Guatemala Update

30 April 2014

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street

Sydney NSW 2000


By E-Lodgement                              ASX Code: RRS and AIM Code: RRL


                           Range Resources Limited
                          ("Range" or "the Company")

                               Guatemala Update

Range would like to draw attention to the announcement released
today by Citation Resources Limited (ASX: CTR) with respect to the Company's
interest in Guatemala with the following highlights:

- Atzam #5 well has been successfully drilled to its planned total
depth of 4,025 feet intersecting the lower C18, C19 and Coban D reservoir
sections on structure

- Material oil and gas shows continually generated at surface from
drilling final carbonate sections despite heavy mud weight used (9.5lbs) to
maintain good hole condition

- Atzam #5 well is confirmed at TD structurally high to Atzam #4
(~66 feet) and Atzam #2 (~320 feet)

- Atzam #2 recorded initial flow rates in excess of 1,000 bopd from
the primary C18, C19 and Coban D carbonate sections

- Electric logging suite to be run from 3,600 feet to 4,025 feet to
evaluate primary carbonate reservoir sections - due to commence within 24
hours

- Flow testing program to start immediately following Schlumberger
analysis on full suite of electric logs across all carbonate reservoir
sections identified in Atzam #5

- Results of Schlumberger detailed logging evaluation expected
within 7 days

- Interpretation by the Operator of initial logs run down to upper
C18 carbonate sections at 3,600 feet indicated multiple potential pay zones
starting from the C13 carbonates

- Logging indicates highly fractured potential reservoir sections-
fracturing in carbonates normally provides assistance to flow rates

Range has a direct and indirect 32% interest in the Guatemalan
Project.

Further details are contained in the Citation Resources
announcement, which can be accessed at:

http://www.citation.net.au/media/articles/ASX-Announcements/20140430-Atzam-5---Drilling-Update-294/1323866.pdf


Yours faithfully


Rory Scott Russell
Chief Executive Officer

Contacts
 
Range Resources Limited            Buchanan (Financial PR - UK)
Rory Scott Russell                 Tim Thompson / Helen Chan
                                   T: [phone]
                                   E: [e-mail]

GMP Securities Europe LLP (Broker) RFC Ambrian Limited (Nominated Advisor)
Rob Collins / Liz Williamson       Samantha Harrison / Trinity McIntyre
T: [phone]            T: [phone] / [phone]

PPR (Financial PR - Australia)     Dahlman Rose & Company (Principal American Liaison)
David Tasker                       OTCQX International Market (U.S.)
T: [phone]               Christopher Weekes / Stephen Nash
E: [e-mail]         T: [phone]



Range Background

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

- In Trinidad Range holds a 100% interest in holding companies with
three onshore production licenses and a 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. Range also has a farm in with Niko
Resources giving it exposure to circa 280,000 acres of prospective onshore and
offshore acreage.

- In the Republic of Georgia, Range holds a 45% farm-in interest in
onshore blocks VIa and VIb, covering approx. 7,000sq.km. 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, along with attracting potential farm-in partners
across the license areas given the recent review performed across the
licenses.

- 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 is earning a 65% (option to move to 75%) interest in highly
prospective licences in the Putumayo Basin in Southern Colombia. Farm–in
interest from a number of parties has been received and preparations for the
seismic programme will be initiated subject to further financing becoming
available.

- Range has taken a strategic stake in Citation Resources Limited (ASX: CTR)
and Latin American Resources (LAR) which hold 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
has a direct and indirect 32% interest in the Guatemalan Project.

Table of Reserves

Detailed below are the estimated reserves for the Range project
portfolio.

                 Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P       Operator
Oil & NGL -
mmbbls
Trinidad         17.5   20.2   25.2    100%    17.5   20.2  25.2       Range
Guatemala        0.4    2.3     -      32%     0.1    0.7    -     Latin American
                                                                     Resources
Total Oil &      17.9   22.5   25.2            17.6   20.9  25.2
Liquids
Gas Reserves -
Tcf
Georgia - CBM     -      -     0.6     45%      -      -    0.2   Strait Oil & Gas
Total Gas         -      -     0.6              -      -    0.2
Reserves

With the exception of Guatemala, all of the technical information,
including information in relation to reserves and resources that is contained
in this document has been reviewed internally by the Company's technical
advisor, Mr Mark Patterson. Mr Patterson is a petroleum geologist and
geophysicist who is a suitably qualified person with over 30 years' experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information.

The reserves estimates for the three Trinidad blocks have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an
international petroleum engineering and geologic consulting firm staffed by
experienced engineers and geologists. Collectively FGA staff has more than a
century of world–wide experience. FGA have consented in writing to the
reference to them in this announcement and to the estimates of oil and natural
gas liquids provided. The definitions for oil and gas reserves are in
accordance with SEC Regulation S–X an in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.

In granting its consent to the public disclosure of this press
release with respect to the Company's Trinidad operations, Petrotrin makes no
representation or warranty as to the adequacy or accuracy of its contents and
disclaims any liability that may arise because of reliance on it.

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

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

The technical information included in this announcement with
respect to Georgia was prepared by Dr. M. Arif Yukler, COO of SOG Georgia. Dr
Yukler is a geologist who is a suitably qualified person with more than 38
years of experience in the international oil & gas industry, and in assessing
hydrocarbon reserves. Dr Yukler has advised companies and government entities
of all size from small caps to super-majors, as well as state regulatory
authorities on the management of resources and exploration areas. Dr. Yukler
has reviewed the release and consents to the inclusion of the technical
information with respect to Georgia.

SPE Definitions for Proved, Probable, Possible Reserves and
Prospective Resources

Proved Reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated with reasonable
certainty to be commercially recoverable, from a given date forward, from
known reservoirs and under defined economic conditions, operating methods, and
government regulations.

Probable Reserves are those additional Reserves which analysis of
geoscience and engineering data indicate are less likely to be recovered than
Proved Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of
geoscience and engineering data indicate are less likely to be recoverable
than Probable Reserves.

1P refers to Proved Reserves, 2P refers to Proved plus Probable
Reserves 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 undiscovered
accumulations by application of future development projects. Prospective
Resources have both an associated chance of discovery and a chance of
development. Prospective Resources are further subdivided in accordance with
the level of certainty associated with recoverable estimates assuming their
discovery and development and 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, but which are not currently considered to be commercially
recoverable.

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