Range enters into Integrated Master Services Ag...

2 June 2014

                                                ASX Code: RRS and AIM Code: RRL

                            Range Resources Limited                             

                          ("Range" or "the Company")                           

     Range enters into Integrated Master Services Agreement with LandOcean     

Range is pleased to announce that, further to the announcement on 22 April
2014, the Company has entered into an Integrated Master Services Agreement with
LandOcean Energy Services Co Ltd ("LandOcean") (SHE:300157). The agreement
provides Range with an extremely capable and technically sophisticated
preferred services provider. In addition, Range and LandOcean have agreed a
financing package of up to US$50 million. 

Integrated Master Services Agreement 

According to the Integrated Master Services Agreement ("IMSA"), LandOcean will
act as the preferred services contractor (subject to all tendering and
procurement rules) for Range for oilfield services including geoscience,
engineering, procurement and construction. Services provided under the IMSA
will be agreed in individual purchase orders as the need for services arises.
LandOcean will work for Range as a contractor on a "net cost plus" basis to be
agreed in each Purchase Order. In addition, where services under a purchase
order have been provided and have directly resulted in increased production for
Range, LandOcean will be entitled to an incremental production bonus share of
Range's after costs and capital expenditure. This incremental production bonus
structure ensures LandOcean are incentivised to maximise production and cash
flows for Range. The IMSA will last up to eight years and could cover a total
contract value of up to US$400 million over this period. 

Optional Financing Package 

In addition to the services agreement LandOcean will also provide Range an
option to take up to US$50 million of financing. The financing is available
primarily to pay for LandOcean's services but can be used for other purposes if
the two companies agree. The US$50 million will be made available in tranches.
The first US$20 million tranche will be subject to interest at 10% per annum,
with first interest payment due on the first anniversary of drawdown. Capital
repayments will start after two years and will be paid equally over the next 36
months. The terms of additional tranches will be the subject of further
agreements between the respective companies. 

First Purchase Order 

Under the IMSA, Range and LandOcean have entered into the first purchase order
to draw down US$5 million of services from LandOcean. These services include a
wide ranging geological and engineering study of secondary recovery projects
(including waterflooding) in the Beach Marcelle, Morne Diablo and South Quarry
fields in Trinidad. 

Commenting on today's announcement, Rory Scott Russell, CEO, said: 

"We are looking forward to working with LandOcean as our preferred oilfield
services provider. LandOcean is one of China's largest private listed oilfield
services businesses and brings extensive technical expertise both from a
subsurface and engineering perspective. Range's ability to tap into such
expertise is extremely important to our future success in Trinidad and
elsewhere. I am also pleased that they will share in this future success via an
incremental production bonus structure where both contractor and operator are
incentivised to work together to maximise production. The financing package
provided by LandOcean also shows their commitment to our projects, management
team as well as to the partnership's future success. This is an important
milestone on the delivery of the new beginning for Range." 

Yours faithfully

Rory Scott Russell
Chief Executive Officer

Contacts
                                      Buchanan (Financial PR - UK)             
Range Resources Limited               Ben Romney / Helen Chan                  
Rory Scott Russell                    T: [phone]                  
                                      E: [e-mail]        
                                                                               
GMP Securities Europe LLP (Joint      Cantor Fitzgerald(Nominated Advisorand   
Broker)                               Joint Broker)                            
Rob Collins / Liz Williamson          David Porter / Tom Sheldon / Julian      
T: [phone]               Erleigh (Corporate finance) / Richard    
                                      Redmayne (Corporate broking)             
                                      T: [phone]                  
                                                                               
PPR (Financial PR -Australia)         Cowen Group(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 has the option to earn a 65% (option to move to 75%) interest in
    PUT-6 block in Putumayo Basin in Southern Colombia, which the Company is
    currently reviewing.
   
  * 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.
   
                                                                    
Australia                               London                                 
Ground Floor, 1 Havelock Street, West   Suite 1A, Prince's House, 38 Jermyn    
Perth WA 6005, Australia                Street, London SW1 6DN                 
t:[phone], f:[phone]    t:[phone], f:[phone]   
e:[e-mail]           8028                                   
                                        w: www.rangeresources.com.au