Quarterly Activities Report and Appendix 5B

31 October 2013


Manager of Company Announcements
Australian Securities Exchange
Level 6, 20 Bridge Street
Sydney NSW 2000


By E-Lodgement


             QUARTERLY REPORT FOR PERIOD ENDING 30 SEPTEMBER 2013


Issued Capital    3,157m*   ASX Code   RRS   Closing price   $0.03*

Market Capital   A$94.7m*   AIM Code   RRL   Closing Price   £0.02*

*as at 30 September 2013

Gross Production for the Quarter

Gas   144,710 Mcf  Range Interest - 31,804 Mcf

Oil   64,371  bbls Range Interest - 61,859 bbls


The Board of Range Resources Limited ("Range" or "the Company")provides the 
following commentary regarding its activities during the three months ended 
30 September 2013 to be read in conjunction with the Appendix 5B (Quarterly 
Cash Flow Report).

TRINIDAD

Operations Overview

Subsequent to quarter end, Range provided an update where it
acknowledged that it has been a difficult year thus far for all involved in
the Company, resulting largely from a delay in the timing of key events and a
fall in the value of the Company's share price.

From the board's view, Range is now positioned to fulfil its key
corporate and operational goals moving forward, namely to lift and maintain
production in Trinidad to 4,000 bopd by the end of 2014 and to 9,000 bopd by
the end of the 2015.

A key milestone in the delivery of this goal has been the
completion of a comprehensive field development plan ("FDP") in Trinidad,
compiled by management and independent technical experts as part of the
process of finalising a reserve-based lending facility. The FDP sets out the
geological, operational and financial parameters for the exploitation of the
Company's P1 Reserves over the next three (3) years. This represents more than
three (3) months' work by both internal and external sources and provides a
clear development framework for our initial production increase in Trinidad.

It is important to note that the development plan does not take
into account any incremental production from P2 / P3 reserves, prospective
resources or exploration success. The Management believes it sets a very
realistic benchmark to move from current production through to 4,000 bopd by
the end of 2014 and 9,000 bopd by the end of 2015, through conventional and
unconventional (waterflooding) work programmes.

As previously advised, Range identified the need to effectively
take its drilling rigs offline and subject them to a rigorous maintenance and
testing programme to ensure that the drilling targets as part of the field
development plan can be met and previous delays and breakdowns are avoided to
the maximum extent possible, a process that has largely been completed.

The timing of the ramp up in production and the drilling rigs all
coming back on line in Trinidad is extremely beneficial with regards to the
recent changes to the fiscal regime in Trinidad which will see significant
financial benefits accrued by the Company over the coming years.

During the quarter, the Company continued with the optimization
work, with the next 10 wells scheduled to be accessed by the Company's
production and work over rigs as well as the re-entry of the QUN16 well.
Re-activation of the QUN16 well will be performed using one of the Company's
production rigs. This will add new reserves and production, while further
extending the Lower Forest trend to the east of the QUN16 well and
establishing a large area for low risk infill drilling between the well and
the current Lower Forest development.

The Company aims to have all six rigs operational during this
quarter, with Rig 6 having successfully completed annual certifications and
inspections. Range has made a decision to use Rig 6 for heavy workovers of the
wells in Morne Diablo as mentioned above, in order to swiftly ramp up
production prior to having it converted back to a drilling rig, whilst Rig 2
will be mobilised over to South Quarry to commence development work in
conjunction with a production rig that is currently performing well workovers.

The Company also reports that Rig 8 has been repaired and rigged up
on the MD248 location and is now awaiting the requisite regulatory sign off.
Following approval, the rig will immediately resume drilling the MD248 well to
its target depth. Following completion of the MD248 well, and depending on the
results, the Company will look to either drill the adjacent MD61 well to
establish formation production from Lower Cruse development wells, or move to
a new location to target the Herrera formation. Initial site preparation for
the Herrera location has already been completed.

The current development programme is targeting all horizons,
including a number of wells to be drilled to the semi-exploratory Lower Cruse
and exploratory Herrera horizon, which are additional to the P1 development
programme per the FDP. The Shallow Forest development programme will commence
in November 2013 and comprises of a 66 well programme.

