15 March 2013 The Manager Company Announcements Australian Securities Exchange Limited Level 6, 20 Bridge Street Sydney NSW 2000 By e-lodgement HALF YEARLY REPORT Range Resources Limited ("Range" or the "Company") is pleased to present the Company's half yearly report for the 6 months ended 31 December 2012, with the following highlights in comparison to the corresponding six month period ending 31 December 2011: * Group Revenue for the period increasing by 53%; * Group oil / liquids production for the period increasing by 60% to 164,693 barrels for the period; * Technical, consultancy and administration expenses reduced by 55%; and * Group loss before tax for the period reduced by 42%. Highlighted below is the comparison of the financial performance of the group between December 2011 and December 2012 periods. SUMMARY OF FINANCIAL PERFORMANCE (US$'000) Dec 2012 Dec 2011 Change (%) Revenue 15,703 10,291 +53% Cost of sales (13,223) (8,537) +55% Gross profit 2,479 1,754 +41% EBITDA (2,545) (10,870) +77% EBIT (5,815) (11,579) +50% Net profit after tax (9,682) (11,425) +15% Please find attached extracts from the Company's Half Year Report for the period ended 31 December 2011, being the: * Statement of Comprehensive Income; * Statement of Financial Position; and * Statement of Cashflow. * Extract of notes A copy of the full Half Year Report is available on the company's website: www.rangeresources.com.au Yours faithfully Peter Landau Executive Director Range Resources Limited Peter Landau Tel : +61 (8) 9488 5220 Em: email@example.com RFC Ambrian Limited (Nominated Advisor) Old Park Lane Capital (Joint Broker) Stuart Laing Michael Parnes Tel: +61 (8) 9480 2500 Tel: +44 (0) 207 493 8188 Fox-Davies Capital Limited GMP Securities Europe LLP (Joint Broker) Daniel Fox-Davies / Richard Hail James Pope / Chris Beltgens Tel: +44 (0) 203 463 5000 Tel: +44 (0) 207 647 2800 PPR (Australia) David Tasker Tel: +61 (8) 9388 0944 Em: firstname.lastname@example.org Dahlman Rose & Company (Principal American Liaison) OTCQX International Market (U.S.) Christopher Weekes / Stephen Nash Tel: +1 (212)-372-5766 RANGE RESOURCES LIMITED ABN 88 002 522 009 DIRECTORS' REPORT Your directors submit the consolidated financial report of Range Resources Limited for the half-year ended 31 December 2012. 1. Directors The names of the Directors who held office during or since the end of the half-year: Sir Samuel Jonah Non-Executive Chairman Peter Landau Executive Director Anthony Eastman Executive Director Marcus Edwards-Jones Non-Executive Director 2. Results The Consolidated results from operations are as follows. 31 December 2012 31 December 2011 US$ US$ Restated* Net profit/(loss) after income tax (9,682,470) (11,424,719) 3. Review of Operations Reserves and Valuation Upgrades - Trinidad During the period, the Company announced a 29% increase in Proved, Probable and Possible (3P) net attributable reserves across the Company's three onshore Trinidad licenses, following the Company's independent petroleum consultants, Forrest A. Garb and Associates ("Forrest Garb"), having completed a review of the Trinidad reserves following the first year of Range's operations in Trinidad. Below is the comparison between October 2012 and December 2011 of the oil and gas reserves attributable to Range's (100%) interest in its Trinidad Licenses, net of government and overriding royalties, as described more fully in the report from Forest Garb & Associates. Category Oil (MMBO) Dec `11 Oct `12 %age Mvmt Proved (P1) 15.4 17.5 +14% Probable (P2) 2.2 2.7 +23% Possible (P3) 2.0 5.0 +150% Total 3P Reserves 19.6 25.2 +29% Prospective Resource (unrisked) Low 2.0 8.1 Best 10.0 40.5 High 19.9 81.0 Based on the reserve numbers shown above, Forrest Garb estimates the net cash flow attributable to Range's interests for Proved, Probable and Possible reserves as shown below, based on average WTI prices for 2011, and compared to the $85 / bbl case per December 2011. US$85 / bbl case US$94 / bbl case December 2011 October 2012 Category Undiscounted PV10 Undiscounted PV10 US$M US$M US$M US$M Proved 679 385 799 446 Probable 133 73 142 81 Possible 120 49 276 153 Total 932 507 1,217 680 The valuations above are based on forecast production rates that reflect the current drilling and development schedule, and estimated individual well decline profiles derived from the Company's recent operating results. As reported above, the recent reserves report saw a 30.5 million barrels (305%) increase in total unrisked net prospective (best estimate) resources across the Company's licenses to 40.5 million barrels. Of the 40.5 million barrels in unrisked prospective resources, circa 30.5 million barrels are associated with identified Herrera prospects that have been mapped on the Company's 3D seismic database. Of the 40.5 million best estimate unrisked net prospective resource associated with the Herrera