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31 January 2014 Manager of Company AnnouncementsAustralian Securities ExchangeLevel 6, 20 Bridge StreetSydney NSW 2000 By E-Lodgement ASX Code: RRS and AIM Code: RRL SECOND QUARTER REPORT FOR PERIOD ENDING 31 DECEMBER 2013 The Board of Range Resources Limited ("Range" or "the Company"),the oil & gas exploration and production Company with interests in Trinidad;Guatemala; Colombia; Puntland, Somalia; the Republic of Georgia and the USA,provides the following update regarding its activities during the three monthsended 31 December 2013 to be read in conjunction with the Appendix 5B(Quarterly Cash Flow Report), which follows the announcement. Key Points - During the quarter, the executives recruitment process continuedand resulted with the appointment of a new CEO, Mr Rory Scott Russell and twonew Non-Executive Directors, Mr Graham Lyon and Dr Christian Bukovicssubsequent to quarter end - see separate announcement 3 February 2014 - The farm-in agreement with Niko Resources Ltd, regarding theGuayaguayare Block in Trinidad has been formally approved by Trinidadianauthorities, adding 280,000 acres to Range's net Trinidad acreage position - Certificate of Environmental Clearance ("CEC") approvals receivedfor the drilling of a total of 40 wells, 8 well deepenings and commencement ofthe enhanced recovery waterflood programme ("EOR") on Company's Beach Marcellelicense in Trinidad - Trinidad production for the quarter of 54,660 bbls (594 bopd)compared to an average of 636 bopd in the previous quarter with decrease dueto drilling rig repairs and maintenance - Rigs 2 and 5 are online and drilling ahead and with Rig 8 readyto commence sidetrack operations on MD248 well following well clean up. Rigs 1and 6 scheduled to be active during Q1 2014 - The previously proposed merger with International Petroleum Ltdwill not be proceeding, with constructive negotiations continuing with regardsto Range's $8m loan to International Petroleum TRINIDAD Production Overview Total gross oil production for the quarter was 54,660 bbls (594barrels of oil per day "bopd") compared to an average of 636 bopd in theprevious quarter. The decrease was due primarily to no drilling rig activity over this perioddue to regulatory inspections of rigs, along with continued execution of therig fleet maintenance and spare parts programme. Operations Overview During the quarter, Range continued with the planned rigmaintenance programme required to execute the Trinidad Field Development Plan("FDP"). The FDP is expected to result in increased production, cashflow andproved reserves through drilling and testing. In addition the Company willtarget the exploitation of undeveloped Proved Reserves associated withenhanced recovery projects such as the Beach Marcelle and Morne Diablowaterflood programmes. Subsequent to the quarter, the Company is pleased to announce thatboth Rig 2 and 5 are online and drilling ahead wells QU 452 (TD of 1,800 ft.)and QU 148 (TD of 700 ft.) respectively, and the heavy Rig 8 is ready onlocation following well clean out activities. Once the formal approvals arereceived, the MD 248 well will be side tracked from 3,234 ft. to a targetdepth of 6,500 ft. Rig 6 (Beach Marcelle Field) is being prepared for mobilization tothe field with plans to drill and deepen up to 8 existing wells to test forbypassed primary oil reserves. Additionally, the rig will test old wells forpossible candidates to be used in the waterflood project. Rig 1 is currently proceeding through a rig maintenance programmewith planned Q1 completion. Morne Diablo Waterflood Project Following the final receipt of approvals on the proposed waterfloodprogramme for Morne Diablo, the Company is preparing to commence fielddevelopment with surface equipment and facility installation work. Beach Marcelle Drilling Project During the quarter, Range announced that it has receivedCertificate of Environmental Clearance ("CEC") approvals for the drilling of atotal of 40 wells, 8 well deepenings and commencement of the waterfloodprogramme on its Beach Marcelle license in Trinidad. This is a positivemilestone for the Company and allows for final project plans for thedevelopment and deepening of the designated wells and EOR programmes to besubmitted to the regulatory authorities for final formal approval. Farm-in agreement with Niko Resources As announced on 17 December 2013, Range formally executed thefarm-in agreement with Niko Resources Ltd. ("Niko"), regarding theGuayaguayare Block in Trinidad, subject to final regulatory approval. Underthe terms