In addition to the field development plan, Range is in advanced
stages of securing additional rigs on "Joint Venture" terms with an oil
services provider to ensure that the Company's aggressive exploration
programme continues with multiple Lower Cruse and Herrera targets, the Niko
Resources farm-in acreage and the potential of being awarded a block in the
upcoming onshore bid round.

Morne Diablo Waterflood

Within the Shallow Forest Formation is also the shallow pilot water
flood programme over eight acres, which has produced an incremental 40,000
bbls since its inception in December 2009 from depths of between 150 ft. and
300 ft. Range intends to expand this eight acre pilot programme up to a total
of 80 acres with the commencement of production in the second half of 2014 to
target a production rate of up to 650 bopd.

The Company has received regulatory approval on its proposed waterflood programme 
and will commence field development in line with the work programme.

South Quarry

The Company will shortly commence further development of the South
Quarry field consisting of 4 approved well locations, with the mobilisation of
the drilling Rig 2 and auxiliary equipment expected this quarter. Previous
drilling campaigns have yielded higher than average rates and recoveries due
to high geopressure in the area. Given the proximity to established
production, the South Quarry programme has a high probability of boosting
production, while extending the producing trends and establishing multiple
locations for future drilling.

Beach Marcelle

Development opportunities in the Beach Marcelle field comprise
infill drilling opportunities and development of undrilled fault blocks, plus
water flooding to improve recovery. The figure below shows the planned areas
for future infill drilling and water flooding. With 75% (12.8 MMbbls) of
Range's 1P proved undeveloped reserves belonging to the Beach Marcelle
waterflood project, the focus remains on expediting the current simulation
phase in parallel with moving a rig to site to begin well integrity and
workover operations. The Company is also looking at deepening of up to 6 wells
following the receipt of environmental approvals earlier in the year.

Within the Beach Marcelle field, successful deepening of existing
well bores is expected to recover up to 90 Mbo per well at approximately 80
bopd initial production, and at costs significantly lower than drilling and
completing new wells.

The Beach Marcelle field falls within the Guayaguayare sub-basin
that has numerous oilfields around its rim, including the Navette and Goudron
fields and the offshore Galeota and Samaan fields. Range's waterflood
programme in the field builds upon 3 previously successful, but prematurely
halted, waterflood programmes performed by Texaco in the 1950's. With modern
reservoir and waterflood simulation software available, it is expected that
Range will sweep the remaining proven reserves a lot more efficiently than the
3 original waterflood programmes. The programme will also be targeting
additional fault blocks within the Beach Marcelle license, not yet previously
waterflooded, yet comprising a portion of the 12.8 MMbbls of 1P proved
undeveloped reserves.

The main producing horizons are the Upper, Middle and Lower Gros
Morne formation (which are geologically equivalent to the Forest formation in
Morne Diablo and South Quarry). They range in depths from 300 ft. to 5000 ft.
Oil averaging 34 degrees API (but ranging from 15 to 40 degrees API) is
currently produced from eleven wells at a rate of roughly 22 bopd.

Niko Resources Farm-in

During the quarter, the Company announced that it had reached an
agreement in principle with a leading Canadian exploration and development
company, Niko Resources Ltd. ("Niko") (TSX:NKO) regarding the Guayaguayare
Block in Trinidad. The Guayaguayare Block represents the largest addition to
Range's Trinidad portfolio to date, increasing the Company's acreage position
by more than 280,000 acres. With several producing fields within the block
boundaries, including the Company's own Beach Marcelle Field, the Guayaguayare
Block combines shallow drilling targets with significant exploration potential
and an expansive area within a highly prolific petroleum system.

With several high-impact prospects already identified on the block,
the Niko farm-in presents Range with a perfect opportunity to add highly
prospective acreage on trend with its existing exploration, development and
secondary recovery projects, while leveraging its fleet of drilling and
production rigs and operating experience within the region. Given the
Company's ongoing production operations in South Quarry, Morne Diablo, and
Beach Marcelle, Range is uniquely positioned to operate future discoveries,
both on or offshore, which in turn should result in appreciable synergy and
lower operating costs.

