Part Carried on 2nd P'land Well, Finance Facili...

27 January 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via e-lodgement

RANGE CARRIED FOR MAJORITY OF SECOND EXPLORATION WELL IN PUNTLAND

Range Resources Limited ("Range" or "the Company") would like to announce the
following with respect to the extension of the production sharing agreements ("
PSAs") for the Dharoor Valley Exploration Area ("Dharoor") and the Nugaal
Valley Exploration Area ("Nugaal"), as announced 18 January 2011.

Range has agreed with its joint venture partner and operator Africa Oil Corp.
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 Corp. Under this
agreement, Africa Oil Corp. is obliged to spend US$22.5m in both Dharoor and
Nugaal before Range reverts to a contributing basis.

Africa Oil Corp. 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.

Completion of £20 million Equity Line Facility with Dutchess Opportunity Cayman
Fund

Range is also pleased to announce that it has secured a three year Equity Line
Facility ("ELF") of up to £20 million with Dutchess Capital ("Dutchess"). The
ELF has been arranged by First Columbus LLP ("First Columbus"), Dutchess's
joint venture partner in the UK.

The ELF offers the Company ongoing access to capital as it enables the Company
to obtain funding from Dutchess at any time during the next three years by way
of subscription for new ordinary shares in the Company. Subscriptions will be
priced at a 7 per cent discount to the market price and will take place at
timings and intervals and in sizes determined by the Company, subject to the
agreed mechanisms specified under the ELF.

The ELF may be drawn down in tranches linked to the Company's average daily
trading volume in the three days prior to the notice of draw down or in other
specified amounts. The Company is able to specify a minimum acceptable price
for each tranche to prevent shares being sold in the market at an unacceptable
discount. Each drawdown is limited to 2.99% of the issued capital at any one
time.

Peter Landau, Executive Director of Range Resources LTD, commented: "alongside
our existing funds, this facility will allow the Company to continue its rapid
development of assets. Importantly the facility allows the Company flexibility
to draw only as needed and therefore protect our shareholders from unnecessary
dilution as well as restrictions on the lender with regards to the borrowing
and short selling of Range shares".

Douglas Leighton, Managing Partner Dutchess stated, "We are pleased to be
partnering with Range Resources as it looks to advance its asset development
program through the utilization of our ELF financing. We are delighted to
continue our expansion into London by funding listed companies such as Range
Resources."

This facility, coupled with existing funds, the Red Emperor farm-in in Georgia
as announced 10 January 2011, the Africa Oil carry on the second well referred
to above, option exercise monies and revenue from Texan operations, leaves the
Company very well placed to funds its comprehensive drilling and development
program during 2011.

Issue of Shares and Options

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

  * 22,420,233 Ordinary Fully Paid Shares being issued upon exercise of listed
    options (A$0.05, 31 December 2011)
   
  * 6,000,000 Ordinary Fully Paid Shares being issued upon the exercise of
    unlisted options (A$0.05, 31 March 2015)
   
  * 4,000,000 Ordinary Fully Paid Shares being issued in lieu of facilitation
    and various corporate and consulting services provided to the Company.
   
Following the issue of these securities the total number of securities on issue
are as follows:

1,263,042,547       Ordinary Fully Paid Shares (RRS)                           
                                                                               
277,951,962         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
3,934,511           Unlisted Options (A$0.05, 31 Mar 2015)                     
                                                                               
5,420,655           Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)           
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    

For and on behalf of the Board

Regards


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) 207 920 3150
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.
   
  * 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 of 5.4 Mmbbls of
    oil.
   
  * 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 oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
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").

About Dutchess Capital

Dutchess Capital is an investment manager which provides financing for
promising, growth-stage companies. Founded in 2000, funds managed by Dutchess
have made over $200 million in direct investments in companies throughout North
America, Europe and Asia.

For over a decade, Dutchess has been a global leader in Equity Line Facility
("ELF") investments and has transacted in excess of $1.6 billion in such
financings. The ELF is a flexible financing structure by which publicly traded
companies can raise capital quickly, efficiently and with less dilution than
most traditional offerings.

For more information, see dutchesscapital.com

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]