prospects, a risk factor of 25% has been assigned, with the remaining resources risked at 45%. Operations The Company continued with its Lower Forest development program on the Morne Diablo license during the period, reaching peak production in excess of 1,000 bopd during Q3 2012 which was a 120% increase in production since acquisition. The Company also completed a number of successful wells targeting the Upper Cruse formation, some circa 1,000-1,500 ft below the Lower Forest and given the early success of these wells in the deeper formation, the Company is looking at the potential to focus a separate drilling program targeting the Upper Cruse formation, in a similar way the early success on the Lower Forest formation has been targeted. The Company also spudded its first wells primarily targeting the Middle Cruse (circa 3,500 ft) and Lower Cruse formations (circa 6,500 ft) during the period with both wells (QUN 135 and MD 248 respectively) still drilling through period end. Whilst the MD 248 well's primary target is the prospective Lower Cruse formation, it is also targeting multiple horizons as it drills, including the Lower Forest formation (circa 1,000 ft), the Upper, Middle and Lower Cruse formations (circa 2,000 ft / 4,500 ft and 6,500 ft respectively). After reaching a depth of 4,000 ft. and having 7" casing run, the well experienced operational delays due to equipment shortages. Additional equipment has been acquired to improve efficiencies and reduce downtime, with drilling continuing to the target depth of 6,500 ft. Georgia During the period the joint venture announced the completion of the acquisition of a 200km 2D seismic program. The majority of this recent seismic was acquired over Block VIb to firm up leads identified in the previous 410km 2D seismic program, along with targeting two gas wells, which were drilled and suspended in Soviet times. Two lines were also acquired over the site of the Mukhiani well, the first exploration well drilled in Block VIa. The processing of the seismic is currently under way and results of the interpretation to follow, with the joint venture confident that it will then have assembled the requisite amount of seismic and geological information to enable the JV to identify revised drillable targets and attract potential farm in partners if desired. The JV continued to work towards the development of the CBM and conventional potential around the Tkibuli / Shaori Coal Field ("Tkibuli") and subsequent to period end, executed a heads of agreement with the Georgian Industrial Group ("GIG") with respect to the joint development of the Coal Bed Methane project (CBM) and conventional potential around the Tkibuli / Shaori Coal Field ("Tkibuli") - refer below in subsequent events. Texas North Chapman Ranch With the field having now been largely appraised and value demonstrated, the Company is looking at the divestment of its North Chapman Ranch interests so that it can focus its capital on higher value adding opportunities in its portfolio and has engaged US based advisors to assist in the process, with a number of interested parties having reviewed the Company's dataroom. Negotiations are currently being finalised with regards to the sale of the assets - refer to subsequent events below. East Texas Cotton Valley Prospect Long term production testing continued on the Ross 3H well during the period, as Range and its partners evaluate the various options available for future development of the shallow oil discovery. In the meantime, leases within the project area are being extended or renewed. In the event that the Company's interest in the project is not sold as part of its ongoing asset divestiture program in Texas, additional drilling could take place as early as Q3 2013. Puntland Onshore In January 2012, Range together with its joint venture partners successfully spud the historic Shabeel 1 well in the Dharoor Valley, the first in a two well exploration program and the first exploration well in Puntland in over 25 years. The Shabeel North well having been spud soon after the completion of the Shabeel 1 well and was successfully completed during the period, having reached a target depth of 3,945m. The joint venture having tested the upper Jessoma sands which only produced fresh water, resulting in additional testing of the Jessoma sands on the Shabeel 1 well not being warranted. Following on from the completion of the two wells, the drilling rig and associated equipment was successfully demobilised and restoration of both drilling locations completed. Despite the non-commercial nature of the two wells the joint venture partners were extremely encourage that all of the critical elements exist for oil accumulations, namely a working petroleum system, good quality reservoirs and thick seal rocks. Based on the encouragement provided by these two Shabeel wells, the joint venture entered into