Range Resources : Investor Q&A

('Range' or 'the Company')
12 August 2015

The Company is pleased to provide its ongoing investor Q&A setting out responses to questions from investors. It should be noted that those queries that were already addressed in the previous Company announcements and Q&A forums, are not included in this Q&A. The wording of similar questions has been amalgamated to better reflect a broader spread of investor interests.

Trinidad

Range is in the early stages of commencing competitive tendering for exploration work on the St Mary's
block and will advise shareholders upon further developments.

Range will assess any financial obligations as part of the bid process. Any payments would be made from cash from operations, cash from equity and other sources of finance available to the Company.
The Company's preference is to use a contractor that can provide all or partial vendor financing, as it allows the Company to pay the invoices from future cashflows.

As previously announced, over the last months LandOcean has been evaluating multiple waterflood blocks in the Beach Marcelle field, two blocks in the South Quarry field, and expansion of the existing pilot project on Morne Diablo field.
Range and LandOcean have concluded that Phase 1 waterflooding on Beach Marcelle field will comprise the South East, North East and South West blocks, plus parts of the North West block previously partially waterflooded by Texaco (subject to the relevant approvals).
The South East block was chosen as the first preferred waterflood project, and all existing wells in this area have now been subject to integrity testing of existing wellbores. Two wells in the block have also been sampled for formation water analysis. One well was perforated, tested for flow rate, and the formation water sampled and analysed. As a result, it is expected that sufficient volumes for initial water injection of the block should be available from the overlying aquifer in shallower sand bodies.
Following completion of detailed economics and feasibility studies, Range and LandOcean presented their updated plans for waterflooding the Beach Marcelle field to the MEEA and Petrotrin. Range will be applying for the relevant approvals during August. Once all approvals are obtained, implementation of water injection is expected to commence approximately five months thereafter. In the meantime,
surface facility planning and scheduling for implementation are underway.

AIM: RRL Ground Floor, BGC Centre 10 Adam Street ASX: RRS 28 The Esplanade The Strand www.rangeresources.co.uk Perth WA 6000 London, WC2N 6AA

Australia United Kingdom

t. +618 6205 3012 t. +44 (0)20 7520 9486

On Morne Diablo field, LandOcean completed a review of the previous plans for expansion of the existing pilot waterflood scheme, and suggested changes to the waterflooding pattern which could enhance incremental production and recovery from the project. Range will be applying for the relevant approvals for Morne Diablo waterflooding during August. Once all approvals are obtained, implementation of water injection is expected to commence approximately four months thereafter. In the meantime, surface facility planning and scheduling for implementation are underway.
The Company will release its upcoming waterflood work programme and plans once it has been agreed with the government (as part of the aforementioned government approval process), as well as production forecast for the projects.

Applications for approvals are treated individually and are typically processed within approximately 30 days in our experience.

The Company is committed to providing regular operational updates and is mindful of its reporting obligations as a listed company. As the operational activities increase, the frequency of the updates will increase accordingly. At this stage, the timing of the updates will be determined by the newsflow rather than on a scheduled basis.

At the time when the interview was conducted, the Company was hoping to drill approximately 20 wells in 2015. However, given the operational delays (as announced on 7 August 2015), the Company now expects to drill 4 wells in Q3 2015. The work programme for Q4 2015 will be dependent upon availability of the existing rigs and arrival and deployment of four new rigs (subject to the relevant approvals). The Company will continue to update shareholders in due course.

The Company is finalising its waterflooding programmes and once all the details are confirmed, the
Company expects to provide further details relating to the project.
Range is committed to its long term goals and production growth. The Company does not envisage that its drilling campaign will be impacted by the fluctuation in the oil price.

