Company Update

28 June 2011


The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000


By e-lodgement


COMPANY UPDATE

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with regards to its drilling operations in Georgia, Trinidad
and Texas.

Georgia

The Company is pleased to announce that the exploration drilling rig and
associated equipment that will be used for the Company's two well exploration
program in Georgia arrived at the port of Poti in Georgia recently and is now
on site being erected with a scheduled spudding date of early July. A total of
40-50 personnel will be conducting the drilling program on a 24 hour basis.

This Mukhiani well is targeting the Vani 3 prospect which has a best estimate
of gross undiscovered oil in place of +115mbbls (with 46MMbls attributable to
Range's 40% interest). This prospect was also the subject of the geochemical
helium survey completed by Actual Geology earlier this year with the results
identifying a positive presence of helium anomalies across the prospect that
indicate the presence of a working hydrocarbon system.

The Mukhiani well is targeting a depth of approximately 3,500m and is expected
to reach target depth within 45-55 days, and is the first of a two well highly
prospective exploration drilling program to be completed by Range and its joint
venture partners in Georgia this year.

Trinidad

The Company is also pleased to announce that it is on track to commence the
shallow target development drilling program (depths to 1,500ft) in Trinidad
involving 15-20 wells to be completed before year-end utilising a number of the
Company's drilling rigs. It is anticipated that the first well in the program
will commence around the end of July with the Company to provide regular
updates on the progress of the shallow well program. The Company is also
finalising plans for an initial well to test the deeper Herrera formation
target with an indicative proposed spudding date in late Q3 / early Q4.


Broker / Analyst Visit to Company's Texan and Trinidad Interests

The Company also recently hosted a number of UK, European and Australian
brokers and analysts on a comprehensive site visit of the Company's Trinidad
and Texan assets as well as receiving presentations from the Company's partners
in Georgia regarding the current drilling program. This included the current
brokers the cover the Company together with a number of new brokers, and the
Company is anticipating some updated and initiating research from a number of
these analysts in the coming weeks.

East Texas Cotton Valley

The Company is also pleased to announce that preparations have been completed
in anticipation of the fracture stimulation of the Ross 3H horizontal well. The
well bore has been cleaned out and perforated, with the frac tanks now being
filled ahead of fracture stimulation operations due to commence following the
arrival of the frac equipment and crew. If successful, the Ross 3H well is
expected to launch a development program of 15-20 additional horizontal wells,
each of which could potentially recover between 200,000 and 500,000 bbls.
Having recently increased its interest to 21.75% of the field, Range is well
positioned to add significant oil production and cash flow to its growing US
operations.


Issue of Shares and Options

Range Resources Ltd (the "Company") is pleased to announce the issue of the
following securities:

  * 49,374,800 Ordinary Fully Paid Shares being issued in a placement to
    sophisticated and institutional investors at £0.17 as approved at the
    recent general meeting
   
  * 9,353,264 Ordinary Fully Paid Shares being issued upon exercise of listed
    options (A$0.05, 31 December 2011)
   
  * 7,247,059 Ordinary Fully Paid Shares being issued in lieu of a US$2m cash
    payment for the Trinidad acquisition
   
  * 35,842,293 Ordinary Fully Paid Shares being issued as part consideration
    for the Trinidad acquisition as approved at the recent general meeting
   
  * 162,057 Ordinary Fully Paid Shares being issued in lieu of facilitation and
    various corporate and consulting services provided to the Company
   
  * 7,058,824 Unlisted Options (£0.17, 30 April 2016) to be issued as capital
    raising fees on the recent placement to sophisticated and institutional
    investors
   
Following the issue of these securities the total number of securities on issue
are as follows:

1,706,895,935       Ordinary Fully Paid Shares (RRS)                           
                                                                               
197,777,861         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
7,058,824           Unlisted Options (£0.17, 30 April 2016)                    
                                                                               
855,166             Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)           
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    

Application will be made for the new shares to be admitted to trading on AIM
and ASX, with trading in the new shares on AIM expected to commence on or
around 6 July 2011.

Yours faithfully



Peter Landau
Executive Director


Contacts

Range Resources
Peter Landau
Tel : [phone]
Em: [e-mail]

Australia                                        London
PPR                                              Tavistock Communications
David Tasker                                     Ed Portman/Paul Youens
Tel: [phone]                           Tel: + 44 (0) 20 7920 3150
Em: [e-mail]                      Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)        Old Park Lane Capital (Broker)
Stuart Laing                                     Michael Parnes
Tel: [phone]                           Tel: [phone]


Range Background

Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration
company with oil & gas interests in the frontier state of Puntland, Somalia,
the Republic of Georgia, Texas, USA and Trinidad.

  * In Trinidad Range recently completed the acquisition of a 100% interest in
    holding companies with three onshore production licenses and fully
    operational drilling subsidiary. Independently assessed gross recoverable
    3P reserves in place of 6.9MMbls and prospective undeveloped of 20MMbls (on
    a mean 100% basis).
   
  * Range holds a 25% interest in the initial Smith #1 well and 20% interest in
    further wells on the North Chapman Ranch project, Texas. The project area
    encompasses approximately 1,680 acres in one of the most prolific oil and
    gas producing trends in the State of Texas. Drilling of the first well has
    resulted in a commercial discovery with independently assessed gross
    recoverable reserves in place (on a mean 100% basis) of 240 Bcf of natural
    gas, 18 mmbbls of oil and 17 mmbbls of natural gas liquids.
   
  * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, with the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery.
    Independently assessed gross recoverable reserves in place (on a mean 100%
    basis) of 5.4 Mmbbls of oil.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with the
    operator and 45% interest holder, Africa Oil Corp (TSXV: AOI) planning to
    drill two wells in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest (Strait Oil
    & Gas 40% & Red Emperor (ASX / AIM: RMP) 20%) in onshore blocks VIa and
    VIb, covering approx. 7,000sq.km. Currently, Range has recently completed a
    410km 2D seismic program with independent consultants RPS Energy
    identifying 68 potential structures containing and estimated 2 billion
    barrels of oil-in-place (on a mean 100% basis) with the first of two
    exploration wells to be drilled in 2011.
   
The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants
based in the United States with offices in Houston and Austin. Lonquist
provides specific engineering services to the oil and gas exploration and
production industry, and consults on all aspects of petroleum geology and
engineering for both domestic and international projects and companies.
Lonquist & Co LLC have consented in writing to the reference to them in this
announcement and to the estimates of oil, natural gas and natural gas liquids
provided. These estimates were formulated in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international
petroleum engineering and geologic consulting firm staffed by experienced
engineers and geologists. Collectively FGA staff has more than a century of
world–wide experience. FGA have consented in writing to the reference to them
in this announcement and to the estimates of oil and natural gas liquids
provided. The definitions for oil and gas reserves are in accordance with SEC
Regulation S–X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE").

ABN 88 002 522 009
www.rangeresources.com.au


London
5th Floor, 23 King Street, St. James House, London SW1 6QY
t: [phone], f: [phone]

Australia
Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia
t: [phone], f: [phone]
e: [e-mail]