the next exploration period in both the Nugaal and Dharoor Valley Production Sharing Contracts ("PSCs") which carry a commitment to drill one well on each block within an additional 3 year term. The current operational plan is to contract a seismic crew to acquire additional data in the Dharoor Valley block and to hold discussions with the Puntland Government to gain access regarding drill ready prospects in the Nugaal Valley block. The focus of the Dharoor seismic program will be to delineate new structural prospects for the upcoming drilling campaign. Puntland Offshore In the first half of 2012, Range entered into an agreement with the Puntland Government with respect to obtaining a 100% working interest in the highly prospective Nugaal Basin Offshore Block. The Block is an extension of the onshore Nugaal Region which has the potential for deltaic deposits from the Nugaal Valley drainage system and comprises over 10,000km. The Company will commit to a 2D seismic program within the first three years, with further 3D seismic and an exploration well to follow in the second three year period. The agreement is subject to a formal Production Sharing Agreement (PSA) being entered into and the receipt of all necessary regulatory approvals. Columbia As previously announced, Range entered into an economic participation agreement with Petro Caribbean Resources Limited, a private oil and gas company focussed on the development of petroleum and natural gas reserves in Colombia ("PCR" the official operator of the blocks), that will see the Company earn a 65% economic interest (option to move to 75%) in Blocks PUT-6 and PUT-7 in return for funding (on a cost recoverable basis) the commitments under the Production Sharing Agreement ("PSA") with the National Hydrocarbons Agency of Colombia ("ANH"). This includes a 350km2 3D seismic program across the two blocks followed by one exploration well in each block. The consulta previa process is nearing completion which involves liaison with the various indigenous communities within the license areas. Range has received farm in interest from a number of parties for the blocks, and will be considering different potential options to maximise shareholders benefits in the short to medium term. Corporate Effective 1 July 2012, the Group changed its functional and presentation currency from Australian dollars (AU$) to United States dollars (US$) as significant portion of the Group's revenues, expenses and cash flows are denominated in US$. The functional currency of an entity is the currency of the primary economic environment in which the entity operates, which should reflect the economic substance of the underlying events and circumstances relevant to the Group. The change in presentation currency is to better reflect the Group's business activities and to improve investors' ability to compare the Group's financial results with other publicly traded businesses in the international oil and gas industry. The changed in functional currency was triggered by the Group's transition from an exploration to a production company which has resulted in generating significant cash flows from sale of oil. These transactions are denominated in US$, which combined with recent borrowings; indicate that a significant portion of cash flows going forward will be denominated in US$. The consolidated financial report for the half year ended 31 December 2012, including comparative information (Restated), has been presented in US$. Financings During the period the Company entered into a US$15 million Loan Agreement ("Loan Agreement") backed by a Standby Equity Distribution Agreement ("SEDA") for up to GB£20 million with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors ("Yorkville"), with US$5 million having been drawn down during the period. The loan can be drawn down in tranches of US$5 million (12 month term) at the election of the Company and carries a coupon of 10%. The tranches may be increased to US$10 million (after an initial US$5 million drawdown / total facility US$25 million). In addition to the above, the Company also issued US$10,400,000 in secured notes to Crede Capital which can be paid back in cash or equity on or before the 12 month term at the Company's election. 