Niko currently holds shallow and deep Production Sharing Contracts
for 65% of the onshore portion and 80% of the offshore portion of the license
area with the Guayaguayare Block comprising 280,170 shallow acres and 293,999
deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds the
remaining balance of the interests (35% onshore and 20% offshore).

The Block surrounds Range's Beach Marcelle Field, and extends south
to the limits of Trinidad's territorial waters. In addition to proven
Tertiary-age exploration targets, the block is believed to hold significant
potential in the Cretaceous section, which has been successfully developed in
the Eastern Venezuelan basin.

There are four prospective onshore fields within the Guayaguayare
Block, each considered to have significant potential for oil, whilst the
offshore structural complex is believed to have significant potential for
large gas discoveries with several large structures mapped.

According to the agreement in principle, Range will earn 50% of
Niko's existing interests in the deep and shallow rights covering both onshore
and offshore areas, with the consortium to drill two onshore wells: one
shallow onshore well to a maximum of 5,000 ft., and one deep onshore well to a
minimum of 5,000 ft. In the event of a discovery from either of the two
initial wells, the consortium with look to drill an initial appraisal well.
The first well is targeted to spud in early 2014.

Range will fund the two onshore wells and the potential initial
appraisal well at its sole expense, and will split costs 50/50 with Niko in
the offshore well, and any other costs going forward. Under the agreement,
certain payments will be made to Niko upon achievement of commercial
production from any discoveries.

The preparation of final documents for the Company's farm-in on
Niko's Guayaguayare Block has been concluded with execution expected shortly.

Strategic Partnership with a leading International Drilling and
Oil-field Services Provider

Range is currently in advanced discussions with a leading
International Drilling and Oil-field Services Provider, with a view to
maximise the development of current acreage and potential new licenses,
through bringing in additional rigs, infrastructure and manpower to Trinidad.
The partnership will complement the Company's existing drilling fleet of 6
rigs and over 250 employees, as the Company looks to rapidly ramp up
activities in Trinidad through expansion and organic growth.

New Positive Fiscal Incentives

The Company released an update with respect to newly proposed
budget incentives for oil and gas companies introduced by the Minister of
Finance and Economy of Trinidad and Tobago in the 2014 Budget Statement to
Parliament on 9 September 2013. These newly proposed budget incentives, which
especially reward companies with accelerated development and exploration
programmes, are expected to have a significant positive impact on Range's
returns from its proposed production expansion plans.

The new incentives allow for further accelerated capital deductions
than the past, which are summarized in the table below with regards to the
capital allowances:

EXPLORATION

CURRENT                                 PROPOSED (effective 1 January 2014)
Tangible Assets   Intangible Assets     2014 - 2017        2018 +
                                        Tangible &         Tangible &
                                        Intangible         Intangible
                                        Assets             Assets                       

- Initial         - Initial Allowance   - Allowance 100%   - Allowance 50% of
Allowance 20% of  10% of cost           of cost - year 1   cost - year 1
cost
                  - Annual Allowance                       - Allowance 30% of
- Annual          20% of residual                          cost - year 2
Allowance 20% of
cost less IA                                               - Allowance 20% of
                                                           cost - year 3

DEVELOPMENT

CURRENT                                 PROPOSED
Tangible Assets    Intangible Assets    Tangible & Intangible Assets
- Initial          - Initial Allowance  - Allowance 50% of cost - year 1
Allowance 20% of   (IA) 10% of cost     
cost
                   - Annual Allowance   - Allowance 30% of cost - year 2
- Annual           20% of residual      
Allowance 20% of
cost less IA                            - Allowance 20% of cost - year 3
                                        
WORKOVERS AND QUALIFYING SIDETRACKS

CURRENT                                 PROPOSED
Tangible Assets    Intangible Assets    Tangible & Intangible Assets
- Initial          - Allowance 100% of  - Allowance 100% of costs for
Allowance 20% of   costs                both tangible and intangible
costs                                   assets - year 1
 
- Annual
Allowance 20% of
cost less IA
                Table 1: Summary of the New Fiscal Incentives

In addition to these capital allowance proposals, the investment
tax credit (being 20% of capital expenditure) against the Special Petroleum
Tax is now able to be carried forward into the subsequent year, where
previously it was only able to be claimed in the year expenditure was
incurred.

