Quarterly Activities Report

For the period ended 31 December 2015

Range Resources Limited

('Range' or 'the Company') 27 January 2016

The Company provides its quarterly activities report for the period ended 31 December 2015.

Trinidad operations

• The Company's oil and gas production for the period was 50,311 bbls (average of 547 bopd) net to Range, which is a 5% decrease from 575 bopd in the previous quarter. The decrease was due to a combination of factors, principally a lack of new wells put on production during the quarter and natural decline of existing wells.

• The Company continued its development drilling programme, as summarised in the table below:

  
  

  Well	Depth (ft.)	Location	Status (at the date of this announcement)
  MD 42N (renamed MD 249)	2,610	Morne Diablo	On production. Producing 21 bopd (average during the quarter).
  GY 180SE (renamed GY 679)	2,000	Beach Marcelle	The well has been perforated. The performance of the well is being observed.
  GY 161 S (renamed GY 680)	1,685	Beach Marcelle	The log evaluation has been completed, with a total of 130 ft. net oil sand encountered. The well has been perforated and is producing 12 bopd.

  
  

• In addition, the Company perforated a new upper zone on the existing QUN 47 well located in the Morne Diablo field. The well is flowing at a stabilised rate of 50 bopd from this new zone.

• The Company successfully obtained necessary government and regulatory approvals for Beach Marcelle and Morne Diablo waterflood projects. Initial water injection on Morne Diablo commenced during the quarter, with 12 wells approved for conversion to water injectors. The

Company also commenced an implementation plan on the South East block of the Beach Marcelle waterflood project.

• Three additional new drilling rigs arrived in Trinidad during the quarter (four new rigs in total with drilling capabilities of 4,000, 2,000, 1,500, and 1,000 metres). These rigs are awaiting certification by the government.

• Given the continuing low oil price environment, the Company is reviewing its work programme for 2016.

  
  

  Non-core assets

  
  

• Subsequent to the quarter end, the Company received a notice from Agencia Nacional de Hidrocarburos, stating that the licences over the three exploration blocks, PUT-5, VMM-7, and VSM-1 in Colombia have been revoked. Both the Company and the consortium are obtaining legal advice with regard to this matter and it is anticipated that the consortium will lodge an appeal against the decision.

• The Company continues to pursue disposals of its interests in Georgia and Guatemala.

Corporate and Financial

Unmarketable parcels: The Company completed a share sale facility for holders of unmarketable parcels on ASX. As a result, the Company has reduced its ASX shareholders by 63% to 1,854 holders at 22 December 2015. This will significantly reduce the administrative and other share registry costs to the Company associated with these very small holdings.

Lind financing: During the quarter, Range announced that the Western Australian Supreme Court, Court of Appeal dismissed Range's appeal seeking to reverse the decision of the Supreme Court (of first instance) refusing to set aside a statutory demand issued by Lind Asset Management LLC ("Lind"). Range, accordingly, paid the balance of the amount outstanding the subject of the statutory demand (approximately US$2.2 million).

US$50 million trade financing package: During the quarter, Range continued to work with LandOcean and Sinosure to finalise the US$50 million credit facility. The facility is subject to final approvals by Sinosure, and payment of a security deposit of US$7.5 million by Range.

Receipts from product sales and related debtors (for the 3 months to 31 December 2015): of US$2.1 million, compared with US$2.6 million in the previous quarter. The decrease was predominantly due to the lower oil price received during the period.

Capital expenditure (for the 3 months to 31 December 2015): of US$1.7 million, compared with US$4.5 million in the previous quarter. The decrease was primarily due to the payment of US$2.5 million during the prior quarter to LandOcean for completed work in relation to Purchase Order 1.

Cash at 31 December 2015: of US$21.9 million, compared with US$24.9 million in the previous quarter principally due to the payment to Lind as detailed above, and ongoing expenditure during the period.

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

Notes:

*Subject to final government approvals

**Refer to announcement, published on 19 January 2016

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

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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

+ See chapter 19 for defined terms. Appendix 5B pg. 4