4. Events Subsequent to Reporting Date Trinidad Subsequent to period end, following an extensive due diligence exercise from both a technical and operational perspective, finance Company Meridian SEZC signed a commitment to purchase US$35m of 5-year Monetary Production Payment ("MPP") securities from Range. The MPPs have a coupon of 12% and shall be secured by future cash flows from Range's Trinidad operations and repayable in cash on a straight line monthly amortised basis. Meridian's commitment is subject to final documentation and regulatory approvals with a targeted draw down date end of March. Range also extended its existing farm out agreements ("FOA's") for the Company's Morne Diablo and South Quarry licenses until 31 December 2021, with the minimum work commitments for each license well within the Company's current development plans. The new farm out agreements (effective from 1 January 2012), will also see a reduction in the enhanced royalty currently being paid by the Company with the revised terms seeing an improvement in the net back amount received by the Company per barrel of oil produced. The revised royalty rates at production rates of 1,000 bopd will see net backs increase to circa $40 / barrel before tax and circa $50 / barrel before tax at 2,000 bopd - assuming $90 per barrel oil and opex at similar levels. With the Morne Diablo and South Quarry FOA now extended until December 2021, along with the Beach Marcelle license which extends to February 2020, the Company now is in an excellent position to develop the multiple producing trends in each area while systematically exploring for new reserves and effectively producing older fields such as Beach With respect to the Morne Diablo license, the extended FOA now includes an additional circa 3,000 acres (Block A) to the east of the existing license area. Guatemala Subsequent to period end, Range secured a strategic stake (19.9%) in Citation Resources Limited (ASX:CTR) ("Citation"). Citation holds a farm in right to acquire a 70% interest in Latin American Resources Ltd ("LAR"), which holds an 80-100% interest in two oil and gas development and exploration blocks in Guatemala ("Projects") and is operator of the blocks. Additionally, Range also acquired a direct 10% equity stake in LAR. The Projects consist of Block 1-2005 and Block 6-93 in the South Peten Basin in Guatemala ("Guatemalan Blocks"). The Guatemalan Blocks have Canadian NI 51-101 certified proved plus probable (2P) reserves of 2.3 MMBBL (with approximately 0.5 - 0.6 MMBBls attributable to Range's combined equity interest in CTR and 10% direct interest in LAR), with significant exploration upside potential. In addition, the blocks have had significant previous exploration with the two well appraisal drilling program currently underway with the Atzam #4 well having already been successfully completed and flow testing currently underway. The Projects and drilling/operational infrastructure are owned by LAR together with its minority joint venture partners in a similar set up to Range's Trinidad operations. Range will acquire its 19.9% strategic interest in Citation, by conversion of existing debt funding provided by Range to Citation into ordinary Citation shares (subject to any necessary Citation shareholder approvals) at $0.02 with a 1 for 2 free attaching listed Citation option ($0.04, June 2015), which is approximately $2m for the 19.9% interest. In addition, Range will pay $2m for the 10% interest in LAR, which is finance carried through the first US$25m spent on the Project. Georgia Subsequent to period end, Range, along with its joint venture partners, executed a heads of agreement with the Georgian Industrial Group ("GIG") with respect to the joint development of the Coal Bed Methane project (CBM) and conventional potential around the Tkibuli / Shaori Coal Field ("Tkibuli") in the Republic of Georgia. GIG and the Consortium will jointly establish a Development Company on a 50:50 basis. The Development Company will commence feasibility and technical studies, followed by an initial three to four well pilot project. The appraisal / pilot production wells will be drilled first to clarify flow rates and other key parameters including optimum well construction / completion strategy, well spacing and water treatment, prior to full scale development. Based on the previous ARI study it is planned to execute 6 CBM wells per annum that are forecast to produce between 0.3-0.5 mmcf per well per day, which over a short period of time (ie. 3+ years) will build to a significant production base for the joint venture that will enable further expansion of the CBM project. The initial pilot project will focus on appraising targets already venting methane, thus ensuring a higher chance of success. The work programme is anticipated to commence in the second half of 2013 and will be predominantly debt financed, resulting in limited financial commitments for Range moving forward. New wells will target horizons at depths between 500 and 2,000 metres and can be drilled within 45 days. The fast-track program is designed for gas production and sales to begin within 18 months given the existing infrastructure and logistics. GIG have agreed a take or pay arrangement for all gas produced by the Development Company at a 5% discount to a regional indexed price less transportation, removing the monetization risk so often faced with prospective CBM projects. Over the last few years regional prices have averaged between US$8 - US$10 mcf. It is the intention of the Consortium to ensure that the first well of the pilot program counts as the commitment well with respect to retaining Block VIb. Texas Subsequent to period end, Range reached an agreement to sell its Texas producing assets for cash payments totaling $US30 million. Subject to final due diligence, the Company will sell its interest in the North Chapman Ranch and East Clarksville fields for $US25 million in cash at Closing plus $US5 million in royalty payments from future production. Corporate Subsequent to period end, Range issued 62m shares in lieu of cash repayments on loans from Crede Capital Group and YA Global Master SPV Limited. 