Range increases its FOOTPRINT in Trinidad by over 280,000...

Range increases its FOOTPRINT in Trinidad by over 280,000 acres

Highlights:

- Range increases its Trinidad gross acreage footprint by circa 17x (gross
increase by +280,000 acres) through a proposed farm-in with Niko Resources
Ltd. on the Guayaguayare block in Trinidad;

- Farm-in will provide Range with vast exposure to both onshore and offshore
potential and creates excellent synergy between Range's three existing blocks
and the Guayaguayare block;

- Range to gain exposure to both shallow and deep horizons within the
Guayaguayare block, including the highly prospective Upper Cretaceous
formation - believed to be the source formation for Trinidad's current and
historical hydrocarbon discoveries;

- There are four prospective onshore fields within the Guayaguayare block,
each considered to have significant potential for oil, whilst the offshore
structural complex is believed to have significant potential for large gas
discoveries with several large structures mapped;

- Range to utilise its own drilling rigs and personnel for the farm-in, and in
advanced discussions with a leading International Drilling and Oil-field
Services Provider to complement existing infrastructure and accelerate
development; and

- Range is in the final stages of completing and drawing down on its reserve
based debt financing of staged amounts of up to US$100m (increased from
previously announced US$35m) - having drawn down on initial £3m as a
convertible financing arrangement in the interim.

Farm-in with Niko Resources

Range Resources Limited ("Range" or "the Company") is pleased to
announce that it has reached an agreement in principle with a leading Canadian
exploration and development company, Niko Resources Ltd. ("Niko") (TSX:NKO)
regarding the Guayaguayare Block in Trinidad. As a result of the agreement,
Range increases its gross acreage exposure in Trinidad by over 280,000 acres,
across both the shallow and deep horizons with proven oil producing trends.

Niko currently holds shallow and deep Production Sharing Contracts
for 65% of the onshore portion and 80% of the offshore portion of the license
area with the Guayaguayare Block comprising 280,170 shallow acres and 293,999
deep acres. Trinidad's State Owned petroleum company, Petrotrin, holds the
remaining balance of the interests (35% onshore and 20% offshore).

According to the agreement in principle, Range will earn 50% of
Niko's existing interests in the deep and shallow rights covering both onshore
and offshore areas, with the consortium to drill two onshore wells: one
shallow onshore well to a maximum of 5,000 ft., and one deep onshore well to a
minimum of 5,000 ft. In the event of a discovery from either of the two
initial wells, the consortium with look to drill an initial appraisal well.
The first well is targeted to spud in early 2014.

Drilling rigs and personnel from Range's operating group in
Trinidad will be used to drill the initial three wells as mentioned above.

Range will fund the two onshore wells and the potential initial
appraisal well at its sole expense, and will split costs 50/50 with Niko in
the offshore well, and any other costs going forward. Under the agreement,
certain payments will be made to Niko upon achievement of commercial
production from any discoveries.

The agreement is subject to completion of final transaction
documents and government and regulatory approval, as well as approval by the
Range and Niko boards.

As shown in the map above, the Guayaguayare Block is comprised of
over 280,000 contiguous acres covering both onshore and offshore portions of
known, productive trends along the southern coast of Trinidad. The
Guayaguayare block is situated along trend with the most prolific oil and gas
fields in Trinidad and lies in the transition area between the transpressional
Southern basin and the extensional Columbus basin. A regional wrench fault,
and extension of the Los Bajos fault, cuts through the onshore to offshore
transition zone. Traps associated with this fault produce oil in Southwest
Trinidad and off the East Coast from Upper Miocene / Pliocene Sands.

The Block surrounds Range's Beach Marcelle Field, and extends south
to the limits of Trinidad's territorial waters. In addition to proven
Tertiary-age exploration targets, the block is believed to hold significant
potential in the Cretaceous section, which has been successfully developed in
the Eastern Venezuelan basin.

There are four prospective onshore fields within the Guayaguayare
block, each considered to have significant potential for oil, whilst the
offshore structural complex is believed to have significant potential for
large gas discoveries with several large structures mapped.

