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Range Resources LTD (STA)


Wednesday 30 July, 2014

Range Resources LTD

Quarterly Report

Range Resources Limited

(`Range' or `the Company')

30 July 2014




The Board of Range provides the following update regarding its activities
during the three months ended 30 June 2014 to be read in conjunction with the
Appendix 5B (Quarterly Cash Flow Report), which follows this announcement.

Rory Scott Russell, CEO, commented:

"This has been a transformational quarter for Range as we continue to focus on
our core development assets in Trinidad. We have completed our management team
changes and reported a material increase in our proved reserves in Trinidad,
alongside encouraging operational results in the South Quarry field. Our
achievements to date signify a new beginning for Range and the company is now
poised for growth."

Production Overview

Total gross oil production for the quarter in Trinidad was 48,173 bbls
(average of 529 barrels of oil per day "bopd").



- Operations continued without any significant Health, Safety, Security and
the Environment (HSSE) incidents.

- The Company's drilling campaign continued, with four of the fleet of six
drilling rigs currently operational.

- Excellent results were encountered at the South Quarry QU 452 development
well (as announced on 16 June 2014). QU 452 is the first development well to
be drilled in the South Quarry licence since 2007. This successful outstep
development well confirmed the extension of the shallow producing trend and is
expected to result in additional development drilling targets and an increase
to the Company's proved reserves.

- The Company reported an increase by over 9% in total 2P reserves from the
previously reported 20.2 MMbbl to 22.1 MMbbl*. This increase in reserves is a
result of the Company's ongoing development drilling programme and consequent
update to development schemes in Trinidad during the period.

*The independent reserves report was completed by Forrest A. Garb &
Associates, Inc. effective January 1, 2014. Please refer to the Company's
announcement on 16 June 2014 for full details.

New Positive Fiscal Incentives in Trinidad

Range announced that the Government of Trinidad and Tobago has approved and
adopted the budget incentives for oil and gas companies introduced by the
Minister of Finance and Economy of Trinidad and Tobago in the 2014 Budget
Statement. These new budget incentives, which especially reward companies with
accelerated development and exploration programmes, including Range, are
expected to have a significant positive impact on the Company's cash flows and
returns from its ongoing production growth. These changes will be effective
retrospectively from January 1, 2014.


During the quarter, the Company's JV partner and Operator, Strait Oil & Gas UK
(Strait), continued to advance discussions and negotiations with respect to
potential transactions associated with the JV and it's Production Sharing
Contracts (PSCs) in Georgia. Strait advises Range that a positive outcome to
these discussions is still likely to occur.

In June, Strait signed a one year extension of the PSC for Block VIb with the
State Agency for Regulation of Oil and Gas.


The Company's equity interest in Citation Resources reduced to 6.67%.
Following this change, Range has a direct and indirect interest of
approximately 24% in the Guatemalan Project (previously 32%).


During the quarter, Range announced that it made a strategic decision for a
partial withdrawal from Colombia and relinquished its investment obligations
on PUT-7 block in the Putumayo Basin.


Integrated Master Services Agreement with LandOcean

The Company signed an Integrated Master Services Agreement (IMSA) with
LandOcean Energy Services Co Ltd ("LandOcean") (SHE: 300157). According to the
agreement, 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. The agreement provides Range with an extremely capable and technically
sophisticated preferred services provider.

US$12 Million Financing and Debt Repayment Completed

During the quarter, Range completed a US$12 Million financing with Abraham
Ltd, a Hong Kong based private institutional investor. Under the terms of the
Subscription Agreement, the investor subscribed US$12 million in cash and was
issued with approximately 712 million Ordinary Fully Paid Shares of the
Company 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. The full terms of the financing are disclosed in the Company
announcement on 15 May 2014.

Following completion of the financing, Range utilised the funds to repay the
Company's convertible debt. As a result, the total outstanding Company debt
reduced from $US10.5 million (as reported on 30 April 2014) to nil at quarter

Board, Management and Advisor Changes

During the quarter, the Company announced the appointment of Nick Beattie as
Chief Financial Officer. Nick has over twenty years of experience in finance
working with a range of international banks and was previously a Managing
Director in the BNP Paribas Upstream Oil and Gas team in London.

As part of a corporate restructuring initiative, Range also announced the
resignation of Peter Landau and Anthony Eastman from the Board of Directors,
and subsequent appointment of Ian Macliver and David Riekie as new
Nonâ€Executive Directors.

The Company appointed Cantor Fitzgerald Europe as its Nominated Adviser and

Voluntary OTCQX delisting

As part of corporate streamlining, Range has voluntarily delisted from the
OTCQX effective as of the close of market on 20 June 2014.