Operational delays during the last few months were mainly caused by issues with the existing rigs. The
Company believes that the next six months should show substantial improvements in operational

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performance. The access to four brand new drilling rigs during 2H 2015, will be pivotal to improving
capabilities and limiting the downtime of Range's development and exploration drilling.
The Company also believes that the appointment of Mr Xiu as Trinidad Deputy General Manager and Chief Geologist will strengthen the management team. In addition, Range will be making further changes to the management team in Trinidad, which will ensure more efficient and robust operations. These changes will be announced once finalised in due course.
The Company has also been working on improving forward planning in permitting as much as possible, and 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 the relevant authorities on issues that cause problems to define better guidelines, which have led to improved submissions and approval timelines.

The incident was caused by a small fire at the mud tank of the rig. Testing of the rig is ongoing and Range was advised that LandOcean plans to evaluate the feasibility of re-introducing the rig into drilling operations, once the inspections are finalised, expected at the end of August. In the event that it is considered not feasible to use the rig for drilling purposes, the rig is expected to be used for workover operations.
Range is hopeful that the necessary steps will be taken by the contractor LandOcean to ensure that this type of incident is prevented in the future.

To supplement the drilling fleet as the rig 6 inspections are continuing, LandOcean will be contracting a locally rented rig with a drilling depth of approximately 6,000 ft. to provide further capabilities for Range's drilling campaign (as announced on 7 August). The contract for the rented rig is currently being finalised.

LandOcean is a committed contractor, which is demonstrated by the fact that they have purchased Range's loss making drilling business, invested in four news rigs (worth approx. US$20 million) and offered a 12 month credit facility, allowing Range to proceed with its drilling campaign. Therefore, Range believes that LandOcean is a very capable contractor to execute its drilling programme with the arrival of the four new rigs.

The delays were caused by failures of old equipment and rigs and not due to LandOcean's drilling
capabilities. Range will not be making a financial claim against LandOcean.

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No, the fee only applies to third parties and not LandOcean subsidiaries.

Given the low drilling activity since RRDSL sale completion in May 2015, the balance outstanding under the facility is not material. As a general principle, the information on individual outstanding payments due to suppliers is confidential business information and will not be disclosed.
Investors should note that it is a rolling 12 month credit facility (i.e. Range will pay for each invoice submitted by LandOcean 12 months after the date of that particular invoice).
Investors should also note that if no drilling activity is taking place, there is no credit being accrued under this facility.

This initial upgrades of the rig were initiated in order to improve drilling capabilities of the rig in March
2014 (prior to acquisition of RRDSL by LandOcean). The upgrades were partially completed, which enabled RRDSL to drill the QU 454 well during Q4 2014 / Q1 2015.
After completion of the QU 454 well, RRDSL was working to complete the required upgrades, which was expected in time for the Canari North well spud. However, as announced on 7 August 2015, following further inspections and tests of the rig indicated that both the mast and the crown require additional repair work, which was not properly completed previously. These repairs are anticipated to be completed during September.

No. The locations of the two wells were selected by Range and Niko Resources Ltd in 2014.

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Other assets

No, there is no financial liability for exiting Puntland.

Corporate

Range is comfortable with the investment amount provided under Sibo facility, and believes it will be sufficient for the planned work programme.
In addition, the existing 12 month credit facility with LandOcean ensures that Range is able to accelerate its planned exploration and development programmes in Trinidad, which is critical to grow production.

No. LandOcean is not making an investment in Range via Sibo.

The final investment amount will depend on the final amount provided by investors into Sibo fund.
Sibo advised that it currently intends to subscribe for ordinary shares in an amount of US$22.1 million in cash as part of the Tranche 2 investment with the final amount to be confirmed after the General Meeting of the Company, which is taking place on 28 August 2015.

As per agreement, Sibo may advance some or all of the Tranche 2 Subscription funds to the Company prior to the General Meeting. Sibo agreed to provide up to US$10 million to provide flexibility for any funding requirements that arose prior to the General Meeting, including any potential financing for the performance bond with respect to the St Mary's block. The Company has not utilized any pre-completion proceeds.

Assuming Sibo invests US$30 million in total, free float of the Company would be approximately 58%.

Free float excludes:

 Shares held by Sibo. Assuming Sibo invests US$30 million in total, Sibo will hold approximately

2.4 billion shares, which will represent 32% of the issued capital.

