First Well Success in Trinidad

8 August 2011


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


By e-lodgement


First Well Success in Trinidad

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
in the two months since completing its Trinidad acquisition, the Company has
successfully drilled its first development well on the Morne Diablo Block.

As part of the initial 21 well drilling program, the MD 247 well was drilled to
a total depth of approximately 900 ft using the Company's own drilling rig and
personnel. Despite the shallow depth, open hole logs indicate the presence of
roughly 145 ft. of net oil pay in the shallow Forest Formation, an established
producing horizon on the block. Casing is currently being run in the well in
preparation for production testing next week.

Added Peter Landau, Range's Executive Director, "The successful drilling of the
MD 247 well indicates that Range's aggressive program to increase production
and cash flow in Trinidad is on track and the first pay zone size has exceeded
expectations. As previously announced, we will be adding a second and third rig
to the remaining 20 well 2011 drilling program in order to begin exploitation
of deeper producing reservoirs. The MD 247 well is only the beginning for us in
Trinidad, but represents an important milestone for Range as our first
internationally operated well, drilled and completed by the Company's own
operations team using our own equipment."

The Company looks forward to keeping our shareholders updated as our drilling
program continues in Trinidad, Georgia, Texas, and Puntland, in what will be an
exciting period for Range with wells being drilled on all four the Company's
assets in the coming months.

Appointment of Joint Broker - Panmure Gordon & Co

Range would also like to announce that is has appointed Panmure Gordon & Co ("
Panmure Gordon") as its joint broker with immediate effect.

Range's Peter Landau commented: "Given the recent growth in Range's asset base
and our active pipeline for the second half of this year and beyond, we believe
the time is right to strengthen our adviser team. We look forward to working
with Panmure Gordon as we take the Company forward."

About Panmure Gordon & Co

Panmure Gordon & Co has established a reputation for excellence and integrity
since it was founded in 1876.  Panmure Gordon is a corporate and institutional
stockbroking and investment banking Group with offices across the UK, US and
Europe, providing clients with access to the combined financial expertise of
230 dedicated professionals across nine cities.

Panmure Gordon has a respected and growing natural resources franchise advising
clients with operations in Europe, the North Sea, Falklands, Brazil, China,
North America, Canada, Africa and the Caribbean.

For more information go to www.panmure.com.

Yours faithfully

Peter Landau
Executive Director

Ends


Contacts

Range Resources Limited
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 (Joint Broker)
Stuart Laing                                          Michael Parnes
Tel: [phone]                                Tel: [phone]

                                                      Panmure Gordon (Joint Broker)
                                                      Katherine Roe / Brett Jacobs
                                                      Tel: [phone]

Range Background

Range Resources Limited 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 6.9 MMbls (on a mean 100% basis) with an additional
    20 MMbls of prospective resources.
   
  * In the Republic of Georgia, Range holds a 40% 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
    billion barrels of oil-in-place (on a mean 100% basis) with the first of
    two exploration wells having spudded in July in 2011.
   
  * 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.
   
  * 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.
   
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").

The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates.