STA.L Regulatory News (STA)

16 May 2013

The ManagerCompany AnnouncementsAustralian Securities Exchange LimitedLevel 6, 20 Bridge StreetSydney NSW 2000 By e-lodgement TRINIDAD UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to provide thefollowing update on its Trinidad operations, with the following highlights:

* The QUN 141 well is currently being completed with logs indicating 160 ft. of

gross oil pay, one of the thickest Lower Forest pay sections to be

encountered to date;

* The QUN 142 well spudded and is drilling ahead at 800 ft. and is expected to

encounter the same well-developed oil pay as the QUN 141 well;

* Planning has commenced for the possible re-activation of the QUN 16 well,

which previously produced up to 145 bopd, to add new reserves and

production, while further extending the Lower Forest trend;

* Several production rigs to be placed back into operation within the week to

begin remedial work on up to 20 existing wells, expected to yield an additional

100-150 bopd of production;

* The MD 248 well continues to make steady progress towards its target depth

having reached 5,425 ft. and encountered a `drilling break' (a sudden

increase in the rate of penetration during drilling), associated with oil

sands along with hydrocarbon shows, indicating a potential oil zone at

approximately 5,000 ft.;

* The Company is in the process of determining the applicability of formation

stimulation on the QUN 135 well, designed to maximize recovery from the

multiple pay zones, including the possibility of mini-hydraulic fracture. A

successful well at this location could have initial production rates of up

to 200–300 bopd;

* Operations will commence shortly on the South Quarry field following the

recent receipt of approvals for the construction of 4 initial well pad

locations with drilling in the area to commence end June / early July;

* Within the Beach Marcelle field, the company is planning to deepen 6 wells,

which are expected to recover up to 90,000 barrels of oil per well at costs

significantly lower than drilling and completing new wells; and

* The Company is currently reviewing multiple well completion options,

including the use of mini-hydraulic fracturing and horizontal drilling,which,

if successful,can potentially increase initial production rates by 5 to

10 fold. Significant economic gains can be achieved where these technologies

can be applied in a cost effective manner.

Lower Forest Development Drilling

Following successful completion of the QUN 138, 139 and 140 wells, with initialproduction rates of 85 bopd, 45 bopd and 90 bopd, respectively, Lower Forestdevelopment continues with the upcoming completion of the QUN 141 well, where Rig 1is currently conditioning the well bore prior to running casing. Open hole logsindicate 160 ft. of gross oil pay to be perforated, one of the thickest LowerForest pay sections to be encountered to date.

The Company has also spudded the QUN 142 well, which has a target depth of1,200 ft. and is currently drilling ahead at 800 ft. The QUN 142 well islocated directly east of the QUN 141 well and is expected to encounter the samewell-developed oil pay as the QUN 141 well.

As a result of the Company's recent extension of the Morne Diablo Farm Outagreement, Range is evaluating a possible re-activation of the QUN 16 well,which previously produced up to 145 bopd over a one week test. The QUN 16 wellwas drilled and tested in 1942 and logged thick oil sands that correlate withthe Lower Forest reservoirs being completed by the Company approximately ½ mileto the west. Re-activation of the QUN 16 well will be performed using one ofthe Company's production rigs, which have recently returned to operationfollowing the receipt of necessary approvals. For a relatively modest cost,Range expects to add new reserves and production, while further extending theLower Forest trend to the east of the QUN 16 well and establishing a large areafor low-risk infill drilling between the well and the current Lower Forestdevelopment. In addition to the QUN 16 well re-activation, the Company is expecting severalproduction rigs to be placed back into operation within the week to beginremedial work on up to 20 existing wells, which are expected to yield anadditional 100-150 bopd of production. Depending on the type of workoverrequired, individual wells are estimated to require an average of 1-2 days toperform the necessary remedial work.

Lower Cruse Formation Drilling

The MD 248 well continues to make steady progress towards its target depthhaving reached 5,425 ft. and encountered a `drilling break' along with multiplegas shows requiring mud to be conditioned properly. The shows are encouragingas they are usually associated with oil sands consistent with the Morne Diablofield. Drilling continues towards the proposed total depth of 6,500 ft.

