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 provides its quarterly activities report for the period ended 30 September 2019 (Q1 FY20) with the following highlights:

·    Average production for the quarter of 563 barrels of oil per day ("bopd");

·  Production increased by 12% from the previous quarter, following commissioning of upgraded storage facilities and completed workovers;

·  SPA signed with LandOcean for the sale of RRTL in exchange for offsetting all outstanding debt and payables (US$91.5 million as at 30 June 2019) and a cash consideration of US$2.5 million, subject to shareholders' approvals and Trinidad government approvals;

·    Subscription for new ordinary shares to raise £750,000 completed;

·    Cash position of US$2.4 million (unaudited);

·    Subsequent to the quarter end:

o  SPA signed for the sale of four drilling rigs and related equipment for a total cash consideration of US$3.6 million; and

o  Applied for the voluntary delisting from ASX which is expected to occur at close of trading on 25 November 2019.

DETAILED REVIEW OF THE QUARTER

TRINIDAD

Production

Total net production for the quarter was 51,823 barrels of oil (net 563 bopd), which is a 12% increase from production in the previous quarter. This includes production from the Beach Marcelle and Morne Diablo waterflood programmes which continued at average rates of 166 bopd and 22 bopd, respectively.

Production increase was mainly attributed to higher production at the Beach Marcelle field following the commissioning of upgraded storage facilities. In addition, some of the completed workovers at the Morne Diablo and Beach Marcelle fields produced at higher rates than anticipated. In total, 30 workovers were completed during the period.

Morne Diablo infrastructure upgrades

During the quarter, the Company commenced small scale infrastructure upgrades at the Morne Diablo field, which comprise repair and modification of the storage tanks. These upgrades are required to ensure the facilities meet regulatory standards.

Geological tool studies

As previously advised, the Company acquired a new geological tool to undertake studies on its fields that are expected to significantly enhance subsurface understanding, and assist in identifying shallow reservoirs and economic well locations. The Company is in the process of testing the geotool and acquiring data for correlation.

CORPORATE

Proposed debt restructuring and RRTL sale

During the quarter, the Company announced that it signed a binding conditional Sale and Purchase Agreement with LandOcean for the sale of Range Resources Trinidad Limited ("RRTL") (the "SPA") in exchange for (i) offsetting all outstanding debt and payables (including the convertible note) due from Range and its subsidiaries to LandOcean and its subsidiaries, and (ii) a cash consideration of US$2.5 million (the "Transaction"). RRTL holds interests in all of Range's oil and gas licences in Trinidad (onshore), namely Morne Diablo, South Quarry, Beach Marcelle (where RRTL holds a 100% interest), and St Mary's (where RRTL holds an 80% interest).

On completion, all outstanding debt from Range and its subsidiaries to LandOcean and its subsidiaries (including the US$20 million convertible note) will be fully repaid by offsetting against the consideration and all underlying debt agreements will be terminated. From the date of signing the SPA and up to the completion date, all payables by Range to LandOcean under any underlying debt agreements will be deferred.  The maturity date of the US$20 million convertible note will change to the earlier of the date on which completion occurs under the SPA or the longstop date (being 30 June 2020). As part of the agreements, LandOcean undertakes not to issue a conversion notice.

Completion of the SPA is subject to satisfaction (or waiver) of the following key conditions:

·    Approval by Range shareholders at General Meeting of the Company, as the Transaction would be a material disposal falling under AIM Rule 15 and the ASX Listing Rules and Corporations Act 2001 (Cth). The General Meeting is planned for 29 November 2019;

·    Approval by LandOcean shareholders at the General Meeting of LandOcean, with the date of this meeting to be determined; and

·    Approvals by the government of Trinidad and Tobago.

There can be no guarantee that the Transaction and debt restructuring will complete.

£0.75 million subscription

During the quarter, the Company completed a subscription for new ordinary shares to raise £0.75 million. As part of the subscription, the investor can nominate up to two non-executive directors to the Board of the Company and shall retain this ability for so long as it holds 10% or more of the Company's shares in issue.

Director resignation

During the quarter, Ms Juan Wang tendered her resignation as Non-Executive Director of the Company.

Drilling rigs sale

Subsequent to the quarter end, Range signed a Sale and Purchase Agreement with Wilson Energy Services Inc., a private company incorporated in Canada (the "Buyer") for the sale of four drilling rigs and related equipment of Range Resources Drilling Services Limited ("RRDSL", the "Seller") for a total cash consideration of US$3.6 million.

Completion is subject to satisfaction of final inspection of the rigs and equipment by the Buyer and delivery of various documentation related to the rigs by the Seller, including documentation required for the transfer of ownership of the rigs by the Trinidad Transport Board and the Licensing Authority.  The agreed long stop date for this transaction is 8 November 2019.

If the Transaction completes, RRDSL's residual rigs would comprise 7 workover and swabbing rigs and 1 drilling rig. RRDSL will continue to provide oilfield services to Range and other operators in Trinidad.

Georgia legal action

Subsequent to the quarter end, after careful consideration, Range withdrew the previously submitted Notice of Arbitration against Georgia on a without prejudice basis.

Trinidad and Tobago tax appeals

As previously disclosed, the Company is involved in tax appeals in Trinidad and Tobago. The total amount of all liabilities in dispute against Range is approximately US$4.9 million, which has been prudently accrued by the Company.  Whilst discussions continue, the matters have been listed for hearing in November 2019. The Company will provide an update on any matters as and when there are any material developments.

Voluntary delisting from ASX

Subsequent to the quarter end, the Company applied to ASX requesting that ASX remove the Company from the official list of ASX (the "Official List") pursuant to ASX Listing Rule 17.11 and ASX accepted its application and resolved to remove the Company from the Official List, subject to the satisfaction of the conditions at close of trading on 25 November 2019. The Company will be sending out further information to ASX shareholders advising of options with regards to their shareholding.

PETROLEUM TENEMENTS HELD AT THE END OF THE QUARTER (APPENDIX A)

Notes:

1. 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 Lubing Liu. Mr Liu is a suitably qualified person with over 24 years of industry experience. He holds a BSc in Petroleum Engineering from the Southwest Petroleum University, China and is a member of the SPE (Society of Petroleum Engineers). Mr Liu holds the role of Chief Operating Officer and Trinidad General Manager with the Company.