Puntland Update

Range Resources Ltd
                                                             ABN 88 002 522 009

                                                            34 Parliament Place
                                                             West Perth WA 6005

                                                                     PO Box 684
                                                             West Perth WA 6872

                                                             P: [phone]
                                                             F: [phone]

[e-mail]


26 March 2008


      Increased Exploration Activity and Puntland Government Initiatives       



  * Rig Mobilisation commences for Africa Oil Corp's Drilling Program
   
  * Seismic Program to commence in April on Dharoor Block in Puntland
   
  * Puntland Government passes new legislation and launches new website (
    www.puntlandgov.net ) with key policy initiatives and clarity on TFG
    relationship
   

Exploration Update

Puntland focussed Australian oil and gas company Range Resources Limited
("Range" or the "Company") (ASX: RRS, AIM: RRL), together with its joint
venture partner TSX listed Africa Oil Corporation ("Africa Oil"), are closing
in on one of the most important milestones for both the company and the region
- with the spudding of the first well in Puntland for over 17 years.

Further to previous company announcements in relation to mobilisation of
drilling equipment and a timetable for well spudding, Range is pleased to
confirm that 12 containers of casing and camp construction equipment are en
route to Bosasso port from Jebalali (UAE) via Djibouti as Range's joint venture
partner Africa Oil Corporation increases its exploration activity on the ground
in Puntland. The drilling contactors and Africa Oil's drilling manager recently
visited the proposed well sites in Puntland and Africa Oil have confirmed that
they are still on target to spud the first well in early July 2008. In
addition Africa Oil has finalised the contract with IMC-Tesla for the
completion of approximately 2,600km of 2D seismic in the northern Dharoor
Block. The seismic contractors have visited the Dharoor valley and completed an
initial reconnaissance of the area. It is expected that a seismic crew will be
on the ground before the end of March with seismic work commencing in April
2008.

Also new to Range's website (www.rangeresources.com.au) is an interview
recently screened on CNBC Africa and a new analyst's report from Edison
Research which will be put up on the website later today.



Puntland Government

The Puntland Government has formally launched a new website www.puntlandgov.net
in conjunction with two major initiatives undertaken by the Government. The
launch was undertaken with Range and a number of foreign journalists and oil
analysts who Range hosted in Puntland as part of the Company's push to increase
exposure leading into the seismic and drilling programmes later this year. The
Puntland Government also presented to Range and its guests the Puntland Five
Year Development Plan which is a comprehensive document which sets out the
Puntland Strategic Vision and the Policy Guidelines.


New Mineral and Petroleum Resources and Development Act - the Puntland
Parliament passed a new Act designed to assist in encouraging additional
participants in the exploration and development of Puntland's natural
resources. A summary of the Act is set out below. Of critical importance is the
fact that the introduction of the Act does not materially impact on Range's
(and Africa Oil's) existing legislative agreements with the Government and
Parliament of Puntland - the agreements (which are separate Acts of Parliament)
are upheld and incorporated by way of transitional provisions under the new
Act.

The Act underlines that, all minerals and petroleum resources existing in
Puntland in their natural form are owned by the State of Puntland, being held
in trust by the Government of Puntland on behalf of the community. As such, the
management and administration of mineral and petroleum exploration and
development in Puntland is the primary responsibility of the Minister of Energy
and Minerals and the Licensing Authority empowered by this Act. The system also
provides security of access to resources essential for large capital
investments which are required for development to occur.

Of note under the Act, the Government of Puntland will cooperate with the
Transitional Federal Government and together they will formulate strategic
policies to develop the mineral and petroleum wealth of Somalia in a way that
achieves the highest benefit to the people of Somalia. The Government of
Puntland will share revenues received under the Act with the Transitional
Federal Government pursuant to agreements reached between both parties as to
the percentage of shared revenues. The Government of Puntland will also
cooperate with the Transitional Federal Government to develop and restructure
the minerals and petroleum industry of Somalia.



Puntland Government Policy Statement - the Government through His Excellency,
President Hersi also presented and released a significant policy statement
which deals with 3 essential points:

 i. to save Puntland territory and waters from the hostilities created by the
    absence of central government and confrontations of political factions
    serving negative interests;
   
ii. to be part of the pursuit to restore a Somali central authority based on a
    federal system, the only system that would prevent totalitarianism and
    dismemberment; and
   
iii. to cooperate with the international community to find a solution to the
    Somali crisis in general and to support the reconstruction and development
    in Puntland in particular.
   
A key feature of the policy statement is that "Until such time as an all
inclusive federal constitution is effected and state governments, convinced
with the sharing of power and resources, are instituted, Puntland's support of
the TFG should not be interpreted in any manner that Puntland is part of the
TFG - Puntland shall remain independent for its laws, policies and interests."

With the exploration effort substantially increasing over the next few months,
observers will have noticed an increasing number of conflicting articles and
speculation on various websites relating to the situation in Puntland and the
activities of Range and Africa Oil. The launching of the Puntland Government
website is designed to provide shareholders, potential investors and observers
with an accurate picture of activities in Puntland and the Government's
relationship with various stakeholders.

By way of example Range has been informed by the Puntland Government that an
open letter posted by the TFG Energy Minister over the Easter weekend was not
authorised or approved by either the President or Prime Minister of the TFG
(see response from the Puntland Minister for Energy and Minerals on the
www.puntlandgov.net ). There will always be certain minority groups trying to
destabilise the current Puntland Government given the fractured state of
certain parts of Somalia and the fact that exploration success in the coming
year will obviously assist the Government and current sitting members as
Puntland moves into elections in early 2009. The attempted destabilisation has
increased over the last few weeks given the clarity on where the exploration
efforts of Range and Africa Oil are headed over the coming months.



Shareholder newsletter and shareholder enquiries

Range is currently compiling a shareholder newsletter that will include
operational information, updated broker reports , recent company and area
specific media coverage, community information and projects and a section
whereby certain inaccuracies regarding the Puntland Government, the company,
and its exploration activities will be addressed. Shareholders seeking
clarification on articles or postings that are being circulated can email the
Company on [e-mail] and we will endeavour to address each
clarification request in the newsletter.

This newsletter will be posted to the ASX/AIM and all shareholders on a
bi-monthly basis with the first edition due early April 2008.



Contacts

Australia                                      UK
Managing Director: Michael Povey               Executive Director: Peter Landau
[e-mail]                  [e-mail] 
[phone]                                [phone]


Media Contacts
Australia                                      London
PPR                                            Conduit PR
David Tasker                                   Jonathan Charles
[e-mail]                           [e-mail]
[phone]                                 [phone]
 

Nomad: RFC Corporate Finance Ltd               Broker: Fox-Davies Capital
Stuart Laing                                   [phone]
[phone] 


Please note that a pdf version of this announcement including photographs and a
map is available from the Company's website.