Bid Round Update

The Company has evaluated the 2013 onshore bid round data package
and submitted a bid in line with the Company's strategic growth plan. The
Company will update the market with further progress in due course.

New Appointments to Management and Operational Team

The Company appointed Ash Mangano as the Company's Vice President
in Trinidad to oversee Range's Trinidad corporate activities and work
alongside current Trinidad Chief Operations Officer, Walter Cukavac, to ensure
effective management and execution of all Range Trinidad projects, while
identifying and capitalising on additional growth opportunities for the
Company. Mr Mangano has significant experience in international oil and gas,
working on a diverse range of offshore and onshore projects in North America,
Oceania, and the West Indies.

Range has also engaged a Senior Reservoir Engineer, with more than
15 years' experience in enhanced oil recovery projects and reservoir
characterization in Trinidad, to work with the Exploration and Exploitation
group in expediting the Beach Marcelle and Morne Diablo waterflood projects.
The Engineer assists with characterising all target reservoirs to ensure the
most high-impact wells are drilled with priority.

In preparation for the drawdown of the reserve-based lending
facility and in conjunction with the field development plan, Range employed an
experienced Rig Maintenance Manager to oversee the repairing and improving of
all drill rigs owned by the Company, a process that has largely been
completed.

GEORGIA

Following on from the completion of the 200 km 2D seismic programme
earlier this year, the Company engaged Senior Geologist, Dr. M. Arif Yukler
and his team to perform a full review of both the conventional and
unconventional (Coal Bed Methane) hydrocarbon potential on blocks VI a and VI
b. Dr. Yukler has more than 38 years of experience in the international oil &
gas industry, and 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's review incorporated the 610 km of 2D seismic acquired
across the two licences in 2009 and 2012/13, along with incorporating all of
the older Soviet data that existed across the blocks including seismic, well
logs and geochemical information.

Following the extensive review, which included pseudo 3D
quantitative basin modelling of the blocks, the targeted hydrocarbon in-place
and reserve calculations for blocks VI a and VI b were completed with the
results being highly encouraging as summarised below:

Conventional            Conventional Oil  Conventional Gas
Undiscovered Oil /      (mmbbls)          (Tcf)
Gas in Place            (best estimate)   (best estimate)

Total Oil / Gas in      403               18.4
Place

Range Attributable      181               8.3
(45%)

* Low to high ranges of the in-place undiscovered oil and gas
volumes have not yet been estimated. Range is currently undertaking further
modelling work to provide such ranges

CBM Reserve          Proved (1P)  Proved &       Proved &      Estimated
Estimates                         Probable (2P)  Probable &    Total
                     Reserve      Reserve (Bcf)  Possible      Gas-in-Place
                     (Bcf)                       (3P)          (Tcf)
                                                 Reserve(Bcf)

Total Gas In Place   0            0              508           3.16

Range Attributable   0            0              229           1.42
(45%)

* The reserve estimates reflect conservatively applied recovery
factors. It is noted that recovery factors for CBM range as high as 60% based
on feasibility work performed to date

Table 2: Hydrocarbon in-place and Reserve Calculations for Blocks VI a and VI b

Coal Bed Methane

Work was also undertaken to review the coal bed methane ("CBM")
potential that existed across the licences, over and above the previously
reported Tkibuli prospect, with the total CBM resource calculated using the
isopach maps for the Upper Bathonian coaly section. The coaly section covers
368 km2 and 83 km2 in blocks VI a and VI b, respectively. A continuously thick
and high quality coal area of 36 km2 was delineated by more than 300 wells in
Block VI a. All these wells encountered gas in the Upper Bathonian coally
section. The results of this extensive review clearly show that both blocks
have significant gas potential and good oil potential. The compilation of all
the available data and re-evaluation of the geochemical data show the coal
present in the blocks have similar high hydrocarbon generation capabilities as
the coals in the North Sea, Indonesia and New Zealand. With the addition of
the amounts of hydrocarbon generation in the Upper Bathonian, the total
resource is anticipated to be higher than the amounts given above and will be
determined at a later date.

