Range Resources : Quarterly Activities Report, Appendix 5B

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Quarterly Activities Report

For the period ended 31 December 2015

Range Resources Limited

('Range' or 'the Company') 27 January 2016

The Company provides its quarterly activities report for the period ended 31 December 2015.

Trinidad operations

• The Company's oil and gas production for the period was 50,311 bbls (average of 547 bopd) net to Range, which is a 5% decrease from 575 bopd in the previous quarter. The decrease was due to a combination of factors, principally a lack of new wells put on production during the quarter and natural decline of existing wells.

• The Company continued its development drilling programme, as summarised in the table below:

  
  

  Well	Depth (ft.)	Location	Status (at the date of this announcement)
  MD 42N (renamed MD 249)	2,610	Morne Diablo	On production. Producing 21 bopd (average during the quarter).
  GY 180SE (renamed GY 679)	2,000	Beach Marcelle	The well has been perforated. The performance of the well is being observed.
  GY 161 S (renamed GY 680)	1,685	Beach Marcelle	The log evaluation has been completed, with a total of 130 ft. net oil sand encountered. The well has been perforated and is producing 12 bopd.

  
  

• In addition, the Company perforated a new upper zone on the existing QUN 47 well located in the Morne Diablo field. The well is flowing at a stabilised rate of 50 bopd from this new zone.

• The Company successfully obtained necessary government and regulatory approvals for Beach Marcelle and Morne Diablo waterflood projects. Initial water injection on Morne Diablo commenced during the quarter, with 12 wells approved for conversion to water injectors. The

Range Resources Limited AIM: RRL	Australian Office Ground Floor, BGC Centre	UK Office e. [e-mail] 10 Adam Street
ASX: RRS	28 The Esplanade	The Strand
www.rangeresources.co.uk	Perth WA 6000	London, WC2N 6AA
Australia t. [phone]	United Kingdom t. [phone]

Company also commenced an implementation plan on the South East block of the Beach Marcelle waterflood project.

• Three additional new drilling rigs arrived in Trinidad during the quarter (four new rigs in total with drilling capabilities of 4,000, 2,000, 1,500, and 1,000 metres). These rigs are awaiting certification by the government.

• Given the continuing low oil price environment, the Company is reviewing its work programme for 2016.

  
  

  Non-core assets

  
  

• Subsequent to the quarter end, the Company received a notice from Agencia Nacional de Hidrocarburos, stating that the licences over the three exploration blocks, PUT-5, VMM-7, and VSM-1 in Colombia have been revoked. Both the Company and the consortium are obtaining legal advice with regard to this matter and it is anticipated that the consortium will lodge an appeal against the decision.

• The Company continues to pursue disposals of its interests in Georgia and Guatemala.

Corporate and Financial

Unmarketable parcels: The Company completed a share sale facility for holders of unmarketable parcels on ASX. As a result, the Company has reduced its ASX shareholders by 63% to 1,854 holders at 22 December 2015. This will significantly reduce the administrative and other share registry costs to the Company associated with these very small holdings.

Lind financing: During the quarter, Range announced that the Western Australian Supreme Court, Court of Appeal dismissed Range's appeal seeking to reverse the decision of the Supreme Court (of first instance) refusing to set aside a statutory demand issued by Lind Asset Management LLC ("Lind"). Range, accordingly, paid the balance of the amount outstanding the subject of the statutory demand (approximately US$2.2 million).

US$50 million trade financing package: During the quarter, Range continued to work with LandOcean and Sinosure to finalise the US$50 million credit facility. The facility is subject to final approvals by Sinosure, and payment of a security deposit of US$7.5 million by Range.

Receipts from product sales and related debtors (for the 3 months to 31 December 2015): of US$2.1 million, compared with US$2.6 million in the previous quarter. The decrease was predominantly due to the lower oil price received during the period.

Capital expenditure (for the 3 months to 31 December 2015): of US$1.7 million, compared with US$4.5 million in the previous quarter. The decrease was primarily due to the payment of US$2.5 million during the prior quarter to LandOcean for completed work in relation to Purchase Order 1.

Cash at 31 December 2015: of US$21.9 million, compared with US$24.9 million in the previous quarter principally due to the payment to Lind as detailed above, and ongoing expenditure during the period.

Petroleum tenements held at the end of the quarter (Appendix A)

Tenement Reference	Location	Working Interest	Operator
Morne Diablo	Trinidad	100%	Range
South Quarry	Trinidad	100%	Range
Beach Marcelle	Trinidad	100%	Range
Guayaguayare Shallow*	Trinidad	65%	Range
Guayaguayare Deep*	Trinidad	80%	Range
St Mary's	Trinidad	80%	Range
Block 1-2005, South Peten Basin	Guatemala	20%	Latin American Resources Ltd
Block Vla	Georgia	45%	Strait Oil & Gas
PUT-5, Putumayo Basin**	Colombia	10%	Optima Oil Corp
VMM-7, Magdalena Valley**	Colombia	10%	Optima Oil Corp
VSM-1, Magdalena Valley**	Colombia	10%	Optima Oil Corp

Notes:

*Subject to final government approvals

**Refer to announcement, published on 19 January 2016

No other petroleum tenements or farm-in, farm-out interests were acquired during the quarter.

Contact Details
Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager) e. [e-mail] t. [phone]	Cantor Fitzgerald Europe (Nominated Advisor and Broker) David Porter / Sarah Wharry (Corporate Finance) Richard Redmayne (Corporate Broking) t. [phone]

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

RANGE RESOURCES LIMITED

ABN	Quarter ended ("current quarter")
88 002 522 009	31 December 2015

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter $US'000	Year to date (6 months) $US'000
1.1	Receipts from product sales and related debtors	2,123	4,732
1.2	Payments for (a) exploration & evaluation development production administration	(15) (587) (1,156) (1,079)	(56) (3,655) (2,638) (2,717)
1.3	Dividends received	-	-
1.4	Interest and other items of a similar nature received	10	10
1.5	Interest and other costs of finance paid	(9)	(9)
1.6	Income taxes received/(paid)	-	648
1.7	Other	-	-
Net Operating Cash Flows		(713)	(3,685)
Cash flows related to investing activities		- - -	- - (37)
1.8	Payment for purchases of: (a) prospects equity investments other fixed assets
1.9	Proceeds from sale of: (a) prospects equity investments other fixed assets	- - -	- - -
1.10	Loans to other entities	-	-
1.11	Loans repaid by other entities	-	-
1.12	Other (provide details if material)	-	-
Net investing cash flows		-	(37)
1.13	Total operating and investing cash flows (carried forward)	(713)	(3,722)

+ See chapter 19 for defined terms. Appendix 5B pg. 4