US$12 Million Financing Secured

15 May 2014

                                               ASX Code: RRS and AIM Code: RRL

                           Range Resources Limited

                          ("Range" or "the Company")

                       US$12 Million Financing Secured

Range is pleased to announce that it has entered into a
Subscription Agreement with Abraham Ltd, a Hong Kong based private
institutional investor (the "Investor"). Under the terms of the Subscription
Agreement, the Investor will subscribe US$12 million in cash and will be
issued with Ordinary Fully Paid Shares of the Company ("Share" or "Shares") at
a price of £0.01 per Share (the "Subscription"), representing a premium of
approximately 49% to the mid market share price at the close of business on
AIM on 14 May 2014 (being the business day immediately prior to this
announcement).

At current exchange rates, the Subscription will be for
approximately £7.1 million and will result in the issue of approximately 712
million Shares. The Subscription is in two tranches and the number of shares
in each tranche will be dependent solely on the exchange rate between GBP and
USD at the time of completion. Upon completion of the two tranche
Subscription, and subject to shareholder approval, the Investor is expected to
hold approximately 15% of the enlarged share capital of the Company.

The funds will be used to repay existing debt, including
convertible instruments that have diluted the Company's equity over recent
months. As announced on 30 April 2014, the Company's total debt at that date
was approximately US$10.5 million. The remainder of proceeds of the
Subscription will be used for general working capital of the Company.

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

 "I am delighted to welcome a new strategic shareholder in the
Company. The Investor is subscribing for Shares at a significant premium to
the market price which demonstrates their confidence in the new management
team, the underlying quality of our assets and the newly focused strategy at
Range. The US$12 million Subscription will allow us to refinance the expensive
and dilutionary corporate debt and provide working capital as we now move
forward with Range's operational and long term financing objectives,
particularly in Trinidad."

Terms of the financing:

- The US$12 million Subscription will consist of two equal tranches:

- In each tranche the Shares will be subscribed at a price of £0.01
per share, which equals approximately 356 million Shares. The Subscription
proceeds are agreed in USD and there may be fluctuations in the exchange rate
between GBP and USD which changes the GBP equivalent proceeds and consequently
the final number of shares to be issued in each tranche. The exact number of
shares to be issued will be announced following completion of each tranche.

- US$6 million will be subscribed in tranche one, with funds
anticipated to be received by 30 May 2014. Tranche one is not conditional on
completion of tranche two.

- The remaining US$6 million will be subscribed in tranche two,
which is subject to shareholder approval. The funds will also be received by
the Company no later than 30 May 2014 but will be repayable to the Investor if
Range shareholder approval is not obtained within 60 days of the date of
signing the Subscription Agreement for the issue of the second tranche of
shares and for the warrants (as set out below).

- Both tranches are conditional on standard regulatory stock
exchange approvals.

- The Company will also issue approximately 237 million unlisted
warrants to the Investor (on a basis of 1 warrant for every 3 Shares issued to
the Investor), subject to shareholder approval. Of the total warrants to be
issued, half will have the exercise price of £0.01 and half will have the
exercise price of £0.02. All warrants will mature four years after the date of
issue.

- As part of the Subscription Agreement, following completion of
tranche one, the Investor can nominate up to two non-executive directors to
the Board of the Company and shall retain this ability for so long as it holds
8% or more of the Company's shares on issue.

- The Subscription Agreement contains a break fee of US$1.8m
payable solely in respect of tranche two. The break fee is only payable should
tranche two not complete. There is no break fee in respect of tranche one.

The Company will provide details of the upcoming General Meeting
via a separate announcement.

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 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.

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 Reserves    -      -     0.6              -      -    0.2


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 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).

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.