RNA - 9th May 2014

May 2014

ASX Code: RRS and AIM Code: RRL

Range Resources Limited
("Range" or "the Company")

Colombia Update and Issue of Shares

Colombia Update

Range announces that, given its focus on Trinidad, it has made a
strategic decision for a partial withdrawal from Colombia and has relinquished
its investment obligations on PUT-7 block in the Putumayo Basin in Colombia.
Therefore, Range will not be pursuing the option to earn into this block.

Range's exit from PUT-7 block doesn't affect its position with
regards to the farm-in arrangements in relation to PUT-6 block or to the $3.48
million performance bond that it holds over PUT-6. The Company is currently
reviewing its options with regards to PUT-6 and will update the market
accordingly in due course.

Issue of shares

Range announces the issue of 25,000,000 Ordinary Fully Paid Shares
pursuant to the conversion of debt at $0.01 per share; 7,500,000 Unlisted
Options issued for debt conversion as per agreement (£0.005, 31 May 2017).
These shares and options have been issued following receipt of notice of
conversion of convertible notes from Hudson Bay.

Application will be made for the 25,000,000 new shares to be
admitted to trading on the ASX and AIM. Trading in the new shares is expected
to commence on or around 14 May 2014.

Following the issue of these securities the total number of
securities on issue is as follows:

3,875,401,796 Ordinary Fully Paid Shares

80,508,341 Options ($0.05, 31 January 2016)

855,166 Unlisted Options (£0.04, 30 June 2015)

7,058,824 Unlisted Options (£0.17, 30 April 2016)

17,921,146 Class B Performance Shares

5,180,000 Unlisted Options (£0.075, 31 January 2017)

9,000,000 Unlisted Options (£0.125, 31 March 2015)

15,708,801 Unlisted Options (£0.0615, 19 October 2015)

32,275,862 Unlisted Options (£0.05075, 30 November 2015)

5,000,000 Unlisted Options ($0.10, 31 January 2016)

5,000,000 Unlisted Options ($0.06, 10 February 2016)

146,533,850 Unlisted Options (£0.04, 30 April 2016)

5,000,000 Unlisted Options (£0.037, 11 July 2016)

476,190 Unlisted Options (£0.021, 25 July 2016)

952,381 Unlisted Options (£0.021, 29 July 2016)

6,714,284 Unlisted Options (£0.021, 31 August 2016)

9,000,000 Unlisted Options (£0.02, 31 August 2016)

3,947,369 Unlisted Options (£0.19, 30 September 2016)

8,666,670 Unlisted Options (£0.18, 30 September 2016)

694,445 Unlisted Options (£0.018, 31 October 2016)

2,205,885 Unlisted Options (£0.017, 31 October 2016)

1,250,000 Unlisted Options (£0.016, 31 October 2016)

17,333,336 Unlisted Options (£0.015, 31 October 2016)

3,000,000 Unlisted Options (£0.015, 30 November 2016)

1,428,571 Unlisted Options (£0.014, 30 November 2016)

3,923,077 Unlisted Options (£0.013, 30 November 2016)

2,000,000 Unlisted Options ($0.0321, 11 December 2016)

4,083,334 Unlisted Options (£0.012, 31 December 2016)

20,545,457 Unlisted Options (£0.011, 31 December 2016)

21,136,365 Unlisted Options (£0.011, 31 January 2017)

1,450,690 Unlisted Options (£0.010, 28 February 2017)

7,500,000 Unlisted Options (£0.012, 1 March 2017)

3,125,000 Unlisted Options (£0.008, 31 March 2017)

6,250,000 Unlisted Options (£0.006, 31 March 2017)

14,583,334 Unlisted Options (£0.006, 30 April 2017)

7,500,000 Unlisted Options (£0.005, 30 April 2017)

7,500,000 Unlisted Options (£0.005, 31 May 2017)


Yours faithfully

Rory Scott Russell
Chief Executive Officer