RANGE RESOURCES LTD: Change of Advisors

 6 February 2014                                                   ASX Code: RRS and AIM Code: RRL                                Range Resources                           ("Range" or "the Company")                               Change of Advisors  The Board of Range wishes to announce that it has simplified its UK broking arrangements such that moving forward GMP Securities LLP will be the sole UK broker to the Company. The Company wishes to thank Old Park Lane  Capital Plc and Fox-Davies Capital Ltd for the support they have provided as joint brokers.  RFC Ambrian Limited continues to act as the Company's AIM nominated advisor.  Yours faithfully  Rory Scott Russell Chief Executive Officer    Contacts  Range Resources Limited            Buchanan (Financial PR - UK) Rory Scott Russell                 Tim Thompson / Helen Chan                                    T: +44 (0) 20 7466 5000                                    E: rangeresources@buchanan.uk.com  GMP Securities Europe LLP          RFC Ambrian Limited (Nominated Advisor) (Joint Broker)                     Stuart Laing Richard Greenfield / Rob Collins / T: +61 (8) 9480 2500 Alexandra Carse T: +44 (0) 207 647 2800  PPR (Financial PR - Australia)     Dahlman Rose & Company (Principal American  Liaison) David Tasker                       OTCQX International Market (U.S.) T: +61 (8) 9388 0944               Christopher Weekes / Stephen Nash E: david.tasker@ppr.com.au         T: +1 (212)-372-5766    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 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 is earning a 65% (option to move to 75%) interest in highly prospective licences in the Putumayo Basin in Southern Colombia. Farm–in interest from a number of parties has been received and preparations for the seismic programme will be initiated subject to further financing becoming available.  - Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a 60% interest in Latin American Resources (LAR). LAR holds an 80-100% 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 also holds a 20% interest in LAR.  Table of Reserves and Resources  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            *   2.3*      *      32%      *  0.74*    * Latin American                                                               Resources Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2 Liquids  Gas Reserves - Bcf  Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil &  Gas Total Gas            -      -    508               -      -  203 Reserves  * 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.  Detailed below are the estimated resources and oil-in-place delineated across Range's portfolio of project interests.                    Gross Oil Resources  Range's    Net Attributable Project               Low    Best/   High  Interest  Low    Best/   High   Operator                           Mean                            Mean  Contingent Oil Resources - mmbbls  Guatemala                 -    20.1      -      32%      -      6.4     - Latin                                                                         American                                                                         Resources Total Contingent          -    20.1      -               -      6.4     - Resources  Prospective Oil Resources - mmbbls  Trinidad (BM & MD)      8.1    40.5   81.0     100%    8.1     40.5  81.0 Range Trinidad - Niko JV     20.3   101.5  203.0     40%*    8.1     40.6  81.2 Range onshore Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range offshore Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7 Resources  Undiscovered Oil-In-Place - mmbbls  Puntland               -     16,000   -         20%   -       3,200   -   Horn                                                                         Petroleum Georgia                -        403   -         45%   -         181   -    Strait Oil &                                                                        Gas Colombia               -        7.8   -      65-75%   -       5.1 -   -   Petro                                                              5.8        Caribbean Undiscovered Gas-In-Place - Tcf  Georgia -              -      18.44   -         45%   -        8.30   -    Strait Oil & Conventional                                                              Gas Georgia - CBM          -       3.16   -         45%   -        1.42   -    Strait Oil &                                                                        Gas *Range's interest in the Niko JV resources are subject to completing its earn-in obligations.  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 3 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 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.  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). CTR has not reported 1P and 3P estimates, but Range is seeking such information from CTR for future reporting purposes.  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.  Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.  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.  END