Ann: Annual Report to shareholders, page-2

Slowly but surely. These guys are no-nonsense and focused on reanimating, what was a very sick puppy.

AUDITED ANNUAL RESULTS FOR THE 12 MONTHS ENDED 30 JUNE 2018

Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, today releases its Annual Report for the 12 months ended 30 June 2018. Highlights
• Increase in production: 25% production growth in Trinidad during the year (net average production of 650 bopd);
• Continued drilling and workover programme in Trinidad: two new wells drilled, and over 250 workovers competed;
• Encouraging levels of production from waterflood schemes: average production for the period of 200 bopd;
• Two new acquisitions completed: oil and gas project in Indonesia and an oilfield services business in Trinidad;
• 3 rd party contract wins for oilfield services business; • Indonesia operations initiated: field operations commenced; and
• Financial:
o 55% increase in revenues to US$13.1 million (2017: US$8.4 million);
o 43% improvement in OPEX per barrel for Trinidad upstream operations to US$26/barrel (2017: US$46/barrel);
o 24% improvement in EBITDAX with loss of US$6.0 million for the year (2017: loss of US$7.9 million).

Range’s Chairman, Zhiwei Gu, commented: “After another busy period, it is our pleasure to be reporting on significant operational and financial improvements delivered by the team. Looking ahead, we remain focused on achieving long-term profitability and positive operating cashflow through growth in revenues and production whilst maintaining a tight control over costs. On behalf of the Board, I would like to express our gratitude to our stakeholders and staff for their continued commitment and hard work to maximise the value of our high-quality assets. We look forward to reporting on our progress during the year ahead.”