Range Resources : Investor Q&A

('Range' or 'the Company')

The Company is pleased to provide its ongoing investor Q&A setting out responses to questions from investors. It should be noted that the wording of similar questions has been amalgamated to better reflect a broader spread of investor interests.

Trinidad

The IER report was based on the reserves report produced by Forrest A Garb & Associates, Inc. as at 1 January 2014 (1P: 19.0 MMbbl; 2P: 22.1
MMbbl; 3P: 28.2 MMbbl). Since then, Range has been working with LandOcean on optimising the development plans of the Trinidad assets, in order to improve the projected production profile, well economics and the associated costs. The Company will be able to add further value by growing its 1P and 2P reserves and moving from prospective resources to reserves category, as work on the ground ramps up. Range will continue to identify

opportunities to reduce the costs of growing production.

Richard Redmayne (Corporate broking)

t. +44 (0)20 7894 7000

Ground Floor, BGC Centre

28 The Esplanade

Perth WA 6000

Australia

t. +618 6205 3012

Suite 1A, Prince's House

38 Jermyn Street London, SW1Y 6DN United Kingdom

t. +44 (0)20 7025 7040

f. +44 (0)20 7287 8028

e. admin@rangeresources.co.uk www.rangeresources.co.uk

The testing of well bores in the Beach Marcelle field is ongoing, as evaluation and planning continues on the waterflood project. The extent of remedial work required is currently being studied and will be factored into the planning and execution timelines to reduce delays as far as possible.

645 bopd was an actual production as at 19 March 2015, 525 bopd was the average production for February.

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The 1,000 bopd target is aimed to be achieved during the stated quarter. The Company is finalising its production forecast which will be announced in Q2 2015. This production target is based on a sustained period and Range will continue to aim for production growth beyond that level.

The production figures provided in the quarterly reports state figures for the relevant quarter only, unless stated otherwise.

The Company is committed to providing more regular operational updates on a monthly basis. The timing of the updates will be determined by the newsflow rather than on a scheduled basis. The next operational update will be issued during April.

It is impossible to accurately extract Range-related information from the government reports, as the published figures in government reports include other Farm-out / IPSC operators in Trinidad of which Range's data is included.
Range advises that shareholders should only ever refer to the Company's announcements for the
most up to date information.

Yes, there will be significant ramp up of operational activities in Trinidad once the Company has the Core Capital funds in place to proceed with the planned programme. As previously stated, Range intends to apply the proceeds to drill multiple development and exploration wells and implement waterflood programmes, which will increase production from the Trinidad assets, resulting in an increase in future cash flows. Namely, the Company will apply the proceeds to:

 Undertake the development and waterflood work programmes on three existing onshore blocks (Morne Diablo, South Quarry and Beach Marcelle), where Range has a solid reserves base with certified 2P reserves of 22 mmbo in well-known, easy-to-access reservoirs;

 Commence exploration on:

 The deeper exploration targets of the existing three licences;

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 The large Guayaguayare deep and shallow licences. Subject to government approvals, Range plans to spud its first exploration well in Q2 2015 and site preparations have already commenced for this well;

 The highly prospective St Mary's licence. Work programme is planned to commence in H2

2015, to include audit of existing field infrastructure, preparation for environmental permitting and tendering for services; and

 Fund any potential acquisition activities in Trinidad.

Yes. As stated previously, the Core Capital investment may be used to fund potential acquisition opportunities, to provide Range with additional production and revenue in Trinidad. In the current environment of low oil prices, there might be many attractive opportunities for Range to expand its portfolio through asset acquisitions and Range is open to it when the right opportunity presents itself.

The equipment will be financed from the Core Capital proceeds, as well as Range's production
proceeds and cash flows.

LandOcean has already committed to a substantial expansion of the drilling fleet. There may be potential future opportunities to expand the drilling fleet further. However, it will be LandOcean's decision as they expand the drilling service business outside of the contracts from Range taking into account a very challenging oil price environment.

