Quarterly Activities Report

For the period ended 30 September 2015

Range Resources Limited

('Range' or 'the Company') 30 October 2015

Highlights

• Average oil production of 575 bopd in Trinidad (previous quarter 602 bopd);

• The Company published updated reserves statement to 30 June 2015: 1P of 19.4mmbbls, 2P of 22mmbbls, 3P of 27.6mmbbls and 2C of 3.2mmbbls. Also prospective resources of 91.3mmbbls (estimates do not include St Mary's and Guayaguayare licences);

• The Trinidad drilling programme commenced, with the first development well MD 42N drilled during the quarter. The well was sucessfully put on production;

• Four new drilling rigs are expected to be available for drilling during Q4 2015;

• Applications for necessary government and regulatory approvals for Beach Marcelle and Morne Diablo waterflooding were submitted and are expected to be received during Q4 2015;

• The exploration work programme on the St Mary's block commenced, with the audit of existing field infrastructure, facilities and wells underway;

• Range continued to finalise the necessary documents to acquire the full remaining interest of Niko Resources Ltd in the Guayaguayare block. The Company also continued to prepare for spudding of Canari North, the first exploration well on the block;

• Equity funding package of US$30 million with Sibo completed at a premium to the share price. As part of the investment, the Directors and management team of Range also invested personally;

• Range continued to finalise US$50 million trade financing package with LandOcean and Sinosure. The facility is subject to final approvals by Sinosure, and payment of a security deposit of US$7.5 million by Range;

• Mr. Yu Wang, the nominee of Sibo, was appointed as a Non-Executive Director to the Board;

• The annual general meeting of shareholders of the Company will be held on Friday, 27 November 2015 in Sydney, Australia; and

• The Company established a share sale facility for holders of unmarketable parcels on ASX, aimed at reducing the administrative costs associated with maintaining a large number of very small holdings.

  
  

  Production overview

  The Company's oil and gas production for the period in Trinidad was as follows:

  • 52,882 bbls (average of 575 bopd) net to Range, which is a 4% decrease from 602 bopd in the previous quarter. The decrease was due to a combination of factors, principally lack of new drilling during the quarter, caused by long delays in availability of drilling rigs (as advised by the drilling contractor RRDSL), as announced on 24 September 2015.

Operations

Trinidad

Development programme

During the quarter, the Company commenced its development and exploration drilling programme.

The first well, MD 42N development well, located at the Morne Diablo field was drilled to a total depth of 2,610 ft., to test the prolific Upper Cruse channel sand complex at a depth of 1,650 ft. Electric log interpretation confirmed the presence of recoverable hydrocarbons with an estimated net pay of 48 ft., of which 38 ft. were perforated. The well was subsequently put on pumping production at a stabilised rate of 30 bopd.

New drilling rig fleet

Range Resources Drilling Services Limited ('RRDSL'), owned and operated by LandOcean, added four new drilling rigs to the existing drilling fleet in Trinidad. The first new drilling rig arrived in Trinidad in September 2015. Three directional development wells (MD 51-1, MD 51-2 and MD 51-3) will be drilled from the drilling pad, using the rig. The rig is on location at the Morne Diablo field. Construction of a three- cellar drilling pad was successfully completed, ahead of anticipated MD 51-1 well spudding.

The vessel carrying the three new additional drilling rigs (with drilling capabilities of 2,000 m, 1,500 m, and 1,000 m) also arrived at the port in Trinidad in October and is currently in queue to berth.

RRDSL has advised that all four rigs are expected to be available for drilling during Q4 2015, subject to a number of conditions, including various government and regulatory approvals and availability of suitable drilling staff to operate the rigs.

Waterflood programme

The Company submitted applications for necessary government and regulatory approvals for Beach Marcelle and Morne Diablo waterflooding. The approvals are expected to be received during Q4 2015.

Once approvals are in place, the Company looks forward to sharing further details on the waterflood programmes and the benefits of LandOcean's detailed work and studies completed on the projects as part of Purchase Order 1.

Exploration programme

Guayaguayare: During the quarter, Range continued to finalise the necessary documents to acquire the full remaining interest of Niko Resources Ltd in the block. Following completion of the agreement, Range will hold an 80% interest in the Deep Production Sharing Contract ('PSC') and a 65% interest in the Shallow PSC. Application for the extension of the PSCs has also been submitted and Range hopes to receive this during Q4 2015. Range currently holds a 40% interest in the Deep PSC and a 32.5% interest in the Shallow PSC and is the Operator of the block.

The Company also continued to prepare for spudding of the Canari North well. This will be the first exploration well to be drilled by Range in Trinidad, and any success with the well is expected to de-risk the Moruga sub-basin and could result in material potential upside in the Guayaguayare block with multiple follow-on prospects and leads to be tested by further exploration drilling in 2016.

