Quarterly Activities Report

31 January 2014


Manager of Company Announcements
Australian Securities Exchange
Level 6, 20 Bridge Street
Sydney 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 months
ended 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 continued
and resulted with the appointment of a new CEO, Mr Rory Scott Russell and two
new Non-Executive Directors, Mr Graham Lyon and Dr Christian Bukovics
subsequent to quarter end - see separate announcement 3 February 2014

- The farm-in agreement with Niko Resources Ltd, regarding the
Guayaguayare Block in Trinidad has been formally approved by Trinidadian
authorities, adding 280,000 acres to Range's net Trinidad acreage position

- Certificate of Environmental Clearance ("CEC") approvals received
for the drilling of a total of 40 wells, 8 well deepenings and commencement of
the enhanced recovery waterflood programme ("EOR") on Company's Beach Marcelle
license 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 due
to drilling rig repairs and maintenance

- Rigs 2 and 5 are online and drilling ahead and with Rig 8 ready
to commence sidetrack operations on MD248 well following well clean up. Rigs 1
and 6 scheduled to be active during Q1 2014

- The previously proposed merger with International Petroleum Ltd
will not be proceeding, with constructive negotiations continuing with regards
to Range's $8m loan to International Petroleum

TRINIDAD

Production Overview

Total gross oil production for the quarter was 54,660 bbls (594
barrels of oil per day "bopd") compared to an average of 636 bopd in the
previous quarter.

The decrease was due primarily to no drilling rig activity over this period
due to regulatory inspections of rigs, along with continued execution of the
rig fleet maintenance and spare parts programme.

Operations Overview

During the quarter, Range continued with the planned rig
maintenance programme required to execute the Trinidad Field Development Plan
("FDP"). The FDP is expected to result in increased production, cashflow and
proved reserves through drilling and testing. In addition the Company will
target the exploitation of undeveloped Proved Reserves associated with
enhanced recovery projects such as the Beach Marcelle and Morne Diablo
waterflood programmes.

Subsequent to the quarter, the Company is pleased to announce that
both 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 on
location following well clean out activities. Once the formal approvals are
received, the MD 248 well will be side tracked from 3,234 ft. to a target
depth of 6,500 ft.

Rig 6 (Beach Marcelle Field) is being prepared for mobilization to
the field with plans to drill and deepen up to 8 existing wells to test for
bypassed primary oil reserves. Additionally, the rig will test old wells for
possible candidates to be used in the waterflood project.

Rig 1 is currently proceeding through a rig maintenance programme
with planned Q1 completion.

Morne Diablo Waterflood Project

Following the final receipt of approvals on the proposed waterflood
programme for Morne Diablo, the Company is preparing to commence field
development with surface equipment and facility installation work.

Beach Marcelle Drilling Project

During the quarter, Range announced that it has received
Certificate of Environmental Clearance ("CEC") approvals for the drilling of a
total of 40 wells, 8 well deepenings and commencement of the waterflood
programme on its Beach Marcelle license in Trinidad. This is a positive
milestone for the Company and allows for final project plans for the
development and deepening of the designated wells and EOR programmes to be
submitted to the regulatory authorities for final formal approval.

Farm-in agreement with Niko Resources

As announced on 17 December 2013, Range formally executed the
farm-in agreement with Niko Resources Ltd. ("Niko"), regarding the
Guayaguayare Block in Trinidad, subject to final regulatory approval. Under
the terms of the farm-in agreement, Range will earn a 50% share of Niko's
existing interests in the Guayaguayare Block in return for drilling two
onshore exploration wells. Range will also drill one offshore well (to be
drilled from the shore) and one appraisal well contingent to exploration
success, sharing costs with Niko on a 50/50 basis.

The Guayaguayare Block increases the Company's acreage position in
Trinidad by more than 280,000 acres and presents Range with an 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 positioned to operate future discoveries, both
onshore 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 is
expected to be announced by the Ministry of Energy of Trinidad to the public
during Q1 2014.

GUATEMALA

Subsequent to quarter end, Latin American Resources Ltd ("the
Operator") has confirmed the Harold Lee 500 rig commenced drilling operations
on the Atzam #5 well at the Atzam Oil Project. The Atzam #5 well was spudded
on 14 January 2014 following a final operational meeting on site with the
Operator, Schlumberger and the Ministry of Mines. The well will target the C18
and C19 carbonate reservoirs as the primary objectives, in addition to the
current producing C17 carbonate reservoir in the Atzam #4 well. The Operator
is managing the drilling programme with Schlumberger providing specialist
logging and cementing services on the well.

Increased Atzam #4 Production Rate

Subsequent to quarter end, the Atzam #4 production rate was
increased to over 150 bopd (from 110 bopd). The Operator plans to continue
producing the Atzam #4 well on a restricted choke in order to maintain
reservoir integrity during this initial production phase. Following the
increase in the choke to 16/64 inches, the Operator will monitor the
production profile at this new setting before opening the choke further.

Tortugas Salt Dome Projects

The Operator has been advancing operational plans to undertake the
two well re-entries on the Tortugas Salt Dome structure planned for early
2014.

GEORGIA

During the quarter, Range and Operator, Strait Oil & Gas UK
(Strait) finalised a programme for the development of Blocks VIa and VIb after
the completion of an extensive data review.

Agreement has been reached with the State Agency for the Regulation
of Oil and Gas for the timetable of the drilling campaign with the final work
programme passed by the Coordination Committee of the National Oil
Corporation. This programme will involve the tender for drilling rigs as well
as the procurement of all associated well services and equipment.

Initial targets will be for oil and gas but it is anticipated that
it will be necessary to hydraulically fracture the structures which lie in the
Upper Bathonian section. The Operator also advised they will be determining
the CBM potential of the reservoir. The drill programme has necessitated a
revision of the PSA extending the drilling timetable into 2015.

