Letter to Option holders

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

1 December 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

SYDNEY NSW 2000

By e-lodgement

Letter to Optionholders

Please find attached letter as dispatched to option holders.

Regards


Peter Landau

Executive Director

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 3150Em: [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 an 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 60% interest holder, Horn Petroleum Corporation (TSXV: HRN)
    planning to commence the two well programme in 2011 (targeting (on a mean
    100% basis) 300mmbls and 375mmbbls of best estimate gross recoverable oil
    in place) following the recent awarding of the rig contract.
   
  * 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, where 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.
   

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

30 November 2011

Dear Optionholder,

Letter to Option Holders - 31 December 2011 Expiry ( ASX: RRSO )

This is a reminder notice that your options to subscribe for ordinary fully
paid shares in Range Resources Limited expire on 31 December 2011. In order to
exercise your options an Expiry/Exercise Notice is enclosed which sets out the
number of options held by you and the total amount payable at an exercise price
of $0.05 (5 cents).

In accordance with the Listing Rules of the Australian Stock Exchange the last
trading day of these listed Options will be Thursday, 22 December 2011. You
therefore have up until that date the choice to trade them if you do not intend
to exercise your options. If you do intend to exercise your Options, the option
exercise form (enclosed) and payment must be received by Computershare
(envelope provided) by close of business Thursday, 22 December 2011. If the
options are not exercised by the expiry date of 31 December 2011, they will
lapse and all rights will be forfeited.

Share Price Information

Closing Price 28 November 2011                   $0.130                      
                                                                             
Highest between 28 August and 28 November 2011   $0.185 (29 August 2011)     
                                                                             
Lowest between 28 August and 28 November 2011    $0.125 (25 November 2011)   

The expiry of the Options will be underwritten by Oracle Securities Pty Ltd who
are entitled to a cash fee of 6% and 11.4m Options (3 years; $0.125).

Regards


Peter Landau

Executive Director

                                                                               
Australia

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia

t: [phone], f: [phone]

e: [e-mail]

London

5th Floor, 23 King Street, St. James's House, London SW1 6QY

t: [phone], f: [phone]