The Company has presented the CBM potential to the Georgian State
Agency and the Georgian Oil and Gas Corporation with both parties agreeing on
the significant potential that exists across the licence areas. The news of
the highly prospective hydrocarbon play has been conveyed to the Energy
Minister and the Prime Minister, who see this potential as an opportunity to
improve the energy outlook for the Country.

Proposed Work Programme

The Company is currently evaluating the selection of a suitable
drill location and given the high quality of the seismic coverage and quality
on CBM, the Company is focussing on a high probability CBM drill location with
a number of potential locations with good coal well coverage having been
identified. The analysis shows that the average CBM content is more than 15 m3/t 
of coal.

GIG Joint Venture and Farm-Out Discussions

The results are pivotal in cementing the CBM joint venture with GIG
as development plans are finalised. Further, Range continues with advanced
discussions with a number of parties with respect to potential farm-out
opportunities across both the conventional and unconventional prospects
identified on the Company's licenses.

GUATEMALA

During the previous quarter, the Operator (Latin American Resources
Ltd) successfully drilled Atzam #4 well at the Atzam Oil Project in Guatemala
(Range 32% interest) to a target depth of 4,054 ft. with the Company
announcing that it had encountered significant initial oil and gas production
of a 610 bopd average rate over a 24 hour period from a perforated 7 foot
section in the Upper C17 carbonates (2,846-2,853 ft.) in the well, without
acid wash or reservoir stimulation with a submersible pump. Subsequently, the
Atzam #4 well has been operating on continuous production throughout.
Significantly, the well is still being produced on a highly restricted choke
(12/64 inch), whilst maintaining a constant well head pressure in excess of
300 psi and no water production to date.

The Operator has completed the Project's second oil sales contract
this week, with the sale and delivery of a further 3,500 barrels of oil to
Perenco Guatemala, on the same terms as the first oil sales as previously
advised. These sales have generated netbacks of approximately $65 per barrel,
confirming the economic credentials of the Atzam Oil Project and good fiscal
terms for oil producers in Guatemala.

The Operator is continuing to produce the Atzam #4 well on a highly
restricted choke, with plans to increase the choke over time to in order to
maintain the reservoir integrity during this initial production phase. The
Operator will increase the choke to establish the optimal production rate for
this producing C17 carbonate section once the associated gas being produced
from this zone naturally depletes and the upgrade on the Atzam oil storage
facilities is completed in the next month. Independent reservoir engineers
Ralph Davis have recommended that the well be produced at an optimal
production rate of 466 bopd, whilst maintaining the reservoir's structure and
integrity.

The Operator estimates the producing 6 foot C17 carbonate section
(2846-2852ft) would produce in excess of 1,000 bopd on an open choke based on
the flow rates recorded to date on various choke sizes up to 32/64ths,
together with the downhole and well head pressures data from this zone.
Importantly the ongoing production from the C17 carbonate section has
continued from natural reservoir pressures and without assistance from a
submersible pump, which is normally used for producing these carbonate
sections.

Subsequent to quarter end, the Operator confirmed that production
from the Atzam #4 well has continued throughout October and that a new oil
sales contract with the sale and delivery of a further 1,500 barrels of oil to
Perenco Guatemala has been completed, on the same terms as the first oil sales
as previously advised. These sales will generate netbacks of approximately $60
per barrel for the project partners.

Updated Atzam #4 Reserve Report

Independent Reservoir Engineers, Ralph E Davis (RED) from Houston,
have completed an updated Atzam #4 well independent reserve report, producing
an initial proven reserve (1P) of 362,515 barrels for the producing 6 foot
section of the C17 carbonate section alone.

The adjacent 7 foot section in the C17 carbonates is still to be
bought onto production, and this would be converted into 1P reserves once this
occurs, taking the 1P reserve estimate in excess of 500,000 bbls for the C17
section. The highly prospective C13 and C14 carbonates in the Atzam 4 well are
still to be flow tested and would also be converted from 2P to 1P reserves
following a successful programme.

