I am clearly getting something wrong here, sorry to be a pain.
For red, I have:
=AND(OR(AND($L$44>=1.2, $L$44<=1.5), $L$44<60),NOT(ISBLANK($L$44)))
and for green, I have,
=AND(OR($L$44<1.2, $L$44>=60),NOT(ISBLANK($L$44)))
L44 is currently showing a value of 1.30, cell is formatted as a...