of the farm-in agreement, Range will earn a 50% share of Niko'sexisting interests in the Guayaguayare Block in return for drilling twoonshore exploration wells. Range will also drill one offshore well (to bedrilled from the shore) and one appraisal well contingent to explorationsuccess, sharing costs with Niko on a 50/50 basis. The Guayaguayare Block increases the Company's acreage position inTrinidad by more than 280,000 acres and presents Range with an opportunity toadd highly prospective acreage on trend with its existing exploration,development and secondary recovery projects, while leveraging its fleet ofdrilling and production rigs and operating experience within the region. Giventhe Company's ongoing production operations in South Quarry, Morne Diablo, andBeach Marcelle, Range is positioned to operate future discoveries, bothonshore and offshore. Bid Round Update During the quarter, the Company submitted a bid for the St Mary'Block as part of the 2013 onshore bid round. The bid round selection isexpected to be announced by the Ministry of Energy of Trinidad to the publicduring Q1 2014. GUATEMALA Subsequent to quarter end, Latin American Resources Ltd ("theOperator") has confirmed the Harold Lee 500 rig commenced drilling operationson the Atzam #5 well at the Atzam Oil Project. The Atzam #5 well was spuddedon 14 January 2014 following a final operational meeting on site with theOperator, Schlumberger and the Ministry of Mines. The well will target the C18and C19 carbonate reservoirs as the primary objectives, in addition to thecurrent producing C17 carbonate reservoir in the Atzam #4 well. The Operatoris managing the drilling programme with Schlumberger providing specialistlogging and cementing services on the well. Increased Atzam #4 Production Rate Subsequent to quarter end, the Atzam #4 production rate wasincreased to over 150 bopd (from 110 bopd). The Operator plans to continueproducing the Atzam #4 well on a restricted choke in order to maintainreservoir integrity during this initial production phase. Following theincrease in the choke to 16/64 inches, the Operator will monitor theproduction profile at this new setting before opening the choke further. Tortugas Salt Dome Projects The Operator has been advancing operational plans to undertake thetwo well re-entries on the Tortugas Salt Dome structure planned for early2014. GEORGIA During the quarter, Range and Operator, Strait Oil & Gas UK(Strait) finalised a programme for the development of Blocks VIa and VIb afterthe completion of an extensive data review. Agreement has been reached with the State Agency for the Regulationof Oil and Gas for the timetable of the drilling campaign with the final workprogramme passed by the Coordination Committee of the National OilCorporation. This programme will involve the tender for drilling rigs as wellas the procurement of all associated well services and equipment. Initial targets will be for oil and gas but it is anticipated thatit will be necessary to hydraulically fracture the structures which lie in theUpper Bathonian section. The Operator also advised they will be determiningthe CBM potential of the reservoir. The drill programme has necessitated arevision of the PSA extending the drilling timetable into 2015. As previously announced, the Joint Venture ("JV") continues toadvance discussions with potential farmâ€in partners and buy out parties. Inthe meantime the JV remains committed to progressing and meeting thecommitments on the licenses. Conventional Conventional Oil Conventional GasUndiscovered Oil / Gas (mmbbls) (Tcf)in Place (best estimate) (best estimate)Total Oil / Gas in 403 18.4PlaceRange Attributable 181 8.3(45%)* Low to high ranges of the in-place undiscovered oil and gasvolumes have not yet been estimated. Range is currently undertaking furthermodelling work to provide such ranges CBM Reserve Proved (1P) Proved & Proved & EstimatedEstimates Probable (2P) Probable Total Reserve Reserve (Tcf) & Gas-in-Place (Tcf) Possible (Tcf) (3P) Reserve (Tcf)Total Gas In Place 0 0 0.51 3.16Range Attributable 0 0 0.23 1.42(45%) Hydrocarbons in-place and Reserve Calculations for Blocks VI a and VI b COLOMBIA Farm-in interest from a number of parties with respect to Range'sColombian interest was received, and the Company will update the market onfurther developments. PUNTLAND Whilst there was little onâ€ground activity carried out by theJoint Venture in Puntland over the quarter, a number of key initiatives havebeen outlined by Range's partner and operator, Horn Petroleum (TSXV: HRN) withsome preliminary work