The initial Atzam #4 independent reserve report from February 2013
stated a 2.3m barrel 2P reserve based on the drilling and logging data from
the well. The updated reserve report with the conversion of an initial 1P
reserve for the producing 6 foot section in the C17 carbonates.

Atzam #5 Drilling Set To Commence

Subsequent to quarter end, the operator has confirmed that
preparations for the drilling of the Atzam #5 development well at the Atzam
Oil Project in Guatemala (CTR: 60%) are significantly advanced, with the
drilling pad and location construction now nearing completion and drilling
expected to commence in November. The scheduling for the drilling of the Atzam
#5 well has been delayed from late September due to an unusually late end to
the heavy rains experienced in the wet season in Guatemala. The well location
for Atzam #5 is approximately 1,100m to the south-east of the Atzam #4
production well and the well has been designed to test the same carbonate
reservoir intervals that were intersected and produced oil shows in Atzam #4.

Like Atzam #4, the Atzam #5 well will be drilled to a depth of
approximately 4,000 feet and will target the C18 and C19 carbonate reservoirs
as the primary objectives in addition to the producing C17 carbonate zone. The
C18 and 19 carbonates were intersected in Atzam #4 and produced strong oil
shows at surface during the drilling of the well but were unable to be
effectively production tested.

Following the successful drilling of Atzam #5 and the well becoming
the second major producing well on the Atzam Oil Project, the Operator is
targeting a combined production rate in excess of 600 bopd from both wells.

Tortugas Salt Dome Projects

The Operator has been advancing operational plans to undertake the
2 well re-entries on the Tortugas Salt Dome structure in early 2014 as
previously planned for the 2014 operating schedule. The well re-entries on two
Tortugas wells, 63-4 and 63-5 are expected to produce between 200-300 bopd
each of high quality 34°API oil based on historical flow rates and production.
In the 1970s, two wells flowed oil at initial rates over 1,500 bopd, however
were subsequently suspended.

The Tortugas Salt Dome structure is a suspended oil field, with
Monsanto Chemical having drilled 17 wells on the structure exploring for
sulphur. One of the wells (T9B) experienced an oil blowout at approximately
1,500 feet, with the majority of the other wells having oil shows in multiple
zones.

Increased Holding into LAR

During the quarter, Range increased its holding into the Operating
Company, LAR from 10% to 20%, giving a net attributable interest in the
Guatemalan Projects of 32%.

PUNTLAND

Puntland Onshore

During the year, Range's JV partner and operator of its Puntland
Project, Horn Petroleum Corp (TSXV: HRN), has been focused on making
preparations for a seismic acquisition campaign in the Dharoor PSA, which will
include a regional seismic reconnaissance grid in the previously unexplored
eastern portion of the basin as well as prospect specific seismic to delineate
a drilling candidate in the western portion of the basin, where an active
petroleum system was confirmed by the recent drilling at the Shabeel-1 and
Shabeel North-1 locations. The focus of the Dharoor seismic programme will be
to delineate new structural prospects for the upcoming drilling campaign.

Based on the encouragement provided by these two Shabeel wells, the
JV has entered into the next exploration period in both the Nugaal and Dharoor
Valley Production Sharing Contracts ("PSCs") which carry a commitment to drill
one well on each block within an additional 3 year term. The current
operational plan would be to contract a seismic crew to acquire additional
data in the Dharoor Valley block and to hold discussions with the Puntland
Government to gain access regarding drill ready prospects in the Nugaal Valley
block.

Puntland Offshore

During the June 2012 quarter, Range entered into a conditional
agreement with the Puntland Government with respect to obtaining a 100%
working interest in the highly prospective Nugaal Basin Offshore Block. The
Block is an extension of the onshore Nugaal Region which has the potential for
deltaic deposits from the Nugaal Valley drainage system and comprises over
10,000km.

The agreement is subject to a formal Production Sharing Agreement
(PSA) being entered into and the receipt of all necessary regulatory approvals
and given the current political situation in Puntland it is unlikely to be
progressed in the coming quarter.

COLOMBIA

Preparations for the seismic programme will be initiated subject to
further financing becoming available with planned mobilisation to occur late
Q4 2013.