Middle Cruse Formation Drilling

In its QUN 135 well, the Company is preparing a completion procedure designedto maximize recovery from the multiple pay zones encountered in the LowerForest, Upper Cruse, and Middle Cruse sections, including the possibility ofperforating and producing the Upper Cruse pay zone while evaluating potentialstimulation of the Middle Cruse. As previously announced, the Company is in theprocess of determining the applicability of formation stimulation in the QUN135, including a possible mini-hydraulic fracture, which has been successful inother fields in Trinidad. If successful, low-cost stimulation technology couldlead to higher initial production rates and greater recoveries from theestablished producing horizons. Based on historical production rates seen fromthe Middle Cruse formation, a successful well at this location couldpotentially have initial production rates of up to 200–300 bopd, which could befurther enhanced with mini-hydraulic fracture stimulation techniques.

Other Developments

South Quarry

The Company is in the final planning stages of a new development program in theSouth Quarry field following the recent receipt of approvals for theconstruction of 4 initial well pad locations. Operations will commence withsite construction and fabrication of equipment to support the drilling. It isanticipated that drilling in the area will commence end June / early July.Previous drilling campaigns have yielded higher than average rates andrecoveries due to increased geopressure in the area. Given the proximity toestablished production, the South Quarry program has a high probability ofboosting production, while extending the producing trends and establishingmultiple locations for future drilling.

Beach Marcelle

With respect to the Beach Marcelle licence, environmental approvals have beenreceived to proceed with the deepening of 6 wells following submission ofapplications earlier in the year. The Company will mobilize a production rig tothe Beach Marcelle contract area to test and prepare existing well bores inanticipation of deepening those wells to recover Proved Undeveloped Reserves.Within the Beach Marcelle field, successful deepening of existing well bores isexpected to recover up to 90,000 barrels of oil per well at costs significantlylower than drilling and completing new wells.

New Technology

As part of its worldwide exploration and production program, Range continues toevaluate exploration, drilling, completion, and production technology tomaximize recovery of oil and gas from its producing areas at the lowest costpossible. As part of its focus on the application of new technologies, theCompany is currently reviewing multiple completion options available to it inTrinidad, including the use of mini-hydraulic fracturing, which has been provensuccessful in other parts of the country. Certain reservoirs within theCompany's license areas may also be candidates for horizontal drilling andcompletion, which can potentially increase initial production rates by 5 to 10fold. As demonstrated by their growing use in the exploitation of bothconventional and unconventional oil and gas accumulations worldwide,significant economic gains can be achieved where these technologies can beapplied in a cost effective manner. Yours faithfully Peter LandauExecutive Director Contacts Range Resources Limited PPR (Australia)Peter Landau David TaskerT: 61 (8) 9488 5220 T: +61 (8) 9388 0944 E: plandau@rangeresources.com.au E: david.tasker@ppr.com.au RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker)Stuart Laing Michael ParnesT: +61 (8) 9480 2500 T: +44 (0) 207 493 8188 Fox-Davies Capital Limited (Joint GMP Securities Europe LLP (JointBroker) Broker)Daniel Fox-Davies / Richard Hail James Pope T: +44 (0) 203 463 5000 T: +44 (0) 207 647 2800 Dahlman Rose & Company (Principal American Liaison)OTCQX International Markets(U.S.)Christopher Weekes / Stephen Nash T: +1 (212)-372-5766 Range Background

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.

* 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 MMBO with 25.2

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

MMBO of unrisked 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 MMbbl of

oil and 17 MMbbl 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 highly prospective licences in the Putumayo Basin in Southern Colombia. The

Company will undertake a 3D seismic program in the near term as part of its

exploration commitments on the Company's Colombian interests.

* 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.

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 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 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.

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

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 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 and 3Prefers 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.

Australia LondonGround Floor, 1 Havelock Street, West Suite 1A, Prince's House, 38 Jermyn Perth WA 6005, Australia Street, London SW1 6DNt:+61 8 9488 5220, t:+44 (0)207 025 7040f:+61 8 9324 2400 f:+44 207 287 8028 e:admin@rangeresources.com.auw: www.rangeresources.com.au