STA.L Regulatory News (STA)

RANGE RESOURCES LTD - Guatemala Update

PR Newswire

London, February 13

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:

- Testing continuing on Lower C17/Upper C18 carbonate sections -

perforated zones cleaning up with increasing recoveries of oil;

- High quality oil (37.0° API) recovered during testing operations;

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

Lower C17/Upper C18 carbonates with an operational submersible pump,

based on results to date;

- Upper C18 carbonates displayed impressive log results with permeability

averaging 300 md and porosity averaging 17% - Rubelsanto Field

(+30mmbbl produced) is 100md and 3-6% porosity; and

- Significant moveable oil identified in electric logs over C13 and C14

carbonate sections still untested- remain behind pipe above the current

perforated Lower C17/Upper C18 sections.

Flow testing operations on the perforated Lower C17/Upper C18carbonate sections in the Atzam #4 well are continuing, with encouragingresults from the well having been received over the past two weeks. LatinAmerican Resources Ltd, Operator of the Atzam Oil Project in Guatemala, hascontinued swabbing the well to recover the drilling and perforation fluidsand establish the commercial potential of the perforated Lower C17/Upper C18carbonates.

The Operator is now arranging to use an Electrical Submersible Pump("ESP") to help fast track the finalisation of the clean-up operations andestablish the commercial potential of these perforated zones. The Operatorestimates that, with an ESP operational and based on the results to date fromthe perforated Lower C17/Upper C18 carbonates, the potential flow rate will beapproximately 300-400 bbl/ day with an 85-90% oil cut. It is estimated thatapproximately 50% of the total drilling and perforation fluids used in theoperations have now been recovered.

The ESP is currently being sourced from the United States and the Operatorexpects that it should be landed on site and operational in two to threeweeks.

The recovery of high quality (37.0° API) oil from recent swabbing of theperforated Upper C18 sections, with continued pressure build ups prior tocommencement 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 thesecarbonates, there were significant mud losses into the Upper C18 sectionwhilst drilling, which required the acid wash to establish a clear oil cut andflow rates from these zones.

Testing Highly Prospective C13 and C14 Carbonates in Atzam #4

The Atzam #4 well produced very encouraging, and unexpectedly strong, oilshows during the drilling of the well through the C13 and C14 carbonates,which was complemented by higher than expected permeability and porosityresults from the electric logs. This has established these reservoir sections,the main producing zones in the nearby Rubelsanto Field, as the most likelyappraisal targets to be tested in the upcoming Atzam #5 appraisal well if theyare not tested in the current Atzam #4 well.

Both Latin American Resources and Schlumberger are highly encouraged by thelogging results seen in the C13 and 14 carbonates and their potential to be anew commercially productive zone in the Atzam Field to the primary C18 and C19carbonates sections.

The Rubelsanto Field has produced over 30 mmbbl to date from eight wells andis located only 17km to the north east of the Atzam Field, along a structuralfault offset.

Atzam and Tortugas Fields

The primary producing formations on the Atzam structure are the C18 throughC19 formations. The Atzam #2 well had initial flow rates of 1,200 bbl/day of34°API oil which led to new well designs for the Atzam #4 well. The secondwell, Atzam #5, will spud following completion of a successful flow testingprogram on the Atzam #4 well.

Recent mapping of the Atzam structure using existing data from previousoperators (Basic, Hispanoil) and MEM, and incorporating reservoir dataacquired since production initiated in December 2007, indicate the possibilityof a structure of comparable size and orientation to that of the existingRubelsanto field in Guatemala. To date, the Rubelsanto field has produced +30mmbbl of oil since its discovery in 1976. The field currently continues toproduce +1,000 bbl/day, 36 years after its discovery.

In addition to the Atzam structures on Block 1-2005, the Tortugas structure isa suspended oil field. Originally 17 wells on Tortugas salt dome were drilledby Monsanto looking for sulphur. One well (T9B) had an oil blowout at approx.1,500 ft. and most others had oil shows in multiple zones.

The Atzam and Tortugas Fields have had previous exploration anddevelopment programs with old 2D seismic and previous production wells.

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 with

three onshore production licenses and fully operational drilling subsidiary.

Independently assessed Proved (P1) reserves in place of 17.5 MMbls with 25.2

MMbls of proved, probable and possible (3P) reserves and an additional 81

MMbls of unrisked best estimate prospective resources.

- In the Republic of Georgia, Range holds a 40% farm-in interest in

onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a

410km 2D seismic program with independent consultants RPS Energy identifying

68 potential structures containing an estimated 2 billion barrels of

undiscovered 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 a

revised development strategy that will focus on low-cost, shallow appraisal

drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")

coal deposit, which straddles the central sections of the Company's two

blocks.

- In Puntland, Range holds a 20% working interest in two licenses

encompassing the highly prospective Dharoor and Nugaal valleys. The operator

and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two

exploration wells and will continue with a further seismic and well program

over 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. The

project area encompasses approximately 1,680 acres in one of the most prolific

oil and gas producing trends in the State of Texas. Independently assessed 3P

reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of

oil and 17 mmbbls of natural gas liquids.

- Range holds a 21.75% interest in the East Texas Cotton Valley

Prospect in Red River County, Texas, USA, where the prospect's project area

encompasses approximately 1,570 acres encompassing a recent oil discovery. The

prospect has independently assessed 3P reserves in place (on a 100% basis) of

3.3mmbbls of oil.

- Range is earning a 65% (option to move to 75%) interest in the highly

prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern

Colombia. The Company will undertake a 350km2 3D seismic program across the

two licences and drill one well per licence, as well as looking to re-enter a

previously suspended well that had a significant historical reserve estimate.

- Range has taken a strategic stake (19.9%) in Citation Resources Limited

(ASX: CTR) which holds a 70% interest in Latin American Resources

(LAR). LAR holds an 80-100% interest in two oil and gas development and

exploration blocks in Guatemala with Canadian NI 51-101 certified proved plus

probable (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 unrisked resources and oil-in-placedelineated across Range's portfolio of project interests.

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 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.

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.

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.