Initial G&G evaluation of the blocks shows 15 potential leads, with
potential upside to be imaged in greater detail with high resolution 3D
seismic surveys. The block's acreage lies to the north of large proven
reserves across border in Ecuador, with production in excess of 30,000 bopd.
The blocks are surrounded by successful producing fields (Ecopetrol, Gran
Tierra, Suroco). Typical well productivity in the Putamayo basin ranges from
1,000 to 2,000 bopd, with oil in producing wells being medium- typically 23
°API on average.

Farm-in interest from a number of parties has been received, and
Range will be required to find suitable financing during the current quarter
(i.e. completion of Texas sale) with regards to its participation in the
upcoming 350km2 of 3D seismic programme.

TEXAS

The Company is proceeding with completion of its Texas asset sale
for a total cash consideration of US$30m (US$25m initial payment plus $US5m in
royalty production payments to be received from future production) having
concluded all key completion requirements. Subsequent to quarter end, the
Purchaser has informed Range of the delays in completing the settlement which
have largely been a result of unanticipated changes required for corporate
restructuring by the purchaser which are currently expected to be resolved
within the coming weeks. Range agreed to extend the settlement deadline and
will update the market when funds are received.

CORPORATE

During the previous quarter, the Company announced its proposal to
undertake a strategic merger with International Petroleum Limited (NSX: IOP)
to create a leading ASX and AIM listed oil and gas Company with a strong
production growth profile from the on-going development of its significant
reserves and resources base.

During the quarter, the Company was been informed that
International Petroleum is in negotiations with a third party relating to the
potential sale of its Russian assets for cash consideration and subsequent to
quarter end, International Petroleum informed that market that it had entered
into two binding conditional terms sheets for the sale of its assets in
Kazakhstan and Russia for US$60m.

Whilst the sale process for the Russian assets was known to and
supported by the Range board, the final terms of the proposed transaction, and
the sale of the Kazakhstan Assets have only now been defined. As a result of
clarity on the sale of these assets, the likely proceeds from this sale and
the associated shift in focus of International Petroleum to its African
assets, Range will now identify and consider a range of corporate alternatives
to the original merger proposal, which may or may not include a merger of the
two companies, albeit on terms to be renegotiated.

Subsequent to quarter end, Range announced that as part of the
Company's move to significant operational focus and expansion in Trinidad, a
board process has commenced with the objective of finding a suitable Managing
Director to take the Company through to its 9,000+ bopd target.

           Appendix 5B Summary - Consolidated Statement of Cashflow

                                          Current  Year to date
                                          Quarter    (3 months)
                                          $US'000       $US'000
 
Cash flows related to operating
activities
 
Receipts from product sales and related
debtors                                     6,237         6,237
Payments for:
(a) exploration & evaluation                (790)         (790)
(b) development                           (3,224)       (3,224)
(c) production                            (3,054)       (3,054)
(d) administration                        (1,640)       (1,640)
Dividends received                              -             -
Interest and other items of a similar
nature received                                 4             4
Interest and other costs of finance
paid                                        (688)         (688)
Taxes paid                                  (477)         (477)
Other (provide details if material)       (1,030)       (1,030)
 
               Net Operating Cash Flows   (2,602)       (2,602)
 
Cash flows related to investing
activities
Payment for purchases of:
(a) prospects                                   -             -
(b) equity investments                          -             -
(c) other fixed assets                       (37)          (37)
Proceeds from sale of:
(a) prospects                                   -             -
(b) equity investments                          -             -
(c) other fixed assets                          -             -
Loans to other entities                     (700)         (700)
Loans repaid by other entities                  -             -
Other - net cash acquired on
acquisition of subsidiary                       -             -
 
               Net investing cash flows     (737)         (737)
 
     Total operating and investing cash
                                  flows   (3,339)       (3,339)
 
Cash flows related to financing
activities
 
Proceeds from issues of shares,
options, etc.                               3,557         3,557
Proceeds from sale of forfeited shares          -             -
Proceeds from borrowings                    7,671         7,671
Repayment of borrowings                   (6,522)       (6,522)
Dividends paid                                  -             -
Other (provide details if material)             -             -
 
