Puntland Drilling Update

23 July 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") provides the following update 
on the Shabeel North well currently being drilled in Puntland, Somalia
by the Company's Joint Venture Operator, Horn Petroleum Corp. (TSXV: HRN).

An open hole Drill Stem Test (DST) was conducted over a 50 metre gross interval
(1910m - 1960m) which contained several sands in the upper portion of the primary
Jesomma Formation which had oil shows. The test recovered fresh water (1200 ppm
Cl-) without any traces of oil. The current plan is to drill ahead to the
originally planned depth of approximately 2400 metres which will penetrate the
remaining section of Jesomma sands at which point the entire section will be
evaluated by electrical logging to determine if further testing is warranted.


Yours faithfully

Peter Landau
Executive Director


Contacts

Range Resources Limited
Peter Landau
Tel : [phone]
Em: [e-mail]

PPR (Australia)                                      Tavistock Communications (London)
David Tasker                                         Ed Portman/Paul Youens
Tel: [phone]                               Tel: + 44 (0) 20 7920 3150
Em: [e-mail]                          Em: [e-mail]

RFC Group Limited (Nominated Advisor)                Old Park Lane Capital (Joint Broker)
Stuart Laing                                         Michael Parnes
Tel: [phone]                               Tel: [phone]

Fox-Davies Capital Limited                           GMP Securities Europe LLP (Joint Broker)
Daniel Fox-Davies / Oliver Stansfield                Nick Morgan / Chris Beltgens 
Tel: [phone]                             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 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. The
    Company is focussing on a revised development strategy that will focus on
    low-cost, shallow appraisal drilling of the contingent resources around the
    Tkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central
    sections of the Company's two blocks.
   
  * 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) has completed the 
    first exploration well (Shabeel-1) to a final depth of 3,470m having 
    encountered a 12-20m zone of significant hydrocarbon pay in the Upper
    Cretaceous Jesomma Formation. The second well spud in early June 2012 and
    targeting best estimate Prospective Resources (100% basis) across the two 
    wells of 170-300 mmbbls.
   
  * 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. Independently assessed 3P
    reserves in place (on a 100% basis) of 228 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. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
   
  * Range is earning a 65% (option to move to 75%) interest in the highly
    prospective PUT 6 and PUT 7 licences in Putamayo Basin in Southern
    Colombia. The Company will undertake a 350km2 3D seismic program across the
    two licences and drill one well per licence, as well as looking to re-enter
    a previously suspended well that had a significant historical reserve
    estimate.
   
All of the technical information, including information in relation to reserves
and resources, that is contained in this document, has been reviewed internally
by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information.

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 assuming their discovery and development
and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.


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]

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