Dec 10 Quarterly Activities & Cashflow Report

31 January 2011

              QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2010              

Issued Capital 1,218 M*                       ASX Code RRS Closing price $0.12*

                                              AIM Code RRL Closing Price £0.08 *

Market Cap A$146m*

* as at 31 December 2010

Gross Production for the Quarter

Gas 235k mcf Range Interest - 53k mcf

Oil 11,597 bbls Range Interest - 2,588 bbls

The Board of Range Resources Limited ("Range" or "the Company") is pleased to
provide the following commentary to be read in conjunction with the Appendix 5B
which is attached.

Texas

North Chapman Ranch

As reported above, production for the quarter was 53k mcf and 2,588 barrels net
to Range. This production has come from just the middle of three zones on the
Smith #1 Well and only an 11ft perforation on the bottom of four zones for the
Russell Bevly Well, with both wells flowing under natural pressure.

The joint venture has successfully secured a team to fracture stimulate the
Russell Bevly well which is aimed at significantly increasing flow rates from
the current levels. This team is scheduled to be on site early February 2011,
with results from the operations to be reported once available.

It is then planned that the team will come back to the Smith #1 Well in April,
once the joint venture has had a chance to observe the performance of the
Russell Bevly Well.

During the quarter the Company received a revised reserve report on the North
Chapman Ranch field in Nueces County, Texas, following the successful drilling
and completion of the Russell-Bevly #1 appraisal well in 2010. As previously
reported the Russell-Bevly well confirmed the Company's structural and
stratigraphic models and established additional Proved oil and gas reserves
across the northwest flank of the closure.

After integration of data obtained from the Russell-Bevly #1, and as shown in
the tables below, oil, natural gas, and natural gas liquids reserves net to the
Company's interest, as certified by Lonquist & Co LLC ("Lonquist"), the
Company's reserve auditor are set out as follows:

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the North Chapman Ranch Field:

Category                   Natural Gas  Oil (Mmbbls)   Natural Gas 
                              (Bcf)                    Liquids (M  
                                                         mbbls)    
                                                                   
Proved (P1)                   62.4           4.8           4.5     
                                                                   
Probable (P2)                 34.6           2.7           2.5     
                                                                   
Possible (P3)                 142.5         10.9          10.3     
                                                                   
Total Reserves                239.5         18.4          17.3     

Set out below is Range's attributable interest in the gross recoverable
reserves on 25% of the Smith #1 well and on 20% of the remaining wells assuming
the exercise of certain clawback provisions by joint venture partners occurs
following the success of the Smith #1 and Russell-Bevly wells:

Category                   Natural Gas  Oil (Mmbbls)   Natural Gas 
                              (Bcf)                    Liquids (M  
                                                         mbbls)    
                                                                   
Proved (P1)                   12.7           1.0           0.9     
                                                                   
Probable (P2)                  6.9           0.5           0.5     
                                                                   
Possible (P3)                 28.5           2.2           2.1     
                                                                   
Total Reserves                48.1           3.7           3.5     

Based on the reserve numbers cited above, Lonquist's estimated net undiscounted
cash flow value to Range, along with PW10 discounted cash flow (at a 10%
discount rate) using the same commodity price deck as used in the May 2010
report, following reductions for royalties, opex, capex, production taxes etc
are as follows:

Reserve                                             Undiscounted    PW10 US$  
                                                         US$                  
Category                                                                      
                                                                              
Proved (P1)                                             100m          69m     
                                                                              
Probable (P2)                                            60m          37m     
                                                                              
Possible (P3)                                           252m          142m    
                                                                              
Estimated Future Cashflow (Range's net interest)        $412m        $248m    

Changes to reserve estimates at North Chapman Ranch include a significant
movement of Probable Reserves into the Proved category, as well as new reserves
established by the Russell-Bevly #1.

East Texas Cotton Valley Prospect

Also during the quarter, the Company looked to acquire an additional 8.19% in
the East Cotton Valley Prospect which was subject to pre-emptive rights from
the Prospects other partners. Subsequent to quarter-end, none of the partners
exercised their pre-emptive rights and Range completed the acquisition of the
additional 8.19% for a total cost of $148,000 in lease acquisition costs and an
overriding royalty retained by the seller, bringing Ranges total interest to
21.75%.

The acquisition represents an opportunistic additional investment in the
prospect and is expected to provide an immediate increase to the Company's oil
reserves, such increase to be reported at a later date.

The joint venture has identified a rig to perform the horizontal well Ross 3H
well, which was due to spud in January 2011, following the receipt of all
necessary permitting, however the rig demobilisation from its current drilling
location has been delayed. It is envisaged that mobilisation of the rig to the
East Cotton Valley Prospect will commence early February 2011. The joint
venture is pleased to announce that the rig has been drilling horizontal wells
for other third parties previously and comes with a highly experienced crew and
testing equipment, highly capable with respects to horizontal wells.

