Range Resources Limited

('Range' or 'the Company')
3 September 2015

Completion of US$30M Funding

Following the Company's announcement on 1 September 2015, Range is pleased to advise that Tranche
2 subscription proceeds of US$22.1 million in cash have been received by the Company.
As per the terms of the subscription agreement, Range has issued 1,797,620,912 new ordinary fully paid shares of the Company ("Share" or "Shares") to Sibo at a subscription price of £0.008 per Share, which represents a premium of approximately 45% to the share price of the Company on the close of AIM on 2
September 2015. The Company has also issued 194,585,862 unlisted warrants with an exercise price of
£0.01 and 172,557,274 unlisted warrants with an exercise price of £0.02 to Sibo. All warrants have an expiry date of 3 September 2019.
Tranche 1 subscription proceeds of £5.2 million (approximately US$7.9 million) in cash have already been received by the Company, as announced on 5 June 2015. Following completion of Tranche 2, the total funding provided by Sibo is US$30 million. This gives Sibo a total holding of approximately 32% in the enlarged share capital of the Company.
Range's Directors and management have also subscribed for ordinary shares in an amount of US$0.3 million in cash. Range has issued 25 million new Shares to Directors and management at a subscription price of £0.008 per Share. The details of the Directors' subscriptions and holdings are summarised in the appendix A at the end of this announcement.
Range advises that it has used US$8 million of the Tranche 2 proceeds to provide the Ministry of Energy and Energy Affairs with the required performance bond in support of the minimum work obligations on the St Mary's licence. The Company is seeking alternative sources of finance to replace this bond, which would allow the cash collateral to be released and used for other purposes.
The Company is delighted to have secured US$30 million equity funding at a significant premium to the share price. The combined proceeds from the placing together with the available credit facility with LandOcean have placed the Company on a sound footing to execute the planned work programme of
22 development and exploration wells, implement secondary recovery (waterflood) projects and continue with exploration of deeper production horizons.
The Company has the largest private onshore acreage in Trinidad with a 100% interest in three onshore production licences, with certified 2P reserves of 22 mmbbl in proven reservoirs, as well as two new exploration blocks. With highly prospective licences, drilling underway, and funding in place, the management believes the Company is well positioned for future success by growing production, reserves and transforming Range into a significant oil producing company.
Range's team has an extensive set of corporate and technical skills enabling it to deliver on the long term goals and ensure continuing success for the benefit of all shareholders. Sibo's investment in Range is an acknowledgment of the impressive work that the Board and the team have achieved and validates the Company's strategy, prospectivity of the assets and the potential to achieve significant production growth for a low cost per barrel. The Board and the management team also believe that at the current share price, the Company is substantially undervalued against its peers, and were pleased to demonstrate their commitment by participating in share purchases.

Range is grateful to Sibo for its support during the times of challenging markets and looks forward to demonstrating and creating value to all the shareholders. It is hugely significant to Range to have the support of such a supportive professional investor, as the Company develops its ambitious plans.
As previously announced, LandOcean in conjunction with Sinosure are additionally looking to provide Range with up to US$50 million by way of a credit facility of two years to fund the development programme in Trinidad principally related to the waterflood programme. The facility is subject to final approvals by Sinosure, and payment of a security deposit of US$7.5 million by Range.

Issue of Shares

The Company advises that 1,822,620,912 new ordinary fully paid shares have been issued at £0.008 per share.
Following the issue of the new shares the Company's issued share capital will be 7,589,790,100 ordinary shares.
Application has been made to the London Stock Exchange for the new shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM expected on or around 9 September 2015.
The above figure of 7,589,790,100 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company, under the FSA's Disclosure and Transparency Rules.
Please see Appendix B for the total number of securities on issue.

Appendix A - Di rectors' hol dings

2

Appendix B - Total number of securities on issue

Contact Details

Range Resources Limited

Evgenia Bezruchko (Investor Relations)

e. [email protected]

t. +44 (0)20 7520 9486

Cantor Fitzgerald Europe (Nominated Advisor and Broker)

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

t. +44 (0)20 7894 700

3