expected to commence in early 2014. This work willinclude field research and reconnaissance across both sites, faceâ€toâ€faceliaison with key stakeholders and updated security assessments of both blocks(and potential drilling sites). As well as this proposed deployment, the Joint Venture wasrepresented by Horn Petroleum COO, Mark Dingley, at the PresidentialInauguration of Puntland's newly elected fifth President, Dr Abdiweli Ali Gas.Dr Gas †who studied at several US universities, including Harvard â€defeated the incumbent Abdirahman Farole by one vote in the recently heldelection. Mr Farole accepted defeat, saying the peaceful election was a modelfor the rest of Somalia. Range would like to publicly thank former President Farole for histime in office that saw the first oil exploration wells drilled in Puntland inover 20 years. We look forward to a strong relationship with the new Presidentand government, which will hopefully see more incident free exploration inPuntland over the coming years. TEXAS The Company is proceeding with completion of its Texas asset salefor a total pre-tax cash consideration of US$30m (US$25m initial payment plusUS$5m in royalty production payments to be received from future production)having concluded all key completion requirements. The Company understands thatthe delays in receiving the proceeds from the sale have largely been a resultof unanticipated changes required for corporate restructuring by thepurchaser, which have taken significantly longer than expected to resolve. TheCompany is continuing to work with the purchaser to enable sale completion. CORPORATE Appointments to the Board During the quarter, Range announced that as part of the Company'smove to significant operational focus and expansion in Trinidad, a Boardprocess commenced with the objective of finding a suitable CEO. Subsequent toquarter end, the Board of Range is pleased to announce the appointment of Mr.Rory Scott Russell as new CEO to the Company, as well as the appointment oftwo new Non-Executive Directors, Mr. Graham Lyon and Dr. Christian Bukovics.The details of these appointments can be found in the separate press releaseissued today. Proposed Merger with International Petroleum As previously announced, Range is considering a range of corporatealternatives to the original merger proposal given IOP's sale of its Russianand Kazak assets. The merger will not be proceeding, however constructivenegotiations continue with regards to Range's $8m loan to IOP and commitmentto generate significant returns from the transaction. Appendix 5B Summary - Consolidated Statement of Cashflow Current quarter Year to dateCash flows related to operating activities (6 months) $US'000 $US'000 1.1 Receipts from product sales and 5,756 11,993 related debtors 1.2 Payments for (a) exploration & (1,047) (1,837) evaluation (3,109) (6,702) (b) development (3,000) (6,054) (c) production (1,684) (3,324) (d) administration1.3 Dividends received - -1.4 Interest and other items of a similar nature received 1 51.5 Interest and other costs of finance (185) (873) paid1.6 Taxes paid/refunded 1,247 1,1391.7 Other (provide details if material) 1,483 2,513 Net Operating Cash Flows (538) (3,140) Cash flows related to investing activities1.8 Payment for purchases of: (a) prospects - - (b) equity investments - - (c) other fixed assets (197) (234)1.9 Proceeds from sale of: (a) prospects - - (b) equity investments - - (c) other fixed assets - -1.10 Loans to other entities - (700)1.11 Loans repaid by other entities - -1.12 Other - net cash acquired on acquisition of subsidiary - - Net investing cash flows (197) (934)1.13 Total operating and investing cash flows (carried forward) (735) (4,074)1.13 Total operating and investing cash flows (brought forward) (735) (4,074) Cash flows related to financing activities1.14 Proceeds from issues of shares, - 3,557 options, etc.1.15 Proceeds from sale of forfeited shares - -1.16 Proceeds from borrowings 4,714 12,3851.17 Repayment of borrowings (2,671) (9,193)1.18 Dividends paid - -1.19 Other (provide details if material) - - Net financing cash flows 2,043 6,749 Net increase (decrease) in cash held 1,308 2,675 1.20 Cash at beginning of quarter/year to 6,572 5,205 date1.21 Exchange rate adjustments to item 1.20 - -1.22 Cash at end of quarter 7,880* 7,880*\* This number includes US$3.48m performance bond for Colombia Issue of Shares Subsequent to quarter-end, Range Resources Limited announces theissue of the following securities: 173,798,011 Ordinary Fully Paid Shares issued in lieu of debt conversion andfinancing costs 3,923,077 