Georgia

During the quarter, the Company received the results from the report entitled
Seismic Interpretation, Field Mapping and Evaluation of Prospective Hydrocarbon
Volumes across the Company's two Georgian blocks (Block VIa and Block VIb)
completed by leading International Oil and Gas Seismic Consultancy firm RPS
Energy ("RPS").

RPS has identified a total of 68 structural culminations across the two blocks
each of which potentially contains stacked reservoirs. Total combined best
estimate of gross unrisked oil-in-place across these 68 indentified structural
culminations amounts to 2,045 million barrels. Recovery factors for oil in
place can be conservatively estimated at 30%.

Of the 68 identified prospective targets across the two blocks, 6 structures
have been prioritised as being ready for drilling. Of these 6 structures, total
gross unrisked oil-in-place has been estimated at 728 million barrels.

A breakdown of the gross unrisked oil-in-place for these 6 `ready to drill'
prospects are as follows:

Prospect                    Unrisked Oil-in-Place       
                            (gross)                     
                                                        
Kursebi 1 (K1)              123 million barrels         
                                                        
Kursebi 2 (K2)              160 million barrels         
                                                        
Kursebi 3 (K3)              42 million barrels          
                                                        
Vani 1 (V1)                 171 million barrels         
                                                        
Vani 2 (V2)                 89 million barrels          
                                                        
Vani 3 (V3)                 145 million barrels         
                                                        
TOTAL                       728 million barrels         

Figure 1 - Numerous Prospects and Leads with Mean Estimated Oil-in-Place
(mmbbls)

Commencement of Geochemical Activities

Range engaged international geochemical company, Actual Geology International
Limited ("AGI") to carry out a "helium" survey on the 3 top multi-stacked
prospects as identified by RPS Energy which have estimated undiscovered
oil-in-place in excess of 450 mmbbls (mean 100% basis).

AGI were given the co-ordinates of three of the six identified "ready to drill'
prospects and commenced mobilisation and field operations in early December.
AGI completed all field work subsequent to quarter-end in early January and
then began laboratory analysis which has all but been completed with the final
report now being prepared with an aim for completion in the coming weeks.

The survey was a "blind test" where AGI shot the survey without any prior
seismic info on the co-ordinates provided by Range/Strait. After the survey and
results were compiled by AGI they were then integrated with the existing
seismic results to produce the best possible target locations to be drilled.

Subsequent to quarter end - Red Emperor Farm-in

Subsequent to the quarter-end Range and its Georgia partner Strait Oil and Gas
UK Limited ("Strait") announced they had entered into a Heads of Agreement
("HOA") with Red Emperor Resources NL ("Red Emperor") (ASX: RMP) to acquire a
20% farm-in interest (10% from Range and 10% from Strait) in Block VIa and
Block VIb in Georgia.

The key terms of the HOA will see Red Emperor contribute 40% of the drilling
costs for the planned two well program (capped at total gross costs of $14m -
RMP contributing $5.6m) to acquire the 20% interest in the two blocks.

The Company believes the transaction significantly reduces the Company's
financial exposure to the two well drilling program through the favourable
two-for-one farm-in terms, whilst still maintaining a significant 40% interest
in the two blocks.

Puntland

Subsequent to quarter-end Range, together with its joint venture partners,
Africa Oil Corp. ("Africa Oil") and Lion Energy Corp., entered into amending
agreements with the Government of Puntland, in respect of the production
sharing agreements ("PSAs") for the Dharoor Valley Exploration Area and the
Nugaal Valley Exploration Area.

The key amendments were as follows:

  * Under the PSAs, as amended, the First Exploration Agreement has been
    extended for a further 12 months, from January 17, 2011 to January 17,
    2012. 
   
  * Under the amended PSAs, a minimum of one exploratory well must be spudded
    in the Dharoor Valley Exploration Area by July 27, 2011.  A second
    exploratory well is required to be spudded in the Nugaal Valley Exploration
    Area or, at the option of Africa Oil (as operator), in the Dharoor Valley
    Exploration Area, by September 27, 2011.
   
Range has also agreed with its joint venture partner and operator Africa Oil
that the second exploration well due for spudding on of before 27 September
2011, will be included as part of Africa Oil's exploration commitments under
the Joint Venture Agreement between Range and Africa Oil Under this agreement,
Africa Oil is obliged to spend US$22.5m in both Dharoor and Nugaal before Range
reverts to a contributing basis.