5. Auditors Independence Declaration The Lead auditor's independence declaration under section 307C of the Corporations Act 2001 is set out on page 7 for the half-year ended 31 December 2012. This report is made in accordance with a resolution of the Board of Directors. Peter Landau Executive Director Dated this 15th day of March 2013 The reserves estimates for the 3 Trinidad blocks and update reserves estimates for the North Chapman Ranch Project and East Texas Cotton Valley referred above 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 world–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 S–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. RPS Group is an International Petroleum Consulting Firm with offices worldwide, who specialise in the evaluation of resources, and have consented to the information with regards to the Company's Georgian interests in the form and context that they appear. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers ("SPE"). 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 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. RANGE RESOURCES LIMITED ABN 88 002 522 009 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Consolidated Notes 31 December 31 December 2012 2011 US$ US$ Restated* Revenue from continuing operations Revenue from sale of goods 15,702,743 10,291,386 Operating expenses (9,986,451) (7,830,537) Depreciation and amortisation (3,237,035) (706,193) Cost of sales (13,223,486) (8,536,730) Gross Profit 2,479,257 1,754,656 Interest revenue 335,805 155,014 Other income - 1,880,686 Depreciation (32,567) (2,604) Finance costs (1,202,129) - Exploration expenditure (4,254,973) (6,254,822) Technical, consultancy and administration 4 (4,056,304) (8,959,723) expenses Impairment loss on available for sale (38,131) - financial assets Foreign exchange gain / (loss) 87,744 2,074 Loss before income tax expense from (6,681,298) (11,424,719) continuing operations Income tax expense (3,001,172) - Loss after tax from continuing operations (9,682,470) (11,424,719) Net loss for the half-year attributable to (9,682,470) (11,424,719) equity holders of Range Resources Ltd Other comprehensive income Items that may be reclassified to profit or loss Changes in the value of available-for-sale (1,105,173) 958,364 investments Exchange differences on translation of 2,298,302 2,074,879 foreign operatives Other comprehensive income for the 1,193,129 3,033,243 half-year, net of tax Total comprehensive income/(loss) (8,489,341) (8,391,476) attributable to equity holders of Range Resources Ltd Loss per share for the half year attributable to members of Range Resources Ltd. Basic loss per share (cents per share) (0.48) (0.65) Diluted loss per share (cents per share) N/A N/A *Restated. Refer to Notes 2 and 3 for further details The Company's potential ordinary shares were not considered dilutive as the Company is in a loss position. The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes. RANGE RESOURCES LIMITED ABN 88 002 522 009 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2012 Consolidated Notes 31 December 30 June 2012 1 July 2011 2012 US$ US$ US$ Restated* Restated* Current Assets Cash and cash equivalents 3,852,124 10,578,562 18,396,514 Restricted deposits 6 3,480,000 - - Trade and other receivables 12,788,903 11,373,559 3,181,683 Other current assets 812,291 926,294 327,466 20,933,318 22,878,415 21,905,663 Non-current asset held for sale 8 6,356,883 6,323,453 - Total Current Assets 27,290,201 29,201,868 21,905,663 Non-Current Assets Goodwill 46,198,974 46,198,974 - Available for sale financial 59,909 3,299,034 966,822 assets Property, plant & equipment 11,541,989 9,631,636 21,070 Exploration & evaluation 9 8,303,666 7,250,706 4,430,443 expenditure Development assets 10 90,541,854 88,706,247 6,506,870 Prepayments for investments - - 57,676,819 Deferred tax asset 189,820 348,113 - Investments in associates 11 36,330,921 30,333,035 6,243,411 Non-current receivable 5,716,781 4,839,713 12,846,052 Total Non-Current Assets 198,883,914 190,607,458 88,691,487 Total Assets 226,174,115 219,809,326 110,597,150 Current Liabilities Trade and other payables 12 5,141,703 2,918,228 1,504,420 Current tax liabilities 2,424,041 4,247,557 - Borrowings 13 