Operations Update

28 November 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

By e-lodgement

OPERATIONS UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following operations update with respect to the Company's interests in Georgia,
Texas and Puntland. A Trinidad operational update will be released once
necessary regulatory approval is received which is anticipated later this week.

Georgia

The re-interpretation of the seismic supported by the Mukhiani-1 Vertical
Seismic Profile ("VSP") results indicates that the well encountered previously
unrecognized faults which led to possible basement being encountered far
earlier than predicted. New fault trap and stratigraphic trapping potential has
been identified in the vicinity of the well and based on these findings, Range
and its partners have the option to side-track and test these targets. However,
the Company and its partners have decided that, based on its exploration
schedule and the availability of the drilling rig, it will continue on the next
proposed Kursebi well.

As a result, Range will suspend the well and move the rig to the next proposed
well site. The Kursebi well is targeting separate geological structures from
the Vani area, with the Kursebi target having been identified using different
seismic lines for interpretation purposes. With additional seismic planned for
Block VIb in Q2 next year, the Company has decided also to complete a further
seismic tie in line over Mukhiani-1 to assist with the proposed side-track well
to be completed in the second half of 2012 along with a well on Block VIb in Q1
2013.

Texas - North Chapman Ranch

Drilling continues at 13,800ft on the Smith #2 well with a proposed target
depth of 14,500 ft. Good hydrocarbons shows have been recorded in the objective
Howell Hight section which will be flow tested following TD. Upon the
successful completion of the Smith #2 well, the rig is will move directly to
the Albrecht #1 well site, with site construction having been recently
completed in readiness to receive the rig. At this stage the Smith #2 has
performed in line with Company expectations for the development well.


Puntland

In Puntland, Horn Petroleum Corp. ("Horn") is currently in final preparations
to commence a two well drilling campaign in the Dharoor Valley Block, with the
first well (Shabeel-1) planned to spud in December 2011. Drilling locations
have been selected over two robust prospects targeting gross best estimated
prospective resources of over 300 million barrels each, based on internal
operator estimates.

Horn has completed sourcing drilling related materials and the majority of
materials are on site or on route to the drilling site. Site preparation
including the drill site, air strip and ingress route construction have been
completed. Water wells are currently being drilled to provide source water for
drilling operations.

Shareholder Presentation Evening

Range Resources will be hosting a London presentation evening on Monday, 5th
December at 6.00pm to update shareholders on current activities and the work
program for 2012.

Attendance is by registration only as venue location size is limited. Please
email [e-mail] for RSVP and details.

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
    1P reserves in place of 15.4 MMbls (on a mean 100% basis) with 19.7 MMbls
    recoverable 3P reserves 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 45% interest holder, Africa Oil Corp (TSXV: AOI) 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 two wells
    resulted in a commercial discoveries 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.
   
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.

In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no representation
or warranty as to the adequacy or accuracy of its contents and disclaims any
liability that may arise because of reliance on it.