Range Resources Ltd : - Guatemala Update

8 January 2014



The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

Via E-lodgement

                               Guatemala Update

Range Resources Limited ("Range" or "the Company") would like to
draw attention to the announcement released today by Citation Resources
Limited (ASX: CTR) with respect to the Company's interest in Guatemala with
the following highlights:

  - The Harold Lee 500 rig now set up on the Atzam #5 drill pad,
    following the recent completion of location site works
  - The rig's drilling mast is set in place, with auxiliary equipment
    now being connected to the rig to enable commencement of drilling
    operations
  - The rig is expected to be drilling ahead towards the initial
    reservoir targets in 3-4 days
  - Drilling schedule for Atzam #5 is 40 days to total depth target of
    4,100 feet
  - Primary reservoir targets are the C17, C18 and C19 carbonate
    sections
  - Atzam #5 well to target the same carbonate reservoir targets as
    the Atzam #4 production well - 2.3m barrels of 2P reserves which excludes
    the C18 and C19 carbonate sections in Atzam #4
  - Atzam #4 continues to be produced on a highly restricted choke
    (12/64 inch) to manage the reservoir integrity, still with no water
    production to date
  - Significant exploration potential on Atzam Oil Field - unexplored
    salt dome and anticline structures to be evaluated and tested through 2014

Range has a direct and indirect 32% interest in the Guatemalan Project.

Further details are contained in the Citation Resources announcement, which
can be accessed at:

http://www.citation.net.au/media/articles/ASX-Announcements/20140108-Atzam-5---Rig-Set-Up-On-Location--259/CTR-14-Atzam-5-Rig-Set-Up-On-Location.pdf


Yours faithfully


Peter Landau
Executive Director



Contacts
Range Resources Limited                     PPR (Australia)
Peter Landau                                David Tasker
T: [phone]                        T: [phone]
E: [e-mail]            E: [e-mail]

GMP Securities Europe LLP                   RFC Ambrian Limited (Nominated Advisor)
(Joint Broker)                              Stuart Laing
Richard Greenfield / Rob Collins /          T: [phone]
Alexandra Carse
T: [phone]

Fox-Davies Capital Limited (Joint Broker)   Old Park Lane Capital (Joint Broker)
Daniel Fox-Davies / Richard Hail            Michael Parnes
T: [phone]                     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 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. The Company
will undertake a 3D seismic programme as part of its exploration commitments
on the Company's Colombian interests. 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.