               Net financing cash flows     4,706         4,706
 
   Net increase (decrease) in cash held     1,367         1,367
 
Cash at beginning of quarter/year to
date                                        5,205         5,205
Exchange rate adjustments to item 1.20          -             -
 
CASH AT END OF QUARTER                    6,572 *       6,572 *

* This number includes US$3.48m performance bond for Colombia


Yours faithfully

Peter Landau
Executive Director


Contacts

Range Resources Limited                               PPR (Australia)
Peter Landau                                          David Tasker
T: [phone]                                  T: [phone]
E: [e-mail]                      E: [e-mail]

GMP Securities Europe LLP (Joint Broker)              RFC Ambrian Limited (Nominated Advisor)
Richard Greenfield / Rob Collins / Alexandra Carse    Stuart Laing
T: [phone]                               T: [phone]

Fox-Davies Capital Limited (Joint Broker)             Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies / Richard Hail                      Michael Parnes
T: [phone]                               T: [phone]

Dahlman Rose & Company (Principal American Liaison)
OTCQX International Market (U.S.)
Christopher Weekes / Stephen Nash
T: [phone]


Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil &
gas exploration 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 programme 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 programme
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 20%
interest in LAR.

Table of Reserves and Resources

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

All figures in  Gross Oil           Range's  Net Attributable
MMboe           Reserves
Project         1P     2P     3P    Interest 1P     2P     3P   Operator
Oil & NGL
Texas - NCR *   16.4     25.2 35.3  20-25%   2.2       3.4 4.8  Western Gulf
Texas - ETCV    1.0       1.6 3.3   22%      0.2       0.3 0.6  Crest Resources
Trinidad        17.5     20.2 25.2  100%     17.5     20.2 25.2 Range
Guatemala       **      2.3** **    32%      **     0.74** **   Latin American
                                                                Resources
Total Oil &     34.9     47.0 63.8           19.9     21.3 28.9
Liquids
Gas Reserves
Texas - NCR *   106.0   162.7 228   20-25%   11.7     18.1 25.4 Western Gulf
Total Gas       106.0   162.7 228            11.7     18.1 25.4
Reserves
* Reserves attributable to Range's interest in the North Chapman
Ranch asset, which are net of government and overriding royalties as described
in 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 1P
and 3P estimates, but Range is seeking such information from CTR for future
reporting purposes.

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

All figures in MMboe Gross Oil Reserves   Range's  Net Attributable
Project              Low   Best/    High  Interest Low    Best/    High Operator
                           Mean                           Mean
Prospective Resources
Trinidad             8.1   40.5     81.0  100%     8.1    40.5     81.0 Range
Total Prospective    8.1   40.5     81.0           8.1    40.5     81.0
Resources
Undiscovered
Oil-In-Place
Puntland             -     16,000   -     20%      -      3,200    -    Horn
                                                                        Petroleum
Georgia              -     2,045    -     40%      -      818      -    Strait Oil &
                                                                        Gas
Colombia             -     7.8      -     65-75%   -     5.1-5.8   -    Petro
                                                                        Caribbean

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 consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
years' experience in assessing hydrocarbon reserves and has reviewed the
release and consents to the inclusion of the technical information.

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 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 reserves and resources that is contained in this document has been reviewed
internally by the Company's technical consultant, Mr Mark Patterson. Mr
Patterson is a geophysicist who is a suitably qualified person with over 25
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 3 Trinidad blocks and update
reserves estimates for the North Chapman Ranch Project and East Texas Cotton
Valley referred above 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 worldâ€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 Sâ€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.

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

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

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 Contingent Resource estimate for CBM gas at the Tkibuli project
is sourced from the publically available references to a report by Advanced
Resources International's ("ARI") report in 2009: CMM and CBM development in
the Tkibuli-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
technical consultants have not yet reviewed the details of ARI's resource
estimate and the reliability of this estimate and its compliance with the SPE
reporting guidelines or other standard is uncertain. Range and its JV partners
will be seeking to confirm this resource estimate, and seek to define
reserves, through its 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
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.