Operations Update

23 February 2012

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

By e-lodgement

PUNTLAND UPDATE

Range Resources Limited ("Range" or "the Company") would like to announce an
update on the drilling of the Shabeel-1 exploration well in the Dharoor Valley
Block in onshore Puntland.

The Shabeel-1 exploration well spudded on January 17, 2012 and is currently at
a depth of 1,230 meters. Casing has been set in the well to a depth of 1,139m
and drilling of the 12 ¼ inch section continues as planned. Drilling of the
Shabeel-1 well is expected to be completed before the end of March and testing
equipment is currently being mobilized to the site. Assuming successful
drilling results, it is anticipated that testing results will be available
early in the second quarter of 2012. Upon completion of drilling the Shabeel-1
well, the rig will move to the Shabeel North-1 well, where 30 inch conductor
pipe is in place and a 50 meter pilot hole has already been drilled. 

These two wells represent the first exploration wells to be drilled in the
country in over 20 years and will satisfy the first exploration period drilling
commitments as required under the Production Sharing Contracts for both the
Dharoor and Nugaal Blocks. In order to provide sufficient time to evaluate
drilling results, the Puntland Government has granted an extension of the first
exploration period expiry date 17 October 2012.

The Puntland Government and Dharoor Valley communities are fully supportive of
the drilling project and have ensured the Company that they will do all
necessary to allow the project to move forward safely and expeditiously.

GEORGIA UPDATE

Range would also like to announce that, due to the severe weather conditions
that have been experienced across Europe and Eastern Europe, the Joint Venture
has taken the decision to delay mobilisation of the drilling rig and ancillary
equipment to the Namakhvani well in Georgia to allow for more robust site
construction.

The poor weather experienced since site preparations first began has impeded
adequate ground and road preparations to permit the safe movement of heavy
equipment to the site. It was therefore decided to delay mobilisation until
conditions at the site are satisfactory. Whilst mobilisation has been delayed,
site preparation has continued, albeit, constrained in part by the weather
conditions. The Company anticipates that spudding will now take place in early
/ mid April 2012.

The Company would also like to announce that preparations have begun on the 2D
seismic program on Block V1b with the engagement of the Geological Institute of
Israel ("GII"), who performed the initial 410 km 2D seismic program in 2009. A
265 km 2D seismic program will be undertaken on Block VIb that will endeavour
to provide northern closure on the initial structures previously identified, as
well as looking at identifying possible unconventional targets. The program
will also include a seismic cross section over the recently drilled Mukhiani
Well to assist with the potential side track option as identified through the
earlier Vertical Seismic Profiling.

Recently appointed NTD Energy will be taking an active role in supervising the
seismic program all the way from acquisition to processing and interpretation.

TEXAS UPDATE

Range would also like to announce that it has drilled two additional appraisal
wells on North Chapman Ranch, the Smith #2 and the Albrecht wells. Both wells
have been successful drilled and logged with the Smith #2 having been completed
and fracture stimulated with testing imminent. The Albrecht well has been
logged with early indications suggesting a 100+ ft gross pay zone, with casing
now being prepared to be run prior to fracture stimulation and completion.
Together, these two wells are expected to move significant reserves into the
proved category, paving the way for future development.

Issue of Shares

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

  * 27,272,727 Ordinary Fully Paid Shares to be issued upon drawdown of £3m on
    the Company's equity line of credit facility with First Columbus LLC
   
  * 1,998,889 Ordinary Fully Paid Shares to be issued in lieu of corporate
    advisory, consultancy and facilitation fees
   
Application will be made for the 29,271,616 new shares to be admitted to
trading on the ASX and AIM. Trading in the new shares is expected to commence
on or around 28 February 2012.

Following the issue of these securities the total number of securities on issue
are as follows:

2,121,766,648       Ordinary Fully Paid Shares (RRS)                           
                                                                               
855,166             Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
7,058,824           Unlisted Options (£0.17p, 30 April 2016)                   
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    
                                                                               
20,890,958          Unlisted Options (A$0.1898, 30 September 2016)             
                                                                               
15,000,000          Unlisted Options (£0.075p, 15 January 2017)                
                                                                               
17,921,146          Class A Performance Shares                                 
                                                                               
17,921,146          Class B Performance Shares                                 

Yours faithfully

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 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 Proved (1P)
    reserves in place of 15.4 MMbls with 19.6 MMbls of proved, probable and
    possible (3P) reserves and an additional 20 MMbls (mean) 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. 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 undiscovered oil-in-place (on a mean 100% basis) with
    the first (Mukhiani-1) of two exploration wells having spudded in July in
    2011. Re-interpreted seismic supported by the Mukhiani-1 vertical seismic
    profiling has identified new fault and stratigraphic trapping potential
    with the possibility of a side track well to be drilled post additional
    seismic in 2H 2012.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys. The
    operator and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) spudded
    the first well in a two well programme in early 2012 targeting 300mmbls and
    375mmbbls of best estimate Prospective Resources (100% basis). Site
    construction has commenced on the second well with the setting of the 30
    inch surface casing and the drilling of a 50 meter pilot hole in readiness
    for spudding following the completion of the first well.
   
  * Range holds a 25% interest in the initial Smith #1 well and a 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 3P
    reserves in place (on a 100% basis) of 242 Bcf of natural gas, 15 mmbbls of
    oil and 19 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. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
   
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley 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 an 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.

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.

SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources

Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations.

Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assumingtheir discovery and development
and may be sub-classified based on project maturity.

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


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


London
Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN
t: [phone], f: [phone]

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

e: [e-mail]