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 Shares held by Directors and Management. Following Sibo transaction, Directors and

Management will hold approximately 35 million shares (David Chen, Chairman already holds

10,288,070 shares in the Company)

 Shares held by Abraham Ltd - approximately 712 million shares currently held.

Confirmed. None of the Directors have taken a loan from Range for the purchase of the share placement.

The move to the main market will depend on a number of factors rather than production alone. However, the management believes that the production needs to grow substantially before the move is appropriate.

The Board's main focus is to create sustainable shareholder value and return for all shareholders (existing and new). The quality of the Board's performance is demonstrated by its effectiveness in providing stewardship and oversight of management and operations of the Company to ensure the Company's risks are appropriately mitigated and business objectives, strategies, and policies and practices are appropriate and executed effectively.
The Board has adopted a corporate governance framework which it considers to be suitable given the size, history and strategy of the Group, and consistent with the ASX Corporate Governance Principles (more information can be found on the Corporate Governance section of the Company's website).
Since the Board has been appointed in December 2014, the progress made to date has been transformational for the Company, as summarised below. The highlights of the achievements in the last year should provide investors with confidence that their Directors are indeed the best guardians for their investments.

 Funding secured. Despite the challenging oil price environment, the Company has established a stable funding position for the growth of the Company through a number of attractive funding equity, supplier and trade finance packages.

 Cutting costs and streamlining operations. The Board has been focused on driving efficiency and cost reduction by streamlining the scale and geographic footprint of non-core and cash draining businesses; and reduction in G&A costs which have shown a material decrease in the last year, with the Company striving to substantially reduce these costs even further. During the year, the Company has successfully completed the sales of its drilling business Texas assets, Citation Resources equity holding and exit from Puntland. These assets required capital funding so each sale has eliminated imminent spending commitments whilst raising cash for the Company

(year to date Range has raised approximately US$5.2 million from these disposals).

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 Trinidad operations. Whilst disappointed with operational delays to date, the Board is confident that the next six months will be pivotal in improving operational performance and growing production. The access to additional four brand new drilling rigs during 2H 2015, will be crucial to improving capabilities and limiting the downtime of Range's development and exploration operations. The Company has a total of four wells scheduled to be drilling during Q3 2015 and the work programme for the remainder of the year is currently being finalised. The Company has also commenced exploration operations on the two highly prospective St Mary's and Guayaguayare blocks. Range is the only independent operator to be undertaking large exploration programmes onshore Trinidad during the current challenging oil price environment. Waterflood projects are also progressing, with water injections planned to commence once the necessary approvals have been received.

The Directors believe that in a relatively short period they have laid solid foundations to create shareholder value and fulfil longer term objectives of growing the business through expansion of operational activities, and growth of production and cashflows.

As stated in the announcement released on 14 May 2015, Range is consulting with its legal advisers with regards to appropriate action and will make a relevant announcement in due course.

The potential claim from Avanti Advisors Ltd related to a commission payment on the Core Capital investment, which was subsequently terminated, as announced on 14 May 2015.

Once the Sibo funding has been completed, and the work programme / production forecast for 12 months has been finalised, the Company expects to provide a comprehensive presentation to all investors.

The Company will consider an investor presentation in London later in the year, after the year-end accounts have been published and once Sibo funding has been completed.

Range has no current financial connection or communication with the World Stocks internet forum.

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Given that Trinity Exploration & Production Plc is subject to the City Code on Takeovers and Mergers and has opted to conduct discussions with parties interested in making a proposal under the framework of a formal sale process, any discussions are to be conducted on a confidential basis, therefore Range cannot provide any further details on this matter.

At this stage, Mr David Chen will continue in the role of a Non-Executive Chairman.

Evgenia Bezruchko (Investor Relations)

e. admin@rangeresources.co.uk

t. +44 (0)20 7520 9486

David Porter / Sarah Wharry (Corporate Finance) Richard Redmayne (Corporate Broking)

t. +44 (0)20 7894 700

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