STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Guatemala Update

PR Newswire

London, February 20

Range Resources Limited ("Range" or the "Company") is pleased toannounce the following update with respect to its recent investment inCitation Resources Limited ("Citation") - 19.9% interest in Citation and 10%at project level - regarding the Atzam #4 Well update released by Citation(ASX:CTR) today:

Highlights:

- Independent Report estimates Probable Reserves of 2.3m barrels of

oil in the Atzam #4 well (mean 100% basis);

- Probable Reserves estimate excludes contributions from the Lower

C18 and C19 sections due to minimal log data from this section of the well,

with testing recommended in future wells;

- Preparations continue for flow testing the Lower C17/Upper C18

carbonate sections with an electrical submersible pump ("ESP");

- Estimated flow rates of 300-400 bbl/day with an 85-90% oil cut

from Lower C17/Upper C18 carbonates with an operational ESP, based on results

to date; and

- Significant moveable oil identified in electric logs in C13 and

C14 carbonates still untested - remain behind pipe above the current

perforated Lower C17/Upper C18 sections.

2.3m Barrel Probable Reserve Estimate for Atzam #4 Well

Following the drilling and electric logging of the Atzam #4 well,Citation Resources and Latin American Resources Ltd ("Operator") commissionedan independent reserves report based on the results of the logging and theanalytical work completed by Schlumberger. The report by Ralph E Davis andAssociates ("RED") concludes that upon reviewing the detailed petrophysicalwork undertaken by Schlumberger there are up to 20 material oil shows in theAtzam #4 well, with 8 zones recommended by RED to be tested for commerciality.

The report concludes the Atzam #4 well has a Probable Reservesestimate of 2.3m bbls using a 30% recoverability factor ("RF") and a 160 acredrainage area as set in the table below, which excludes several deeper zonesin the lower C-18 and C-19 which were not evaluated due to lack of detailedwell log data due to the well bore washout encountered whilst drilling:

Details of Range's attributable interest in the reserves is set outin the Reserves and Resources section at the end of this announcement.

The report used production and well data from analogous wells inthe area to compare to the petrophysical results recorded in the Atzam #4well. Although the Lower C18 and C19 zones were not included, as these zoneswere washed out while drilling and the logging tool could not be used throughthis interval, RED believe that there should be hydrocarbons present and theLower C-18 and C-19 should be tested in the next well scheduled to be drilledon the project.

The reserves estimates in the report conform to the definition ofprobable reserves approved by the SPE/WPC/AAPG/SPEE Petroleum ResourcesManagement System (SPE-PRMS) document as co-sponsored by the Society ofPetroleum Engineers, the World Petroleum Council, the American Association ofPetroleum Geologists and the Society of Petroleum Evaluation Engineers.

Flow Testing Lower C17/Upper C18 with ESP

Preparations are continuing for the commencement of flow testingoperations on the perforated Lower C17/ Upper C18 carbonate sections in theAtzam #4 with an ESP to establish their commercial potential. The Operatorestimates that with an ESP operational the perforated Lower C17/ Upper C18carbonates the flow rate could be up to 300-400 bbl/ day with an 85-90% oilcut based on the results to date from these zones. It is estimated thatapproximately 50% of the total drilling and perforation fluids used in theoperations have now been recovered.

The Operator expects that the ESP should be on location and operational inapproximately 3 weeks.

The recovery of high quality (37.0° API) oil from recent swabbingof the perforated Upper C18 sections, with continued pressure build ups priorto commencement of acid wash operations, is considered very encouraging by theOperator for the potential of this section. Due to the heavy muds used whilstdrilling (10.5 lb/gallon) and high permeability of these carbonates, therewere significant mud losses into the Upper C18 section whilst drilling, whichrequired the acid wash establish a clear oil cut and flow rate from thesezones.

Testing Prospective C13 and C14 Carbonates in Atzam #4

The Atzam #4 well produced very encouraging oil shows during thedrilling of the well through the C13 and C14 carbonates, which wascomplemented by higher than expected permeability and porosity results fromthe electric logs. This has established these reservoir sections, the mainproducing zones in the nearby Rubelsanto Field, as the most likely appraisaltargets to be tested in the upcoming Atzam #5 appraisal well if they are nottested in the current Atzam #4 well.

Both Latin American Resources and Schlumberger are highlyencouraged by the logging results seen in the C13 and 14 carbonates and theirpotential to be a new commercially productive zone in the Atzam Field to theprimary C18 and C19 carbonates sections.

The Rubelsanto Field has produced over 30 mmbbl to date from 8wells and is located only 17km to the north east of the Atzam Field, along astructural fault offset.

