000 ft.

Structural Cross-section showing the multiple producing and exploratoryobjectives underlying the Southern Anticline across the Company's Morne Diabloand South Quarry Licenses

Beach Marcelle field update

The Environmental Impact Assessment (EIA) on the Beach Marcelle water floodproject is nearing completion after which it will be submitted to theEnvironmental Authorities for review. The Authorities have 2 to 3 months forreview and will then grant the approvals if satisfied. Once approved, Rangewould make its applications for both development drilling and the water floodproject to the Ministry and Petrotrin for their individual approvals. Once allpermits and approvals are in place, Range will commence development, currentlyforecast for mid-2013.

Morne Diablo Waterflood

The expanded Morne Diablo waterflood program is currently in the reservoirsimulation phase, with completion expected early in the 1st Quarter of 2013,and application for approval to follow, with development forecast to commencemid-2013.

Summary of 2012 activities

To date Range has successfully drilled 21 wells as part of the ongoingdevelopment of the Morne Diablo licence with the majority of the wellstargeting the Lower Forest formation and 3 wells successfully completed intothe Upper Cruse formation. In addition, 4 wells are currently being drilled orabout to be drilled, including the MD248 well targeting the deeper Lower Cruseand the QUN 135 well targeting the Middle Cruse. Additional drilling crews arebeing recruited and trained to expedite the addition of Range's remaining twodrilling rigs, with all six rigs expected to be active within Q1 2013. Assumingsuccess on these deeper horizon wells, the Company will look to pursue anextensive development program targeting these horizons in a manner similar tothe success on the Lower Forrest program where Range continues to add reserves,production and cash flow.

Range is pleased with the development programme conducted during 2012 and isincreasingly enthusiastic about its prospects in Trinidad as refurbishments andupgrades take effect with all 6 rigs operational. Average production from thewells drilled to date has exceeded management's expectations and contributed toincreasing the Company's reserve base.

TEXAS

In Texas, negotiations are entering their final phase with regard to the saleof Range's North Chapman Ranch and East Texas Cotton Valley assets. The Companyis currently negotiating an agreement for a cash / royalty combinationtransaction in line with the previously announced price range of between US$20mand US$40m expected to be completed in January 2013.

RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing

Daniel Fox-Davies / Richard Hail James Pope / Chris BeltgensTel: +44 (0) 203 463 5000

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.

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.

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 Reservesare 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 Reservesare those additional Reserves which analysis of geoscience andengineering data indicate are less likely to be recovered than Proved Reservesbut more certain to be recovered than Possible Reserves.

Possible Reservesare those additional reserves which analysis of geoscience andengineering 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 Resourcesare those quantities of petroleum estimated, as of a givendate, 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 Resourcesare 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-Placeis that quantity of oil which is estimated, on a givendate, to be contained in accumulations yet to be discovered. The estimatedpotentially recoverable portion of such accumulations is classified asProspective Resources, as defined above.

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