Quarterly Report and Appendix 5B

30 October 2009

             QUARTERLY REPORT FOR PERIOD ENDING 30 SEPTEMBER 2009              

The Board is pleased to provide the following commentary to be read in
conjunction with the Appendix 5B which is attached.

Puntland

Africa Oil (80% interest, 15% subject to farm-out by Africa Oil to Raytec),
Range's Joint Venture partner on the two on-shore Puntland concessions and the
Puntland Government continued negotiations to formalise the commencement of the
proposed drilling program for Q1 2010. Finalisation is scheduled for the
current quarter (Q4 2009).

Following technical presentations to the Government on the proposed offshore
areas of interest, Range continues negotiations regarding the formalisation of
a new PSA with respect to the exploration and development of off shore
Puntland.

Georgia

In July 2009 the Company entered into a Heads of Agreement with unlisted UK
Company, Strait Oil & Gas (UK) Limited to acquire a 50% farm-in interest in two
Oil & Gas blocks in Georgia, Eastern Europe. The two blocks subject to this
agreement, Blocks VIa and Vlb cover a contiguous area of 7,000 sq km (approx
10% of the surface area of the Country) and were subject to significant
exploration in the Soviet era.

Led by Range's seasoned international energy executives, the Company is well
placed (in conjunction with Strait's established team) to find and produce
commercial volumes of oil and natural gas on the Georgian Blocks.

On 4 September 2009 at the Company's General Meeting, shareholders approved the
acquisition subject to completion of due diligence and all necessary regulatory
approvals. The process should be finalised in November 2009.

During the quarter, key activities undertaken by Strait included:

 a. commencement of study into the viability of previously drilled wells to
    assess potential for Gas production;
   
 b. Seismic contractor selected to complete proposed 350 km 2D seismic
    programme. Contractor available immediately upon Strait/Range confirmation;
    and
   
 c. All necessary environmental impact studies completed for seismic programme.
   


Figure 1. Previous evidence of Oil and Gas - please see website. 

Direct indications of oil have been documented from wells drilled within, and
contiguous to Blocks VIA & VIB

Texas

During the quarter, Range acquired a 25% working interest in the North Chapman
Ranch project located in Nueces County, Texas. The project area encompasses
approximately 1,280 acres in one of the most prolific oil and gas producing
trends in the state of Texas.

Smith #1 Well - North Chapman Branch

The exploration well Smith #1 spudded on 4 September 2009. Surface casing was
set and cemented at 1,528 ft (465m) and the well was subsequently drilled to
the intermediate casing depth of 11,352 ft (3,455m). Open hole logs were
acquired on October 9, 2009, and 9 5/8" casing set and cemented shortly
thereafter.

Well Details

Name of well              Smith #1                          
                                                            
Spud date                 4 September 2009                  
                                                            
Current depth (30 10 09)  ~13,350 ft (4,069m)               
                                                            
Proposed total depth      ~14,200 ft (4,329m)               
                                                            
RRS beneficial interest   25%                               
                                                            


Figure 1: Unit Texas Rig #35 drilling ahead on Smith #1 well - please see website. 

North Chapman Ranch Background

North Chapman Ranch is situated within the prolific Frio producing trend just
north of the Chapman Ranch in the Mobil David and Doughty Fields. The Mobil
David field was discovered in 1965 when Mobil drilling the Chapman #1B well and
completed the well in the Laureles Sand (now the Howell Hight). Since then, an
estimated 250 billion cubic feet of natural gas and more than 10 million
barrels of oil have been produced from this field, primarily from the Anderson
sandstone. Recently, several operators in the area have been successfully
developing the deeper Howell Hight formation, with some wells exhibiting flow
rates in the 6-9 million cubic feet per day range. The currently drilling Smith
#1 well is programmed to test the Howell Hight formation in a location near
that of the recently drilled Zdansky #1 well. The operator was unable to
complete the Zdansky well due to hole problems.

If successful, the Smith #1 well could trigger significant oil and gas
production and development drilling with very attractive economics, at a time
when exploration and development costs in the US have dropped dramatically. In
addition, the favourable operating and regulatory environment in Texas serves
to mitigate perceived political risk associated with Range's other
international exploration projects.

Capital Raising

The Company successfully completed a Placement of 100 m ordinary fully paid
shares at an issue price of 3.5 cents with a free attaching listed option (5
cents , 31 December 2011 ) to sophisticated and institutional investors raising
$3.5 m to assist in meeting the initial requirements of the Georgian
acquisition, Puntland operations and working capital.   The Placement was
completed in two tranches (20 m shares up front to raise $700,000 ) with the
balance (80 m shares and 10 0m options) approved by shareholders at the
Company's General Meeting on 4 September 2009.

