RANGE RESOURCES LTD: Trinidad Operations Update

21 February 2014 
By E-Lodgement                            ASX Code: RRS and AIM Code: RRL 

                               Range Resources
                          ("Range" or "the Company")
                          Trinidad Operations Update

The Company is pleased to provide an update on operations at its
Trinidad assets with the following highlights:

- Drilling rigs 2, 5 and 8 resume operations:

  - QUN 148 well drilled to a target depth of 691 feet in the Lower
  Forest horizon. Oil shows were observed while drilling and well log analysis
  indicates 30 feet of oil sands present. The well is currently scheduled to be
  perforated and completed for production. The drilling rig will now move to 
  next QUN 149 well location.

  - QU 452 well drilled to a target depth of 1,814 feet. The well was
  logged indicating 80 feet of gross oil sands. The Company will now drill the
  well deeper until the base of the reservoir sands is reached. QU 452 is the
  first well to be drilled in South Quarry since 2007. The well is expected to
  extend the field's Middle Cruse producing trend into new fault blocks. A
  successful well will result in additional Proved Reserves and future drilling

  - MD 248 well is being prepared for side tracking from 3,234 feet
  targeting the Lower Cruse formation.

- Zero safety incidents since September 2013, approaching six
months LTI-free operations
- The maintenance programme for light rig 1 and heavy rigs 6 & 7
continues as planned

Rory Scott Russell, CEO, commented:

"Having reviewed our Trinidad operations, I am pleased to see that
our drilling services company is now back to satisfactory operational levels,
with key rigs up and running and drilling wells safely and efficiently. I have
confidence in our operations and in the team on the ground who will continue
to work on addressing production decline and unlocking value via our
development activities."

Yours faithfully

Rory Scott Russell
Chief Executive Officer


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 (Broker) RFC Ambrian Limited (Nominated Advisor)
Richard Greenfield / Rob Collins / Stuart Laing
Alexandra Carse                    T: +61 (8) 9480 2500
T: +44 (0) 207 647 2800

PPR (Financial PR - Australia)     Dahlman Rose & Company (Principal American 
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

- 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

- 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 and Resources

Detailed below are the estimated reserves for the Range project

             Gross Oil Reserves  Range's   Net Attributable
Project           1P     2P     3P   Interest   1P     2P    3P  Operator
Oil & NGL -
Trinidad          17.5   20.2   25.2     100%   17.5   20.2 25.2 Range
Guatemala            *   2.3*      *      32%      *  0.74*    * Latin American 
Total Oil &       17.5   22.5   25.2            17.5   20.9 25.2
Gas Reserves -
Georgia - CBM        -      -    508      45%      -      -  229 Strait Oil & 
Total Gas            -      -    508               -      -  203
* 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
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  
                         Mean                            Mean
Contingent Oil Resources - mmbbls
Guatemala                 -    20.1      -      32%      -      6.4     - Latin 
Total Contingent          -    20.1      -               -      6.4     -
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
Trinidad - Niko JV      6.6    33.0   66.0   32.5%*    2.1     10.7  21.5 Range
Total Prospective      35.0   175.0  350.0            18.3     91.8 183.7
Undiscovered Oil-In-Place - mmbbls
Puntland               -     16,000   -         20%   -       3,200   -   Horn 
Georgia                -        403   -         45%   -         181   -   
Strait Oil & 
Colombia               -        7.8   -      65-75%   -       5.1-    -   Petro 
Undiscovered Gas-In-Place - Tcf
Georgia -              -      18.44   -         45%   -        8.30   -   
Strait Oil &
Conventional                                                              Gas
Georgia - CBM          -       3.16   -         45%   -        1.42   -   
Strait Oil & 
*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
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
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. 
-0- Feb/21/2014 07:00 GMT
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