LandOcean committed to adding four new rigs to the drilling rig fleet. The number of total rigs to be utilised for the upcoming drilling programme is currently under review. It is possible that LandOcean will choose to retire some of the existing five rigs due to high repair and maintenance costs.

Range will pay LandOcean to provide drilling services at competitive rates in accordance with the local market. Other than that, there are no additional costs to Range.

The four additional rigs to be added to the fleet during 2015 are brand new rigs. Range is not in a position to disclose information on the cost of these rigs on behalf of LandOcean.

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Whilst Range cannot make statements on behalf of LandOcean, Range believes that LandOcean is willing to make a long-term commitment in establishing itself as a drilling services provider in Trinidad, therefore it is likely that LandOcean has the ambition to service other clients, and Range encourages that as it will provide the economies of scale and bring down overall costs. All services provided to Range must be on a competitive basis in line with market practices in Trinidad.

Range is committed to selecting the most capable and efficient drilling contractor to execute it's drilling programme. In the event LandOcean wins a contract to drill any of the Company's blocks (in addition to current drilling commitments for Range) the Company is confident that via the tendering process the successful contractor will provide the equipment that is necessary to execute the Company's drilling plans and work obligations.

The drilling rate card is currently being negotiated between Range and LandOcean, with services to be priced at competitive rates in line with market practices in Trinidad.

As stated in the answer above, Range is currently in discussions with LandOcean with regards to the drilling services terms. Range's focus is to ensure that the drilling contractor executes the Company's drilling plans with the maximum efficiency so that Range can realise production in the shortest possible time from new wells. Downtime of the drilling rigs, beyond acceptable standards, is accounted for in different costing structures for the rigs.

Range will consider all opportunities to maximise its drilling activity at lower cost. As per the previous question, Range is in the process of finalising drilling services terms and once it is finalised Range will consider whether any additional rig capacity will be beneficial in the short term.

Yes. LandOcean is a very capable oilfield services provider with extensive expertise which Range will fully utilise as both companies work together to improve well economics and ensure efficient drilling of the best possible targets and production potential.

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The contract with LandOcean does not cover the above ground facilities maintenance; therefore Range is responsible for the operation and maintenance of above ground facilities on a day to day basis.

The purchase order with LandOcean for the waterflood project is not output driven in terms of production. Range will continue to review the quality and the results of LandOcean's work to ensure that money is well spent. Where services under a purchase order have been provided and have directly resulted in increased production for Range, LandOcean may be entitled to an incremental production bonus share. The management of Range believes that this structure ensures that LandOcean is incentivised to maximise production and cash flows for Range and will encourage LandOcean to accelerate the work programme.

Waterflooding studies of the Company's Morne Diablo, South Quarry and Beach Marcelle fields are ongoing and Range will keep the market informed of the progress. The Company is finalising its detailed production forecast which will be announced in Q2 2015.

The Company is not planning to drill the Herrera formation in 2015, however, drilling of three commitment wells to this formation is planned for 2016 (two wells in South Quarry and one well in Morne Diablo field).

The testing of the equipment is ongoing whilst the Company is awaiting approval to commence the electro-magnetic surveying from the regulatory bodies.

In order to improve forward planning and reduce delays as much as possible, the Company has implemented a new tracking system which has resulted in several of the processes becoming more consistent. In addition, Range along with other operator companies in Trinidad, has been working with relevant authorities on issues that cause problems to define better guidelines, which have led to improved submissions and approval timelines.

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Range will establish a production planning department to manage all planning well in advance, including permitting of all drilling locations. An appropriate manager will be hired to head up this department.

Given several queries from shareholders with regards to wells drilled in the last year, Range provides information on development wells drilled since 1 Jan 2014 to date in the table below.
Given the large quantity of drilling to be undertaken by Range, in the future the Company will only provide information on its total Trinidad production volume along with information on any material development and exploration wells which are drilled, rather than providing information on each
individual development well.

