Puntland Drilling Update

7 March 2012

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

By e-lodgement

PUNTLAND DRILLING UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
the Shabeel-1 well continues drilling ahead on the Dharoor Block in Puntland,
Somalia and is currently at a depth of 2,002 meters. The upper 1,600 meters of
section drilled to date includes a thick section of Tertiary limestones and
shales that appear to be a regional seal as no oil or gas shows were
encountered above this depth. The well is currently drilling a 400 meter
section composed of interbedded sandstones and shales believed to be Upper
Cretaceous in age. Most of the sandstone intervals in this section have
exhibited oil and gas shows confirming the existence of a working petroleum
system. Determination of the quality of the reservoir and prospectivity of any
potential oil bearing intervals cannot be determined until downhole electric
logs and formation tests are concluded.

The well has a planned total depth of 3,800 meters and has yet to penetrate the
main reservoir targets in the Lower Cretaceous and Jurassic. It is expected
that the next electrical logging run will be coincident with the running of the
9 5/8" casing at approximately 2,400 - 2,700 meters. Operations continue to run
smoothly with no reported security or operational incidents.

The Joint Venture Operator, Horn Petroleum's President and CEO commented,
"While we are encouraged by the hydrocarbon shows in the well, there is still a
great deal of information which must be collected before we are able to
properly evaluate the results to date. We look forward to reaching the main
objectives and appreciate the continued support of the Puntland Government and
the local residents."

The Shabeel well is targeting a large faulted anticlinal prospect and is
located on a Jurassic aged rift system which is part of the same system that
has proven to be highly productive in the Masila and Shabwa Basins in Yemen
that contain an estimated 6 billion barrels of oil*. It is a large faulted
anticlinal prospect with the internal most likely estimates of prospective
resources of over 300 million barrels of oil, with Range's attributable 20%
interest being over 60 million barrels. Source rocks are expected to be rich
Jurassic Kimmeridgian shales in the deep portion of the rift immediately down
dip from the Shabeel prospect. Reservoirs are expected to be sandstones and
carbonates of the Cretaceous and Jurassic systems analogous to Yemen.

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 Horn Petroleum 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.



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