Range Resources : Quarterly Activities Report, Appendix 5B

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ('MAR'). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ('RIS'), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

QUARTERLY ACTIVITIES REPORT

Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, provides its quarterly activities report for the period ended 31 December 2017.

During the quarter Range undertook significant investment in the growth of its asset portfolio with completion of acquisitions in Indonesia and Trinidad. This was achieved whilst also seeing a 9% growth in oil production compared to the previous quarter.

PRODUCTION AND FINANCIAL SUMMARY

* This includes the cash on hand plus amount of immediately refundable advance deposit paid in respect of RRDSL acquisition

CORPORATE

Admission to trading on Alternative Investment Market ('AIM')

During the quarter, the Company's ordinary shares were admitted to trading on AIM effective 13 December 2017, under the ticker 'RRL'. The Company published an admission document which can be viewed on Range's website www.rangeresources.co.uk.

Completion of acquisition of oil and gas interests in Indonesia

During the quarter, Range completed the acquisition of interests in an established oil block in Indonesia. As per terms of the acquisition, the Company has acquired an indirect 23% interest (to increase to 42% upon completion of the minimum work programme) in the Perlak field located in a mature hydrocarbon province of Northeast Sumatra. Please refer to Operations section below for further details on the project.

Completion of acquisition of Range Resources Drilling Services Limited ('RRDSL')

Following shareholder approval at the General Meeting of the Company held on 30 November 2017, the acquisition of RRDSL completed during the quarter. RRDSL is an established oilfield services provider with successful track record of operations for almost 15 years. RRDSL's assets are capable of supporting a wide variety of oilfield operations and benefit from one of the most modern rig fleets across the Caribbean.

RRDSL has been providing all of Range's oilfield services in Trinidad, including drilling, waterflood and workovers since 2003. The acquisition is expected to reduce the operating costs associated with Range's upstream operations in Trinidad and provide substantial operational flexibility.

Range's objective is to increase upon the existing levels of business with other operators to provide additional revenue stream. The longer-term goal of the Company is to establish RRDSL as a profitable oilfield services company, providing operations to a wide range of counterparties in the Caribbean and Latin America. Further information on RRDSL and its services can be found on the website: www.rangedrilling.com.

During the quarter, Range advanced a partial payment of US$2.8 million to LandOcean Petroleum Corp. Ltd as part of the consideration for the RRDSL acquisition. The payment is on a refundable basis and the funds will be immediately repayable to Range upon the Company's request. This early, refundable payment will benefit Range as it will no longer have to pay the 6% interest rate per annum accruing on the amount of consideration.

Termination of proposed acquisition of the West Coast assets

During the quarter, Range announced that the proposed acquisition of the West Coast assets in Trinidad from Trinity Exploration and Production plc had been terminated. The US$4.55 million deposit which was paid by Range upon execution of the sale and purchase agreement was returned to Range during the quarter.

OPERATIONS - TRINIDAD

Development drilling

Subsequent to the period end, Range announced that the GY 684 development well located at the Beach Marcelle field, which was drilled in December 2017 was successfully brought into production at a stabilised rate of 120 bopd on a restricted choke. The Company is encouraged by the results from this well, which is one of the best producing wells drilled by Range in recent years in Trinidad. At the date of this publication, the well continues to flow at a rate of approximately 100 bopd.

Waterflood update

Range's focus in Trinidad continues to be on the production growth from its waterflood programme, with over 70% of total reserves attributed to these projects - approximately 11 MMstb of 2P reserves.

Production from the waterflood programme has been increasing over the last months, with approximately 36% of Range's average production for the quarter attributed to waterflood.

During the period, production at the South East area of Beach Marcelle field continued at an average rate of 190 bopd. Production from Range's second waterflood programme at the Morne Diablo field continued at an average rate of 40 bopd.

At the South East area of Beach Marcelle field, the Company completed the construction of a pipeline to connect to additional water supply which has the potential to increase the injection rate by additional 700 bwpd. Transfer of this additional water source has been temporarily suspended, pending installation of a new pump.

Workovers

The Company continues to undertake workovers on the existing wells to provide additional production. 66 workovershave been completed during the period.