The capital allowances in respect of exploration costs cover the period from 1 January 2014 to 31
December 2017, and allow a deduction of 100% of costs incurred during that period. The other amendments to the fiscal regime regarding the rates of capital allowance are a permanent change (until further amendments by the Minister of Finance).

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The government of Trinidad and Tobago continues to support operator companies via the existing fiscal regime in place and has made no announcement to date of any changes to the current regime resulting from decline in the oil price.

As advised by the Company's Nominated Adviser, such information is considered price sensitive and should only be disclosed in an announcement. The Company will disclose this information in the next operational update.

Other Assets

The Company will be providing an update with respect of its interests in Georgia shortly.

Given the Company's focus on Trinidad, there will be no further increase in exposure to Citation.

Citation's shareholder approval is not required for the shares to be issued to Range. The 200 million shares in Citation have been issued and are held by Range. Citation is seeking their shareholder approval to ratify the issue of shares in order to restore Citation's ability to issue further securities under ASX Listing Rule 7.1. Please refer to Citation's announcement published on 27 March 2015 for further details.

Corporate

The Core Capital proceeds will be applied to achieve incremental production growth in Trinidad through drilling of multiple development and exploration wells on the three blocks and the highly prospective exploration acreage on St Mary's and the Guayaguayare licences, implementing a waterflood programme and also to repay existing debt. Range will adopt appropriate cash management for any cash held before the funds are spent.

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Range currently employs 55 people in total (excluding employees of Range Resources Drilling
Services and Non-Executive Directors of the Company), as follows:

 Head office - 4 persons;

 Trinidad:

 Corporate / Finance / HR / Admin - 14 persons;

 Health Safety & Environment - 5 persons;

 Exploration & Development - 9 persons;

 Engineering / Drilling Supervisors / Operational - 23 persons.

There are no hedging agreements in place at the moment. Hedging arrangements would be implemented if deemed appropriate to mitigate commodity price risks and this will be kept under regular review as we continue to develop and grow production.

The Company will be discussing this matter with the Directors. Given the range of projects and opportunities in Trinidad, there is no current intention to consider any on-market buy backs.

Rebecca Sandford chose to resign as the Joint Company Secretary to pursue other opportunities. Whilst the Directors were sad to see her leave, the Company has made a decision to appoint Nick Beattie (the Company's CFO) to replace Rebecca's position as part of its cost reduction programme. Sara Kelly and Nick Beattie will act in the role of the Joint Company Secretary. Rebecca worked her full notice period and, therefore there was no termination payment involved with her resignation.

The IOP investment is valued at US$1 million in the accounts and this will be reassessed in annual financial year-end accounts.

As announced on 12 March 2015 Range submitted an application to the Supreme Court of Western Australia to set aside the statutory demand issued by Lind. As detailed in the Notice of Meeting published to shareholders on 24 February 2015, it is Range's intention to repay the outstanding Lind

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loan once the Core Capital funding is complete. Range will continue to update the market as appropriate.

Range will strongly defend its position and as noted in the Company's half-yearly report released on
16 March 2015, Range and its legal advisers are currently reviewing the validity of the Commission Agreement with Avanti Advisors. At this stage given the potential claim, we cannot provide any further details. Range will provide further details upon material developments.

Mark Patterson was not a Director or an Executive of the Company, therefore Range was not required to make a market announcement on his departure.
As noted in the Company's half-yearly report released on 16 March 2015, Range has engaged legal advisers to assist with the claim and will vigorously defend its position. The parties will attend mediation in an attempt to resolve the matter, and if resolution is not possible, the claim will be heard through an arbitration process in Texas. It is currently expected that the arbitration hearing will occur in the second half of 2015. At this stage given the ongoing legal process, we cannot provide any further details. However, Range will provide further details upon material developments.

Shareholder voting information is confidential and cannot be disclosed.

Please refer to answer above.

Range published its Notice of Meeting on 24 February 2015 and the share registrar dispatched the
Notice to all shareholders and DI holders (via respective brokers) the following day.

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