Corporate

The Company's Annual Report and Notice of Annual General Meeting has been
despatched to shareholders and can be viewed on the Company's website 
www.rangeresources.com.au

By order of the Board


Peter Landau
Executive Director

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

Australia                                    London
PPR                                          Conduit PR
David Tasker                                 Jonathan Charles
Tel: [phone]                       Tel: + 44 (0) 20 7429 6666
Em: [e-mail]                  Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)    Fox-Davies Capital (Broker)
Stuart Laing                                 Daniel Fox-Davies
Tel: [phone]                       Tel: [phone]





                                  Appendix 5B

                  Mining exploration entity quarterly report                   

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity   RANGE RESOURCES LIMITED                                                      

ABN 88 002 522 009                         Quarter ended ("current quarter")       
                                                                                                          
                                                  30 September 2009            

Consolidated statement of cash flows

Cash flows related to operating              Current quarter       Year to date
activities                                                                     
                                                      $A'000         (3 months)
                                                                               
                                                                         $A'000
                                                                               
1.1   Receipts from product sales and                                          
      related debtors                                                          
                                                                               
1.2   Payments for                                  
      (a) exploration and evaluation                 (3,115)            (3,115)
                                                                               
      (b) development                                     -                  -
                                                                               
      (c) production                                      -                  -
                                                                               
      (d) administration                               (756)              (756)
                                                        
                                                                               
1.3   Dividends received                                   -                  -
                                                                               
1.4   Interest and other items of a                        4                  4
      similar nature received                                                  
                                                                               
1.5   Interest and other costs of finance                  -                  -
      paid                                                                     
                                                                               
1.6   Income taxes paid                                    -                  -
                                                                               
1.7   Other                                                -                  -
                                                                               
      Net Operating Cash Flows                       (3,867)            (3,867)
                                                                               
      Cash flows related to investing                                          
      activities                                                               
                                                                               
1.8   Payment for purchases of:                            -                  -
                                                                               
      (a) prospects                                        -                  -
                                                                               
      (b) equity investments                               -                  -
                                                                               
      (c) other fixed assets                                                   
                                                                               
1.9   Proceeds from sale of:                               -                  -
                                                                               
      (a)prospects                                         -                  -
                                                                               
      (b)equity investments                                -                  -
                                                                               
      (c)other fixed assets                                                    
                                                                               
1.10  Loans to other entities                              -                  -
                                                                               
1.11  Loans repaid by other entities                       -                  -
                                                                               
1.12  Other                                                -                  -
                                                                               
      Net investing cash flows                             -                  -
                                                                               
1.13  Total operating and investing cash              (3,867)            (3,867)
      flows (carried forward)                                                  

1.13   Total operating and investing cash             (3,867)            (3,867)
       flows (brought forward)                                                 
                                                                               
       Cash flows related to financing                                         
       activities                                                              
                                                                               
1.14   Proceeds from issues of shares,                  5,728             5,728
       options, etc.                                                           
                                                                               
1.15   Proceeds from sale of forfeited                      -                 -
       shares                                                                  
                                                                               
1.16   Proceeds from borrowings                             -                 -
                                                                               
1.17   Repayment of borrowings                              -                 -
                                                                               
1.18   Dividends paid                                       -                 -
                                                                               
1.19   Costs associated with issue of                   (255)             (255)
       shares (refer to note)                                                  
                                                                               
       Net financing cash flows                         5,473             5,473
                                                                               
       Net increase (decrease) in cash                  1,606             1,606
       held                                                                    
                                                                               
1.20   Cash at beginning of quarter/year                  416               416
       to date                                                                 
                                                                               
1.21   Exchange rate adjustments to item                    -                 -
       1.20                                                                    
                                                                               
1.22   Cash at end of quarter                           2,022             2,022

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related
entities

                                                                Current quarter
                                                                               
                                                                         $A'000
                                                                               
1.23   Aggregate amount of payments to the parties included                  28
       in item 1.2 and 1.7                                                     
                                                                               
1.24   Aggregate amount of loans to the parties included in                 Nil
       item 1.10                                                               
                                                                               
1.25   Explanation necessary for an understanding of the transactions          
                                                                               
       $28,333 payment of Directors Fees                                       
                                                                               

Non-cash financing and investing activities

2.1   Details of financing and investing transactions which have had a material
      effect on consolidated assets and liabilities but did not involve cash   
      flows                                                                    
                                                                               
      N/A                                                                      

2.2   Details of outlays made by other entities to establish or increase their 
      share in projects in which the reporting entity has an interest          
                                                                               
      N/A                                                                      

Financing facilities available

Add notes as necessary for an understanding of the position.