Unlisted Options issued for debt conversion as per agreement(£0.013, 30 November 2016) 4,083,334 Unlisted Options issued for debt conversion as per agreement(£0.012, 31 December 2016) 20,545,457 Unlisted Options issued for debt conversion as per agreement(£0.011, 31 December 2016) 21,136,365 Unlisted Options issued for debt conversion as per agreement(£0.011, 31 January 2017) Application will be made for the 173,798,011 new shares to beadmitted to trading on the ASX and AIM. Trading in the new shares is expectedto commence on or around 7 February 2014. Following the issue of these securities the total number ofsecurities on issue are as follows: 3,452,427,459 Ordinary Fully Paid Shares (RRS) 80,508,341 Listed Options ($0.05, 31 January 2016) 855,166 Unlisted Options (£0.04, 30 June 2015) 7,058,824 Unlisted Options (£0.17p, 30 April 2016) 5,180,000 Unlisted Options (£0.075p, 31 January 2017) 9,000,000 Unlisted Options (£0.125p, 31 March 2015) 17,921,146 Class B Performance Shares 15,708,801 Unlisted Options (£0.0615, 19 October 2015) 32,275,862 Unlisted Options (£0.05075, 30 November 2015) 5,000,000 Unlisted Options (A$0.10, 31 January 2016) 5,000,000 Unlisted Options (A$0.06, 10 February 2016) 146,533,850 Unlisted Options (£0.04, 30 April 2016) 5,000,000 Unlisted Options (£0.037, 11 July 2016) 476,190 Unlisted Options (£0.021, 27 July 2016) 952,381 Unlisted Options (£0.021, 29 July 2016) 6,714,284 Unlisted Options (£0.021, 31 August 2016) 9,000,000 Unlisted Options (£0.020, 31 August 2016) 3,947,369 Unlisted Options (£0.019, 30 September 2016) 8,666,670 Unlisted Options (£0.018, 30 September 2016) 694,445 Unlisted Options (£0.018, 31 October 2016) 2,205,885 Unlisted Options (£0.017, 31 October 2016) 1,250,000 Unlisted Options (£0.016, 31 October 2016) 17,333,334 Unlisted Options (£0.015, 31 October 2016) 3,000,000 Unlisted Options (£0.015, 30 November 2016) 1,428,571 Unlisted Options (£0.014, 30 November 2016) 3,923,077 Unlisted Options (£0.013, 30 November 2016) 2,000,000 Unlisted Options ($0.0321, 11 December 2016) 4,083,334 Unlisted Options (£0.012, 31 December 2016) 20,545,457 Unlisted Options (£0.011, 31 December 2016) 21,136,365 Unlisted Options (£0.011, 31 January 2017) Yours faithfully Peter LandauExecutive Director 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 Range Background Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil &gas exploration company with oil & gas interests in Trinidad; Guatemala;Colombia; Puntland, Somalia; the Republic of Georgia and Texas, USA, andColombia. 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 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 inonshore blocks VIa and VIb, covering approx. 7,000sq.km. The Company isfocussing on a revised development strategy that will focus on low-cost,shallow appraisal drilling of the contingent resources around theTkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central sectionsof the Company's two blocks, along with attracting potential farm-in partnersacross the license areas given the recent review performed across thelicenses. 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 programmeover the next 12-18 months. Range is earning a 65% (option to move to 75%) interest in highlyprospective licences in the Putumayo Basin in Southern Colombia. Farmâ€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 ResourcesLimited (ASX: CTR) which holds a 60% 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 20%interest in LAR. Table of Reserves and Resources 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 -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 (andCTR) have an 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-placedelineated across Range'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 tocompleting its earn-in obligations. 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 technicaladvisor, Mr Mark Patterson. Mr Patterson is a petroleum geologist andgeophysicist who is a suitably qualified person with over 30 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 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 worldâ€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 Sâ€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). CTR has not reported 1P and 3P estimates, but Range is seekingsuch information from CTR for future reporting purposes. 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 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. Reserve information on the Putumayo 1 Well published by Ecopetrol1987. 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.