St Mary's: During the quarter, Range commenced the exploration work programme on the St Mary's block with the audit of existing field infrastructure, facilities and wells underway.

Range has prepared the relevant environmental permitting documentation for production operations of existing wells and facilities, Electro Magnetic Surveying (Stratagem) and drilling of both development and exploration wells. This documentation is expected to be submitted for approvals during Q4 2015. Range is planning to commence the tendering process for drilling rigs, equipment, and other oilfield services during Q4 2015.

As required under the Joint Operating Agreement, Range also prepared a work programme and budget for 2016 for both exploration and development components. Range has committed to drilling four exploration wells, shooting 160km of 2D seismic and 60km2 of 3D seismic, along with various other technical studies before the end of 2018.

During the quarter, Range provided the Ministry of Energy and Energy Industries with the required performance bond of US$8 million in support of the minimum work obligations on the licence.

Updated reserves statement

Subsequent to the quarter end, the Company published its updated reserves statement to 30 June 2015, with reserves and resources as follows: 1P of 19.4mmbbls (2014: 18.9mmbbls), 2P of 22mmbbls (2014: 22mmbbls), 3P of 27.6mmbbls (2014: N/A) and 2C of 3.2mmbbls (2014: N/A). Also prospective resources of 91.3mmbbls (2014: N/A) (estimates do not include St Mary's and Guayaguayare licences).

Non-core assets

Guatemala: During the quarter, the Company continued to explore potential disposal options for its 20% interest in the Guatemalan Project.

Georgia: During the quarter, the Company continued to pursue a disposal of its 45% shareholding in Strait Oil and Gas ('Strait'), which holds interests in Block VIa. The PSA across Block VIa remains in

good standing and the subject of sale negotiations with at least one interested party. Due diligence and negotiations are ongoing, with Range being advised by Strait of the desire to complete a transaction before the end of the year.

Colombia: During the quarter, the Operator continued its discussions with Agencia Nacional de Hidrocarburos with regards to the minimum work obligations on the three exploration blocks, PUT-5, VMM-7, and VSM-1, and the provision of guarantees.

Financial

Equity financing: During the quarter, Range completed an equity funding package with Beijing Sibo Investment Management LP ('Sibo') for US$30 million. As per the terms of the subscription agreement, Range issued approximately 2,450 million new ordinary fully paid shares of the Company to Sibo at a subscription price of £0.008 per share. The Company also issued 194,585,862 unlisted warrants with an exercise price of £0.01 and 172,557,274 unlisted warrants with an exercise price of £0.02 to Sibo. All warrants have an expiry date of 3 September 2019. Range's Directors and management also subscribed for ordinary shares in an amount of US$0.3 million in cash. Range issued 25 million new Shares to Directors and management at a subscription price of £0.008 per Share.

US$50 million trade financing package: LandOcean in conjunction with Sinosure are looking to provide Range with up to US$50 million by way of a credit facility of two years to fund the development programme in Trinidad principally related to the waterflood programme. The facility is subject to final approvals by Sinosure, and payment of a security deposit of US$7.5 million by Range. The Company expects to complete the facility during Q4 2015.

Lind financing update: During the quarter, Range filed an appeal against the Supreme Court's decision, and the Western Australian Court of Appeal extended the deadline for repayment until the later of 31 August 2015 or 7 days from the determination of the appeal. In advance of the appeal, Range paid US$5 million to Lind without prejudice to its contentions in the appeal. On 10 September 2015 the appeal was heard and as at the date of this report, no decision has been received from the Western Australian Court of Appeal.

Receipts from product sales and related debtors (for the 3 months to 30 September 2015): of US$2.6 million, compared with US$2.9 million in the previous quarter. The decrease was as a result of decreased oil production during the period.

Capital expenditure (for the 3 months to 30 September 2015): of US$4.5 million, compared with US$2.9 million in the previous quarter. The increase was primarily due to payment of US$2.5 million to LandOcean for completed work in relation to Purchase Order 1 ('PO1'). As announced on 2 June 2014 the Company and LandOcean have entered into the first purchase order to draw down US$5 million of services from LandOcean. The Company will pay the remaining amount of US$2.5 million upon completion of all work by LandOcean under PO1.

Cash at 30 September 2015: of US$24.9 million, compared with US$10.7 million in the previous quarter predominantly due to receipt of Tranche 2 Sibo funding proceeds.

Corporate

Director appointment: Subsequent to the quarter end, the Company announced the appointment of Mr. Yu Wang, the nominee of Sibo, as a Non-Executive Director to the Board.