                                            Amount available        Amount used
                                                                               
                                                      $A'000             $A'000
                                                                               
3.1   Loan facilities                                      -                  -
                                                                               
3.2   Credit standby arrangements                          -                  -

Estimated cash outflows for next quarter

                                                                         $A'000
                                                                               
4.1   Exploration and evaluation                                            750
                                                                               
4.2   Development                                                             -
                                                                               
      Total                                                                 750

Reconciliation of cash

Reconciliation of cash at the end of the   Current quarter   Previous quarter
quarter (as shown in the consolidated                                        
statement of cash flows) to the related             $A'000             $A'000
items in the accounts is as follows.                                         
                                                                             
5.1  Cash on hand and at bank                        2,022                416
                                                                             
5.2  Deposits at call                                    -                  -
                                                                             
5.3  Bank overdraft                                      -                  -
                                                                             
5.4  Other - Term Deposit                                -                  -
                                                                             
     Total: cash at end of quarter (item             2,022                416
     1.22)                                                                   

Changes in interests in mining tenements

                              Tenement      Nature of    Interest  Interest 
                              reference     interest     at        at end of
                                                         beginning quarter  
                                            (note (2))   of                 
                                                         quarter            
                                                                            
6.1   Interests in mining                                                   
      tenements relinquished,                                               
      reduced or lapsed                                                     
                                                                            
      Interests in   Nil                                                    
      mining                                                                
      tenements                                                             
      acquired or                                                           
      increased                                                             
                                                                            
6.2                                                                         

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                    Total number     Number       Issue price  Amount paid up  
                                     quoted       per security per security    
                                                  (see note 3) (see note 3)    
                                                  (cents)      (cents)         
                                                                               
7.1   Preference +  Nil                                                        
      securities                                                               
      (description)                                                            
                                                                               
7.2   Changes                                                                  
      during                                                                   
      quarter                                                                  
                                                                               
      (a) Increases                                                            
      through                                                                  
      issues                                                                   
                                                                               
      (b) Decreases                                                            
      through                                                                  
      returns of                                                               
      capital,                                                                 
      buy-backs,                                                               
      redemptions                                                              
                                                                               
7.3   +Ordinary     563,269,409      477,818,903                               
      securities                                                               
                                                                               
7.4   Changes       235,113,914      149,663,408                               
      during                                                                   
      quarter                                                                  
                                                                               
      (a) Increases                                                            
      through                                                                  
      issues                                                                   
                                                                               
      (b) Decreases                                                            
      through                                                                  
      returns of                                                               
      capital,                                                                 
      buy-backs                                                                
                                                                               
7.5   +Convertible  Nil                                                        
      debt                                                                     
      securities                                                               
      (description)                                                            
                                                                               
7.6   Changes                                                                  
      during                                                                   
      quarter                                                                  
                                                                               
      (a) Increases                                                            
      through                                                                  
      issues                                                                   
                                                                               
      (b) Decreases                                                            
      through                                                                  
      securities                                                               
      matured,                                                                 
      converted                                                                
                                                                               

7.7   Options                                         Exercise Price        Expiry Date
                                                                          
                    64,901,186       64,901,186            $1.00          31 October 2010
                                                                         
                    363,822,688      363,822,688           $0.05          31 December 2011
                                                                          
                    3,177,029                              $0.50          30 June 2012
                                                                     
                                                                               
7.8   Issued during 235,114,776      235,114,776           $0.05          31 December 2011
      quarter                                                                  
                                                                               
7.9   Exercised     (1,128)          (1,128)               $0.05          31 December 2011
      during                                                                   
      quarter                                                                  
                                                                               
7.10  Expired       Nil                                                        
      during                                                                   
      quarter                                                                  
                                                                               
7.11  Debentures    Nil                                                        
      (totals only)                                                            
                                                                               
7.12  Unsecured     Nil                                                        
      notes
      (totals only)                                                                    
                                                                               
7.13  Partly Paid   Nil                                                        
      Shares                                                                   

Compliance statement

1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.


____________________

Peter Landau
Executive Director
30 October 2009

Notes

1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the
reporting period. If the entity is involved in a joint venture agreement and
there are conditions precedent which will change its percentage interest in a
mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.