10,692,482 - - Provision 693,967 602,378 12,340 Total Current Liabilities 18,952,193 7,768,163 1,516,760 Non-Current Liabilities Other non-current liabilities 472,208 2,552,684 - Deferred tax liabilities 45,266,735 44,859,854 - Employee service benefit 426,258 640,426 - Total Non-Current Liabilities 46,165,201 48,052,964 - Total Liabilities 65,117,394 55,821,127 1,516,760 Net Assets 161,056,721 163,988,199 109,080,390 Equity Issued capital 14 289,203,403 283,645,540 200,968,352 Reserves 29,855,849 28,662,720 25,337,108 Accumulated losses (158,002,531) (148,320,061) (117,225,070) Total Equity 161,056,721 163,988,199 109,080,390 *Restated. Refer to Notes 2 and 3 for further details The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes. RANGE RESOURCES LIMITED ABN 88 002 522 009 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Ordinary Accumulated Foreign Available Share Option Total Losses Currency for Sale Based Premium Shares Translation Investments Payment Reserve Reserve Reserve Reserve US$ US$ US$ US$ US$ US$ US$ Restated* Restated* Restated* Restated* Restated* Restated* Restated* Balance at 1 July 2011 200,968,352 (117,225,070) 10,020,188 11,093 6,247,553 9,058,274 109,080,390 Net movement in - - - 958,364 - - 958,364 available for sale investments reserve Exchange difference on - - 2,074,879 - - 2,074,879 translation of foreign operations Loss for the half-year - (11,424,719) - - - - (11,424,719) Total comprehensive - (11,424,719) 2,074,879 958,364 - - (8,391,476) income/ (loss) for the half-year Transactions with equity holders in their capacity as equity holders: Shares issued during the 25,930,118 - - - - - 25,930,118 half-year Transaction costs (789,631) - - - - - (789,631) Value of share based - - - - 2,310,402 - 2,310,402 payments issued Balance at 31 December 226,108,839 (128,649,789) 12,095,067 969,457 8,557,955 9,058,274 128,139,803 2011 Ordinary Accumulated Foreign Available Share Option Total Losses Currency for Sale Based Premium Shares Translation Investments Payment Reserve Reserve Reserve Reserve US$ US$ US$ US$ US$ US$ US$ Balance at 1 July 2012 283,645,540 (148,320,061) 4,096,806 779,909 13,970,253 9,815,752 163,988,199 Net movement in - - - (1,105,173) - - (1,105,173) available for sale investments reserve Exchange difference on - - 2,298,302 - - - 2,298,302 translation of foreign operations Loss for the half-year - (9,682,470) - - - - (9,682,470) Total comprehensive (9,682,470) 2,298,302 (1,105,173) - - (8,489,341) income/ (loss) for the half-year Transactions with equity holders in their capacity as equity holders: Shares issued during the 5,557,863 - - - - - 5,557,863 half-year Transaction costs - - - - - - - Value of share based - - - - - - - payments issued Balance at 31 December 289,203,403 (158,002,531) 6,395,108 (325,264) 13,970,253 9,815,752 161,056,721 2012 *Restated. Refer to Notes 2 and 3 for further details The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes. RANGE RESOURCES LIMITED ABN 88 002 522 009 CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2012 Consolidated Notes 31 December 31 December 2012 2011 US$ US$ Restated* Cash Flows from Operating Activities Receipts from customers 15,523,562 11,185,121 Payments to suppliers and employees (13,453,672) (12,729,178) Payments for exploration and evaluation (4,254,973) (6,254,822) expenditure in relation to the Somalia interests Income taxes paid (4,493,334) (702,495) Interest received 42,909 155,013 Interest paid (962,395) (14,259) Net cash provided by/(used In) Operating (7,597,903) (8,360,620) Activities Cash Flows from Investing Activities Payments for plant and equipment (2,754,785) (177,542) Payments for development expenditure (3,385,882) (4,445,448) Payments for exploration and evaluation (1,057,026) (2,737,223) expenditure Payment to restricted deposits (3,480,000) - Proceeds / (payments) from available for 2,091,522 (2,165,864) sale financial assets Loans to other entities (550,000) (3,205,488) Loans to associate (5,997,884) (6,350,487) Payment for acquisition of subsidiary, net - (4,758,656) of cash acquired Net cash used in Investing Activities (15,134,055) (23,840,748) Cash Flows from Financing Activities Proceeds from issues of shares 2,072,187 19,957,902 Payment of share issue costs - (789,632) Loan funds received 15,400,000 - Repayment of borrowings (1,466,667) - Net cash used in Financing Activities 16,005,520 19,168,270 Net Increase/(decrease) in Cash and Cash (6,726,438) (13,033,058) Equivalents Held Cash and cash equivalents at beginning of 10,578,562 18,369,514 period Exchange rate adjustment - (465,173) Cash and cash equivalents at end of period 3,852,124 4,871,283 *Restated. Refer to Notes 2 and 3 for further details The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes. END -0- Mar/15/2013 08:58 GMT
RANGE RESOURCES LTD: Half Yearly Report
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