Africa Oil has satisfied their commitments with respect to Dharoor, however to
date, still has circa US$15m expenditure commitments on Nugaal, with
expenditure to date on Nugaal being circa US$7.5m. With the second well being
able to satisfy the joint ventures obligations under the Nugaal PSA, Range will
be carried for the first US$15m spent on the well.

Trinidad

Subsequent to quarter-end, fellow Australian Listed Entity, Monitor Energy
Limited ("Monitor") (ASX: MHL), announced that it had entered into a mandate
with major UK based broker and Investment Bank, Renaissance Capital to raise
A$90m, with marketing of the offer being undertaken throughout North America
and Europe.

Following successful completion of the raising, Monitor will look to acquire
90% of SOCA Petroleum Limited - of which Range already holds 10%, however more
importantly, funds will also be used to accelerate development across SOCA's
three onshore licenses, which will see an immediate increase in production,
that is part of a work program which is aimed at increasing production from the
current 700 barrels per day to in excess of 4,000 barrels per day within 36
months on the known 2P reserves.

As previously announced, the Company will be carried on this initial
development expenditure.

Corporate

During the quarter the company raised just short of $3m through the exercise of
circa 53m $0.05 options.

Subsequent to quarter end, Range was included in the FTSE AIM All Share Index
("the Index") in the UK. In order to qualify for inclusion in the Index the
Company must meet certain liquidity requirements over a twelve month period,
which the Company met during 2010.

The board believes this to be a significant milestone for the Company with the
inclusion in the Index increasing Range's exposure to AIM Index Funds along
with increasing the Company's profile amongst institutional investors.

Appendix 5B Summary - Consolidated Statement of Cashflow

                                                Current Quarter    Year to date
                                                                               
                                                         $A'000      (6 months)
                                                                               
                                                                         A$'000
                                                                               
Cashflows related to operating activities                                      
                                                                               
Receipts from product sales and related                     388             812
debtors                                                                        
                                                                               
Payments for:                                                                  
                                                                               
  * exploration and evaluation                          (2,400)         (7,706)
                                                                               
  * development                                           (176)           (521)
                                                                               
  * production                                            (240)           (465)
                                                                               
  * administration                                        (667)         (1,643)
                                                                               
Dividends received                                            -               -
                                                                               
Interest and other items or a similar nature                 71             140
received                                                                       
                                                                               
Interest and other costs of finance paid                   (87)           (175)
                                                                               
Income taxes paid                                             -               -
                                                                               
Other                                                         -               -
                                                                               
                        Net operating cashflow          (3,111)         (9,558)
                                                                               
Cashflows related to investing activities                                      
                                                                               
Payments for the purchase of:                                                  
                                                                               
  * prospects                                                 -               -
                                                                               
  * other fixed assets                                        -               -
                                                                               
Proceeds from the sale of:                                                     
                                                                               
  * prospects                                                 -               -
                                                                               
  * other fixed assets                                        -               -
                                                                               
Loans to other entities                                       -               -
                                                                               
Other                                                         -               -
                                                                               
                       Net investing cashflows                -               -
                                                                               
Cashflows related to financing activities                                      
                                                                               
Proceeds from issue of shares, options etc.               2,835          10,002
                                                                               
Proceeds from sale of forfeited shares                        -               -
                                                                               
Proceeds from borrowings                                      -               -
                                                                               
Repayment of borrowings                                       -               -
                                                                               
Dividends paid                                                -               -
                                                                               
Costs associated with issue of shares (refer                  -           (319)
to note)                                                                       
                                                                               
                       Net financing cashflows            2,835           9,682
                                                                               
        Net increase / (decrease) in cash held            (276)             124
                                                                               
Cash at the beginning of the quarter / year to            7,798           7,398
date                                                                           
                                                                               
Exchange rate adjustments                                     -               -
                                                                               
CASH AT THE END OF THE QUARTER                            7,522           7,522

Yours faithfully


Peter Landau
Executive Director

Contacts

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

Australia                                                     London

PPR                                                           Tavistock Communications
David Tasker                                                  Jonathan Charles
Tel: [phone]                                        Tel: + 44 (0) 20 7429 6611
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 and Texas, USA.

  * 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 of 240 Bcf of natural gas, 18 mmbbls of oil
    and 17 mmbbls of natural gas liquids (mean 100% basis).
   
  * 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. The prospect
    has independently assessed gross recoverable reserves in place of 5.4
    Mmbbls of oil (mean 100% basis).
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with plans
    to drill two wells (TSXV:AOI) - 45% Operator, in 2011.
   
  * In the Republic of Georgia, Range holds a 50% farm-in interest 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
    2.045 billion barrels of undiscovered oil-in-place (mean 100% basis).
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licences. The licences
    areas have independently assessed gross recoverable P2 reserves in place of
    4.8MMbls (mean 100% basis).
   
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 www.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]