US$12 Million Financing Update

29 May 2014

                                                ASX Code: RRS and AIM Code: RRL

                            Range ResourcesLimited                             

                          ("Range" or "the Company")                           

                        US$12 Million Financing Update                         

Range is pleased to confirm that, further to the previously announced US$12
million financing with Abraham Ltd (the Investor) (see announcement on 15 May
2014), the full Subscription proceeds of US$12 million have been received by
the Company.

As per the terms of the Subscription Agreement, the Investor will now be issued
with Ordinary Fully Paid Shares of the Company (Share or Shares) in two equal
tranches. In each tranche, the Shares will be subscribed at a price of £0.01
per share, representing a premium of approximately 49% to the mid market share
price at the close of business on AIM on 14 May 2014.

Based on the applicable exchange rate for the first tranche of US$6 million,
the Investor will subscribe for 356,188,780 Shares which will be issued on or
around 28 May 2014 and admission to trading on AIM is expected on or around 6
June 2014.

The second tranche of Shares is subject to shareholder approval. The US$6
million 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 on
the announcement on 15 May 2014). The Company will provide details of the
upcoming General Meeting via a separate announcement.

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 and for general working capital
of the Company. Further details on debt repayment will be provided in due
course.

Terms used in this announcement shall have the same meanings given to them in
the announcement on 15 May 2014.

Clarification to the announcement released on 27 May 2014

The Company notes an administrative error in the announcement released on 27
May 2014 `Issue of Shares'. The conversion price of 67,666,667 Ordinary Fully
Paid Shares pursuant to the conversion of debt is $0.01 per share and not
$0.001 per share as previously stated.

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 (Broker)    RFC Ambrian Limited (Nominated Advisor)  
Rob Collins / Liz Williamson          Samantha Harrison / Trinity McIntyre     
T: [phone]               T: [phone] / +61 (8) 9480   
                                      2500                                     
                                                                               
PPR (Financial PR -Australia)         Cowen Group(Principal American Liaison)  
                                      OTCQX International Market (U.S.)        
David Tasker                                                                   
                                      Christopher Weekes / Stephen Nash        
T: [phone]                                                           
                                      T: [phone]                       
E: [e-mail]                                                     

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.
   
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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