To date, the following work has been completed by Niko and previous
operators on the block:

Onshore:

- Acquired and processed 217km2 3D land survey

Offshore:

- Acquired and processed 277km2 3D marine survey (2011)

- Two 3D marine surveys were reprocessed (ELF 1997 and Mobil 1990)

- All 3 offshore 3D surveys have been merged prestack (total 836 km2)

Strategic Partnership with a leading International Drilling and Oil-field
Services Provider

Range is also pleased to announce that in anticipation of the
increased activity in Trinidad, the Company is in advanced discussions with a
leading International Drilling and Oil-field Services Provider, with a view to
maximise the development of current acreage and potential new licenses,
through bringing in additional rigs, infrastructure and manpower to Trinidad.
The partnership will complement the Company's existing drilling fleet of 6
rigs and over 250 employees, as the Company looks to rapidly ramp up
activities in Trinidad through expansion and organic growth.

Funding Facility

With the intention of Range utilising its reserve based lending
facility for its expanded activities in Trinidad and potentially in Russia
(with the proposed International Petroleum merger), the Company is pleased to
announce that the previously announced US$35m reserve based debt financing
through Meridian SEZC has been increased to staged amounts of up to US$100m.
The Company is now in the final stages of completing and drawing down on its
facility. As an interim measure, an initial £3m has been drawn down as a
convertible financing arrangement on the following key terms:

- 18 month term, effective 10% interest rate;

- 90% VWAP conversion on or after 30 days from drawdown;

- 50% face value can be converted if repayment election by the Company is
made; and

- 1 for 2 attaching option, with 3 year expiry at £0.038, upon conversion.

The company will be releasing a comprehensive presentation on its progress and
developments in Trinidad, as well as further updates from across its projects
in the due course.

Peter Landau, Executive Director, commented:

"We are very enthusiastic about the opportunity to work with the
Niko team on this venture. The new block gives Range vast exposure to both
onshore and offshore potential and creates excellent synergy between our three
existing blocks and Guayaguayare. The Guayaguayare Block represents a perfect
opportunity for Range to add highly prospective acreage on trend with its
existing exploration, development and secondary recovery projects, while
leveraging its fleet of drilling and production rigs and operating experience
within the region. Given our ongoing production operations in South Quarry,
Morne Diablo, and Beach Marcelle, Range is uniquely positioned to operate
future discoveries, whether on or offshore, which in turn should result in
appreciable synergy and lower operating costs. We are also extremely excited
about our potential partnership with a leading International Drilling and
Oil-Field Services contractor, which fits well with our increased operations
in Trinidad, and complements our existing infrastructure, by providing
additional rigs, infrastructure and personnel. With the increased reserve
based lending facility almost complete along with the Texas sale, we are fully
set for expansive growth in operations and expertise in a Country with immense
hydrocarbon potential."

Issue of Shares / Options

Range Resources Limited is pleased to announce the issue of the following securities:

- 20,107,629 Ordinary Fully Paid Shares issued in lieu of debt
repayments and financing costs

- 146,533,850 Unlisted Options issued with respect to £0.04p
placement and approved at 19 June 2013 EGM - (£0.04, 30 April 2016)

- 5,000,000 Unlisted Options issued in conjunction to £3m
convertible note (£0.038, 30 June 2016)

Application will be made for the 20,107,629 new shares to be admitted to trading on
the ASX and AIM. Trading in the new shares is expected to commence on or around 9 July 2013.

Following the issue of these securities the total number of securities on issue are as follows:

2,873,944,243 Ordinary Fully Paid Shares (RRS)

40,000,000 Listed Options ($A0.05, 31 January 2016)

855,166 Unlisted Options (£0.04, 30 June 2015)

7,058,824 Unlisted Options (£0.17p, 30 April 2016)

5,180,000 Unlisted Options (£0.075p, 31 January 2017)

9,000,000 Unlisted Options (£0.125p, 31 March 2015)

15,708,801 Unlisted Options (£0.0615p, 19 October 2015)

32,275,862 Unlisted Options (A$0.05075p, 30 November 2015)

5,000,000 Unlisted Options (A$0.10, 31 January 2016)

5,000,000 Unlisted Options (A$0.06, 10 February 2016)

146,533,850 Unlisted Options (£0.04p, 30 April 2016)

5,000,000 Unlisted Options (£0.038, 30 June 2016)

17,921,146 Class B Performance Shares


Yours faithfully


Peter Landau
Executive Director