Publication of a Competent Person's Report ('CPR')

During the period, the Company published the CPR on its Trinidad assets completed by the independent consultants Rockflow Resources Ltd. The CPR confirmed net 2P reserves of 16 MMstb and net 2C contingent resources of 8 MMstb. A copy of the CPR is available on Range's website: http://www.rangeresources.co.uk/operations/reserves-and-resources/.

OPERATIONS - INDONESIA

Following completion of the acquisition of interests in the Perlak field on 30 October 2017, the Company has commenced the initial geological and geophysical studies which form part of the agreed minimum work programme obligation ('MWO'). The MWO covers a 3-year period and in addition to studies includes well surveying, well workovers, and drilling of one new well.

The planned work programme is aimed at re-initiating production from the existing wells, firming up the field development plan, and fully exploiting the potential resources.

The Perlak field is one of the oldest producing fields in the world, first discovered in 1899 and lies on-trend with many producing hydrocarbon fields, including the giant Arun field. The field was produced primarily in the period up to the early 1940s and there has been limited activity carried out since that time. Approximately 50 mmbbls have been produced to date from shallow depths of less than 3,300 feet of very light oil with average API of 45-50 degrees.

Publication of a CPR

During the period, the Company published an independent CPR on the Perlak fieldcompleted by LEAP Energy Partners Sdn Bhd. The CPR estimates net (based on Range's initial 23% interest) 2C contingent resources of 10.9 Bscf and 3.1 MMstb. A copy of the CPR is available on Range's website:http://www.rangeresources.co.uk/operations/reserves-and-resources/.

Work programme for 2018

The Company is in the process of finalising budget and work programme. Once finalised, Range will be publishing its consolidated work programme for both Trinidad and Indonesia.

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

Notes:

1. The Production Sharing Contracts relating to Guayaguayare expired in 2015. Any renewal will be subject (inter alia) to government and other regulatory approvals.

2. Range's indirect interest in the Perlak field is held through its 60% shareholding in Hengtai, which holds a 78% interest in Lukar which in turn holds a 49% interest in Aceh Timur Kawai Energi.

Competent Person statement

The information contained in this announcement has been reviewed and approved by Mr Lijun Xiu. Mr Xiu is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves, and holds a Bachelor degree in Geological Prospecting. In addition, he holds a number of professional titles, including Reserves Evaluation Specialist from the Ministry of Land and Resources of the People's Republic of China. Mr Xiu is a member of the SPE (Society of Petroleum Engineers). Mr Xiu holds a role of a Vice President of Operations and Production with the Company.

The reserves stated in this announcement are prepared in accordance with the definitions and guidelines of the SPE Petroleum Resources Management System (SPE-PRMS). The reserve figures for Trinidad are reported net, including the volumes in respect of the notional over-riding royalty, which is paid in the form of a tax to Petrotrin. The reference point is defined as the point of sale volumes.

The reserve and resource estimates were calculated using both the deterministic and probabilistic methods.

Note relating to statutory disclosure of significant shareholdings

Statutory disclosure of significant shareholdings (as defined in the AIM Rules) is different for Australian companies and may not always ensure compliance with the requirements of Rule 17 of the Aim Rules. All shareholders who are holding (directly or indirectly), 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay of any changes to their holding which increase or decrease such holding through any single percentage. Likewise, shareholders who acquire 3% or more of the issued and outstanding Ordinary Shares are requested to notify the Company without delay.

Glossary

Bbl - barrel

Bopd- barrels of oil per day

Bscf - billion of standard cubic feet of gas

Bwpd- barrels of water per day

Mmbbls - million barrels of oil

MMstb - million stock-tank barrels of oil

2P - Proved plus Probable reserves. Probability of success 50%

2C- a best estimate category of Contingent Resources

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, 01/05/13, 01/09/16

*Amount held in escrow account in the previous quarter has now been released as the proposed acquisition of the West Coast assets in Trinidad has been terminated.

* 3^rd tranche of acquisition payment for Hengtai

Compliance statement

1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2 This statement gives a true and fair view of the matters disclosed.

Sign here: Date: 31 January 2018

Director

Print name: Yan Liu

Notes

1. The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.