INTL PETR ADR : Update on Loan Facility

17 June 2013

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

INTERNATIONAL PETROLEUM TRANSACTION UPDATE

Further to its announcement of 24 April 2013, Range Resources Limited ("Range" or "the Company") is pleased to provide the following update with respect to its proposed strategic merger with International Petroleum Limited ("International Petroleum") (the "Transaction").

Since announcing the intended merger transaction, key legal, technical, corporate and financial advisors have been appointed and the parties have made good progress towards the completion of due diligence and confirming the structure of the transaction, which is likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders. Subject to satisfactory finalisation, it is expected that the formal offer will be made in the coming 3-4 weeks. The terms and conditions will be in line with previously disclosed.

In conjunction with the formal merger processes, a technical team from International Petroleum has visited the Company's Trinidad assets and reviewed various strategies in fast tracking development of both the conventional and waterflood programs.

Range has advanced US$8m of the US$15m secured financing to International Petroleum as part of the merger process, with the remaining balance being forwarded within the coming two weeks.

Yours faithfully

Peter Landau Executive Director

Australia

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia

t: [phone], f: [phone] e: [e-mail]

London

Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN

t: [phone], f: [phone] w: www.rangeresources.com.au

Contacts

Range Resources Limited Peter Landau T: 61 (8) 9488 5220 E: [e-mail]	PPR (Australia) David Tasker T: [phone] E: [e-mail]
GMP Securities Europe LLP (Financial Advisor & Joint Broker) Richard Greenfield/ Rob Collins/ James Pope T: [phone]	RFC Ambrian Limited (Nominated Advisor) Stuart Laing T: [phone]
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies / Richard Hail T: [phone]	Old Park Lane Capital (Joint Broker) Michael Parnes T: [phone]
Dahlman Rose & Company (Principal American Liaison) OTCQX International Market (U.S.) Christopher Weekes / Stephen Nash T: [phone]

Range Background

Range Resources Limited is a dual listed (ASX:RRS; AIM:RRL) oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia, Texas, USA, Trinidad 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.

• In the Republic of Georgia, Range holds a 40% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Range completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing an estimated 2 billion barrels of undiscovered oil-in-place (on a mean 100% basis) with the first (Mukhiani-1) exploration well having spudded in July in 2011. 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.

• 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 holds a 25% interest in the initial Smith #1 well and a 20% interest in further wells on the

North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in

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one of the most prolific oil and gas producing trends in the State of Texas. Independently assessed

3P reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 MMbbl of oil and 17 MMbbl of natural gas liquids.

• Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas, USA, where the prospect's project area encompasses approximately 1,570 acres encompassing a recent oil discovery. The prospect has independently assessed 3P reserves in place (on a 100% basis) of 3.3mmbbls of oil.

• Range is earning a 65% (option to move to 75%) interest in highly prospective licences in the Putumayo Basin in Southern Colombia. The Company will undertake a 3D seismic program in the near term as part of its exploration commitments on the Company's Colombian interests.

• Range has taken a strategic stake (19.9%) in Citation Resources Limited (ASX: CTR) which holds a

70% 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 10% interest in LAR.

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Table of Reserves and Resources

Detailed below are the estimated reserves for the Range project portfolio.

All figures in MMboe	Gross Oil Reserves	Range's		Net Attributable
Project	1P	2P	3P	Interest	1P		2P	3P	Operator
Oil & NGL
Texas - NCR *	16.4	25.2	35.3	20-25%	2.2	3.4		4.8	Western Gulf
Texas - ETCV	1.0	1.6	3.3	22%	0.2	0.3		0.6	Crest Resources
Trinidad	17.5	20.2	25.2	100%	17.5	20.2		25.2	Range
Guatemala	**	2.3**	**	21-24%	**	0.48-0.55**		**	Latin American Resources
Total Oil & Liquids	34.9	47.0	63.8		19.9	21.3		28.9
Gas Reserves
Texas - NCR *	106.0	162.7	228	20-25%	11.7	18.1		25.4	Western Gulf
Total Gas Reserves	106.0	162.7	228		11.7	18.1		25.4

* Reserves attributable to Range's interest in the North Chapman Ranch asset, which are net of government and overriding royalties as
described in the Forrest Garb report.
** 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.

All figures in MMboe	Gross Oil Reserves	Range's	Net Attributable
Project	Low	Best/ Mean	High	Interest	Low	Best/ Mean	High	Operator
Prospective Resources
Trinidad	8.1 40.5 81.0	100%	8.1 40.5 81.0	Range
Total Prospective Resources	8.1 40.5 81.0		8.1 40.5 81.0
Undiscovered Oil-In-Place
Puntland	- 16,000 -	20%	- 3,200 -	Horn Petroleum
Georgia	- 2,045 -	40%	- 818 -	Strait Oil & Gas
Colombia	- 7.8 -	65-75%	- 5.1 - 5.8 -	Petro Caribbean

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 consultant, Mr Mark Patterson. Mr Patterson is a geophysicist who is a suitably qualified person with over
25 years' experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information.
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.
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 consultant, Mr Mark Patterson. Mr Patterson is a geophysicist who is a suitably qualified person with over
25 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 and update reserves estimates for the North Chapman Ranch Project and East T exas 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