As previously announced, the Joint Venture ("JV") continues to
advance discussions with potential farmâ€in partners and buy out parties. In
the meantime the JV remains committed to progressing and meeting the
commitments on the licenses.

Conventional           Conventional Oil  Conventional Gas
Undiscovered Oil / Gas (mmbbls)          (Tcf)
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 (Tcf) &         Gas-in-Place
                     (Tcf)                      Possible  (Tcf)
                                                (3P)
                                                Reserve
                                                (Tcf)
Total Gas In Place   0            0             0.51      3.16
Range 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's
Colombian interest was received, and the Company will update the market on
further developments.

PUNTLAND

Whilst there was little onâ€ground activity carried out by the
Joint Venture in Puntland over the quarter, a number of key initiatives have
been outlined by Range's partner and operator, Horn Petroleum (TSXV: HRN) with
some preliminary work expected to commence in early 2014. This work will
include field research and reconnaissance across both sites, faceâ€toâ€face
liaison with key stakeholders and updated security assessments of both blocks
(and potential drilling sites).

As well as this proposed deployment, the Joint Venture was
represented by Horn Petroleum COO, Mark Dingley, at the Presidential
Inauguration 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 held
election. Mr Farole accepted defeat, saying the peaceful election was a model
for the rest of Somalia.

Range would like to publicly thank former President Farole for his
time in office that saw the first oil exploration wells drilled in Puntland in
over 20 years. We look forward to a strong relationship with the new President
and government, which will hopefully see more incident free exploration in
Puntland over the coming years.

TEXAS

The Company is proceeding with completion of its Texas asset sale
for a total pre-tax cash consideration of US$30m (US$25m initial payment plus
US$5m in royalty production payments to be received from future production)
having concluded all key completion requirements. The Company understands that
the delays in receiving the proceeds from the sale have largely been a result
of unanticipated changes required for corporate restructuring by the
purchaser, which have taken significantly longer than expected to resolve. The
Company 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's
move to significant operational focus and expansion in Trinidad, a Board
process commenced with the objective of finding a suitable CEO. Subsequent to
quarter 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 of
two new Non-Executive Directors, Mr. Graham Lyon and Dr. Christian Bukovics.
The details of these appointments can be found in the separate press release
issued today.

Proposed Merger with International Petroleum

As previously announced, Range is considering a range of corporate
alternatives to the original merger proposal given IOP's sale of its Russian
and Kazak assets.

The merger will not be proceeding, however constructive
negotiations continue with regards to Range's $8m loan to IOP and commitment
to generate significant returns from the transaction.

           Appendix 5B Summary - Consolidated Statement of Cashflow

                                            Current quarter  Year to date
Cash 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) administration
1.3     Dividends received                                -             -
1.4     Interest and other items of a
        similar nature received
                                                          1             5
1.5     Interest and other costs of finance           (185)         (873)
        paid
1.6     Taxes paid/refunded                           1,247         1,139
1.7     Other (provide details if material)           1,483         2,513
 
        Net Operating Cash Flows                      (538)       (3,140)
 
        Cash flows related to investing
        activities
1.8     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
     activities
1.14 Proceeds from issues of shares,                     -        3,557
     options, etc.
1.15 Proceeds from sale of forfeited shares              -            -
1.16 Proceeds from borrowings                        4,714       12,385
1.17 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
     date
1.21 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 the
issue of the following securities:

173,798,011 Ordinary Fully Paid Shares issued in lieu of debt conversion and
financing 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 be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on or around 7 February 2014.

Following the issue of these securities the total number of
securities 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 Landau
Executive Director


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

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

Fox-Davies Capital Limited (Joint Broker)  Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies                          Michael Parnes
T: [phone]                    T: [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; Guatemala;
Colombia; Puntland, Somalia; the Republic of Georgia and Texas, USA, 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. 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 programme
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. Farmâ€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 (19.9%) in Citation Resources
Limited (ASX: CTR) which holds a 60% 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.

                 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            *   2.3*      *      32%      *  0.74*    * Latin American
                                                                 Resources
Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Liquids
Gas Reserves -
Bcf
Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & Gas
Total Gas            -      -    508               -      -  203
Reserves
* 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.

                      Gross Oil Resources  Range's    Net Attributable
Project               Low    Best/   High  Interest  Low    Best/   High  Operator
                             Mean                            Mean
Contingent Oil Resources - mmbbls
Guatemala                 -    20.1      -      32%      -      6.4     - Latin
                                                                          American
                                                                          Resources
Total Contingent          -    20.1      -               -      6.4     -
Resources
Prospective Oil Resources - mmbbls
Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1     40.5  81.0 Range
Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1     40.6  81.2 Range
onshore
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range
offshore
Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7
Resources
Undiscovered Oil-In-Place - mmbbls
Puntland               -     16,000   -         20%   -       3,200   -   Horn
                                                                          Petroleum
Georgia                -        403   -         45%   -         181   -   Strait Oil &
                                                                          Gas
Colombia               -        7.8   -      65-75%   -       5.1 -   -   Petro
                                                                5.8       Caribbean
Undiscovered Gas-In-Place - Tcf
Georgia -              -      18.44   -         45%   -        8.30   -   Strait Oil &
Conventional                                                              Gas
Georgia - CBM          -       3.16   -         45%   -        1.42   -   Strait Oil &
                                                                          Gas

*Range's interest in the Niko JV resources are subject to
completing its earn-in obligations.

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 3 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 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.

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). CTR has not reported 1P and 3P estimates, but Range is seeking
such information from CTR for future reporting purposes.

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.

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.