Quarterly Activities Report

The Company provides its quarterly activities report for the period ended 30 June 2016.

Trinidad operations

· Range continues to focus its efforts on the longer term growth from waterflood projects and development drilling. The Company conservatively estimates that the five development wells from the 2016 work programme will add approximately 500 bopd to current production levels by the end of 2016 (calendar year). The Company's production guidance of 2,500 barrels of oil per day (bopd) by the end of 2017 (calendar year) remains unchanged.

· The Company's oil production for the period was 40,527 bbls (average of 445 bopd) net to Range, which is approximately 19% decrease from the previous quarter. As previously announced, Range completed a review of the workover programme in line with ongoing cost management. As a result, the Company reduced the number of workovers being undertaken, which contributed to the production decline during the period. Range will keep the workover programme under regular review and continue workover operations on the most profitable wells.

· Following the highly encouraging initial results of the MD 250 development well, the Company made a decision to drill a follow up well from the same drilling pad, the MD 251 well. Subsequent to the quarter end, the MD 251 well successfully spudded and is drilling ahead to a target depth of 3,900 feet. Range expects to see production growth during the current quarter as a result of both MD 250 and MD 251 being brought into production.

· The remaining three development and one exploration wells planned for drilling during 2016 are expected to spud once RRDSL's drilling rigs are certified by the government in Trinidad.

· Water injection on the South East Block of the Beach Marcelle project commenced during the quarter with first production anticipated during Q1 2017. Two injector wells are being used to inject water, at an average initial rate of approximately 600 barrels of water per day ('bwpd'). In line with the planned implementation programme, injection volumes will be low at first, gradually increasing as additional wells and surface facilities are commissioned.

· Water injection on the Morne Diablo project commenced in December 2015 with first production as a result of waterflooding expected in 2H 2016. To get access to additional water source supply, Range has been negotiating with Petrotrin to use produced water from Petrotrin's existing operations, which will increase water injection by 3,000 bwpd. The Company reached an agreement with Petrotrin during the period and expects to sign the contract during the current quarter.

Corporate and Financial

Management and director changes: During the period, Mr Zhiwei Gu, who joined the Board in January 2015 as a Non-Executive Director, was appointed to the role of Non-Executive Chairman. Mr David Chen has stepped down from the role of Chairman of the Board but continues as a Non-Executive Director of the Company.

In addition, Mr Yan Liu has been re-appointed to the role of Executive Director and Chief Executive Officer ('CEO') of the Company. Mr Liu was first appointed to the Board in January 2015 and served as CEO and Trinidad General Manager of the Company until January 2016.

The Company also appointed two new Australian resident Non-Executive Directors to the Board, Mr Lubing Liu and Dr Yi Zeng. Both appointees havesignificant oil and gas experience and broad industry knowledge, from which Range will benefit enormously.

Extended credit terms signed with LandOcean: During the quarter, Range announced that the credit terms provided by LandOcean on drilling services and PO1 have been extended by a further 12 months. These extended credit terms are materially beneficial to Range, as it allows the Company to repay LandOcean from future cashflows once the expected production levels ramp up.

Royalty rates reduced in Trinidad: During the quarter, Range announced that it signed an agreement with the Petroleum Company of Trinidad and Tobago Limited ('Petrotrin') to reduce the overriding royalty rates ('ORRs') on the Company's producing Morne Diablo, Beach Marcelle and South Quarry fields in Trinidad. The revised ORRs will apply when the received oil price is below US$50 per barrel. The changes will be effective from 16 March 2016 and will apply retrospectively to sales made from 1 February 2016 onwards. The impact will progressively increase at higher production levels with the net revenue benefit estimated to be approximately 7% at 2,500 bopd, assuming a WTI price of US$45 per barrel.

Settlement agreement reached with Lind: During the quarter, Range was pleased to announce that it reached a binding agreement with Lind Asset Management LLC ('Lind') to settle all outstanding claims and disputes between the parties. As previously announced, Lind initiated legal action in New South Wales Supreme Court seeking payment of approximately US$600,000 in respect of interest and legal costs. Lind also sought other damages for breach of contract. Range filed a defence against the claims and a cross-claim for damages. Under the terms of the settlement agreement, Range made a payment to Lind of US$325,000 and Lind retains the beneficial ownership of the 38 million collateral shares which were issued by Range in 2014 as part of the original funding agreement. Range is pleased to have reached a mutually acceptable settlement agreement with Lind which enables the Company to draw a line under this long-running dispute.

Acquisition strategy:In line with the growth strategy of the Company to create value for shareholders, and to provide Range with additional production and revenue, the Board continues to evaluate potential acquisitions of high quality assets at attractive valuations.

Receipts from product sales and related debtors (for the 3 months to 30 June 2016):of US$1.5 million, compared with US$1.4 million in the previous quarter. The increase was due to the higher oil price received during the period.

Capital expenditure(for the 3 months to 30 June 2016): of US$0.8 million,compared with US$1.0 million in the previous quarter. Underlying capital expenditure was broadly stable on previous quarter, and the decrease was due to receipt of a VAT refund which reduced the reported net cash spend on capital expenditure in the period.

Cashat 30 June 2016:of US$21.0 million, compared with US$21.6 million in the previous quarter reflecting continued limited net expenditure in the period of approximately US$530,000 which included the final payment to Lind of US$325,000.

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

Notes:

*Subject to final government approvals

No other petroleum tenements or farm-in, farm-out interests were acquired during the quarter.

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.

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, 01/05/2013

Consolidated statement of cash flows

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

Non-cash financing and investing activities

Financing facilities available

Add notes as necessary for an understanding of the position.

Estimated cash outflows for next quarter

Reconciliation of cash

*US$8 million is held as cash collateral to support the performance bond issued to MEEI in respect of St Mary's work programme.

Changes in interests in mining tenements and petroleum tenements

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

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

Date: 26 July 2016

Yan Liu, Chief Executive Officer

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 wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The 'Nature of interest' (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securitiesThe issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral ResourcesandAASB 107: Statement of Cash Flowsapply to this report.

5 Accounting StandardsASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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