AIM Share issue

Further to the Company's announcement on 3 June 2014, Application has been
made to the London Stock Exchange for 507,299,891 New Ordinary Shares, which
rank pari passu with the Company's existing issued ordinary shares, to be
admitted to trading on AIM. Dealings are expected to commence on 31 July 2014

           Appendix 5B Summary - Consolidated Statement of Cashflow

                                              Current quarter Year to date
Cash flows related to operating activities                     (12 months)
                                                      $US'000      $US'000
1.1     Receipts from product sales and                 4,648       23,028
        related debtors
1.2     Payments for (a) exploration &                (1,420)      (4,992)
                                                      (2,727)     (11,885)
        (b) development
                                                      (2,302)     (11,011)
        (c) production
                                                      (2,369)      (7,377)
        (d) administration
1.3     Dividends received                                  -            -
1.4     Interest and other items of a similar               4           11
        nature received
1.5     Interest and other costs of finance             (736)      (1,609)
1.6     Taxes paid/refunded                             (167)          449
1.7     Other (provide details if material)                 -        2,513
        Net Operating Cash Flows                      (5,069)     (10,873)
        Cash flows related to investing
1.8     Payment for purchases of:
        (a) prospects                                       -            -
        (b) equity investments                              -            -
        (c) other fixed assets                          (426)        (921)
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                        (426)      (1,621)
1.13    Total operating and investing cash
        flows (carried forward)
                                                      (5,495)     (12,494)
1.13    Total operating and investing cash
        flows (brought forward)
                                                      (5,495)     (12,494)
        Cash flows related to financing
1.14    Proceeds from issues of shares,                 6,653       10,210
        options, etc.
1.15    Proceeds from sale of forfeited                     -            -
1.16    Proceeds from borrowings                            -       14,109
1.17    Repayment of borrowings                       (7,375)     (16,567)
1.18    Dividends paid                                      -            -
1.19    Other (provide details if material)*            6,000        6,000
        Net financing cash flows                        5,278       13,752
        Net increase (decrease) in cash held            (217)        1,258
1.20    Cash at beginning of quarter/year to            6,680        5,205
1.21    Exchange rate adjustments to item                   5            5
1.22    Cash at end of quarter**                       6,486*       6,486*

* US$6million is the 2nd tranche of the proceeds from equity placement to
Abraham Limited announced on 29 May 2014. This US$6million was only recognised
as proceeds from issue of shares post-quarter end following the shareholder
meeting on the 11 July 2014.

** Cash at quarter end represents unrestricted cash on hand of US$2.988million
and restricted deposit of US$3.48million related to cash held in support of
performance bond issued for obligations in Colombia.

Yours faithfully

Rory Scott Russell

Chief Executive Officer

Range Resources Limited advises the following information required under ASX
Listing Rule 5.4.3:

                Tenement      Location       Working    Acquired/      Working
                Reference                    Interest   Disposed       Interest
                                             at                        at End of
                                             Beginning                 Quarter
                                             of Quarter
Oil & Gas       Morne Diablo  Trinidad       100%       N/A            100%
interests held
directly or in
farm-in or
                South Quarry  Trinidad       100%       N/A            100%
                Beach         Trinidad       100%       N/A            100%
                Guayaguayare  Trinidad       32.5%      N/A            32.5%
                                             (shallow)                 (shallow)
                                             / 40%                     / 40%
                                             (deep)                    (deep)
                St Mary's     Trinidad       100%       N/A            100%
                Block 1-2005, Guatemala      32%        8% indirect    24%
                South Peten                             interest
                Basin                                   disposed
                North Chapman Texas, USA     20-25%     N/A            20-25%
                East Cotton   Texas, USA     22%        N/A            22%
                Block Vla     Republic of    45%        N/A            45%
                Block Vlb     Republic of    45%        N/A            45%
                Dharoor Block Puntland       20%        N/A            20%
                Nugaal Block  Puntland       20%        N/A            20%


Range Resources Limited
Rory Scott Russell

Cantor Fitzgerald
(Nominated Advisor and Broker)

David Porter / Sarah Wharry
(Corporate finance)

Richard Redmayne (Corporate broking)

t. +44 (0)20 7894 7000

Buchanan (Financial PR - UK)

Ben Romney / Helen Chan

t. +44 (0)20 7466 5000

e. [email protected]

PPR (Financial PR - Australia)

David Tasker

t. +61 (8) 9388 0944

e. [email protected]

Australian Office

945 Wellington Street

West Perth, WA 6005


t. +61 8 9322 7600

f. +61 8 9322 7602

UK Office

Suite 1A, Prince's House
38 Jermyn Street
London, SW1Y 6DN
United Kingdom

t. +44 (0)20 7025 7040

f. +44 (0)20 7287 8028

e. [email protected]

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