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

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gasexploration company with oil & gas interests in the frontier state ofPuntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad and Colombia.

- In Trinidad Range holds a 100% interest in holding companies withthree onshore production licenses and fully operational drilling subsidiary.Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2MMbls of proved, probable and possible (3P) reserves and an additional 81MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest inonshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a410km 2D seismic program with independent consultants RPS Energy identifying68 potential structures containing an estimated 2 billion barrels ofundiscovered 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 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.

- In Puntland, Range holds a 20% working interest in two licensesencompassing the highly prospective Dharoor and Nugaal valleys. The operatorand 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed twoexploration wells and will continue with a further seismic and well programover 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. Theproject area encompasses approximately 1,680 acres in one of the most prolificoil and gas producing trends in the State of Texas. Independently assessed 3Preserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls ofoil and 17 mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton ValleyProspect in Red River County, Texas, USA, where the prospect's project areaencompasses approximately 1,570 acres encompassing a recent oil discovery. Theprospect has independently assessed 3P reserves in place (on a 100% basis) of3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in thehighly prospective PUT 6 and PUT 7 licences in Putumayo Basin in SouthernColombia. The Company will undertake a 350km2 3D seismic program across thetwo licences and drill one well per licence, as well as looking to re-enter apreviously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation ResourcesLimited (ASX: CTR) which holds a 70% interest in Latin American Resources(LAR). LAR holds an 80-100% interest in two oil and gas development andexploration blocks in Guatemala with Canadian NI 51-101 certified proved plusprobable (2P) reserves of 2.3 MMBBL (100% basis). Range also holds a 10%interest in LAR.

Table of Reserves and Resources

* Reserves attributable to Range's interest in the North ChapmanRanch asset, which are net of government and overriding royalties as describedin the Forrest Garb report.

** The reserves estimate for the Guatemalan Blocks in which LAR(and CTR) have an interest in is as reported by CTR. CTR has not reported 1Pand 3P estimates, but Range is seeking such information from CTR for futurereporting purposes.

Detailed below are the estimated resources and oil-in-placedelineated across Range's portfolio of project interests.

All of the technical information, including information in relation toreserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the 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 relationto reserves and resources that is contained in this document has been reviewedinternally by the Company's technical consultant, Mr Mark Patterson. MrPatterson is a geophysicist who is a suitably qualified person with over 25years' experience in assessing hydrocarbon reserves and has reviewed therelease and consents to the inclusion of the technical information.

The reserves estimates for the 3 Trinidad blocks and updatereserves estimates for the North Chapman Ranch Project and East Texas CottonValley referred above have been formulated by Forrest A. Garb & Associates,Inc. (FGA). FGA is an international petroleum engineering and geologicconsulting firm staffed by experienced engineers and geologists. CollectivelyFGA staff has more than a century of worldâ€wide experience. FGA haveconsented in writing to the reference to them in this announcement and to theestimates of oil and natural gas liquids provided. The definitions for oil andgas reserves are in accordance with SEC Regulation Sâ€X an in accordance withthe guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reservedefinitions can be found on the SPE website at spe.org.

RPS Group is an International Petroleum Consulting Firm withoffices worldwide, who specialise in the evaluation of resources, and haveconsented to the information with regards to the Company's Georgian interestsin the form and context that they appear. These estimates were formulated inaccordance with the guidelines of the Society of Petroleum Engineers ("SPE").

The prospective resource estimates for the two Dharoor Valleyprospects are internal estimates reported by Africa Oil Corp, the operator ofthe joint venture, which are based on volumetric and related assessments byGaffney, Cline & Associates.

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

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 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'stechnical consultants have not yet reviewed the details of ARI's resourceestimate and the reliability of this estimate and its compliance with the SPEreporting guidelines or other standard is uncertain. Range and its JV partnerswill be seeking to confirm this resource estimate, and seek to definereserves, through its appraisal program and review of historical data duringthe next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

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.

Prospective Resources are those quantities of petroleum estimated,as of a given date, to be potentially recoverable from undiscoveredaccumulations by application of future development projects. ProspectiveResources have both an associated chance of discovery and a chance ofdevelopment. Prospective Resources are further subdivided in accordance withthe level of certainty associated with recoverable estimates assuming theirdiscovery and development and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which areestimated, on a given date, to be potentially recoverable from knownaccumulations, but which are not currently considered to be commerciallyrecoverable.

Undiscovered Oil-In-Place is that quantity of oil which isestimated, on a given date, to be contained in accumulations yet to bediscovered. The estimated potentially recoverable portion of suchaccumulations is classified as Prospective Resources, as defined above.