Range Clarifies Inaccurate Web Article

Range Resources Ltd ABN 88 002 522 009 34 Parliament Place West Perth WA 6005 PO Box 684 West Perth WA 6872 P: +61 8 9488 5200 F: +61 8 9321 6699 admin@rangeresources.com.au 9 April 2008 Range Resources Clarifies Inaccurate Web Article Range Resources Limited (ASX: RRS, AIM: RRL) ("Range" or "the Company") the oil and gas explorer with assets in Puntland, Somalia, have been made aware of a recent misleading and defamatory "news" posting on the website called Garoweonline , under the heading "Somaliland Minerals Minister Accused of Receiving Kick Backs". This article was attributed to the Somaliland Times. Puntland and neighbouring Somaliland are currently in a dispute over an area of land relating to short-term colonial borders as opposed to historic tribal areas. In response to the various incorrect statements and claims made in this article, the Company would like to make the following specific comments: * No Directors of the Company nor any Company representatives or employees have ever met the Somaliland minister referred to in the article (Qassim Yusuf) and no payments have ever been made to this person by the Company. Range's oil and gas and minerals exploration interests and activities are solely in Puntland and, at this stage, the Company has no intention of commencing any activities in Somaliland. The Company further notes that the Minister in question and another businessman referred to in the article have also denied the allegations and have stated an intention to commence defamation proceedings against the publisher; * The article also make an incorrect reference to $2.5m and a further 17 monthly payments of $200,000 paid by the Company to the President of Puntland. The Company assumed the payment obligations to the Puntland Government under the original Contract of Work that was agreed to, and ratified by, the Puntland Parliament. The Puntland government has confirmed by written confirmation that all funds have been received under the Contract of Work. * The reference in the article to $16.7m being paid by the Company to Puntland authorities is also incorrect. The Company, in accordance with its cash flow reporting requirements, disclosed the amount. Approximately two-thirds (2/3) of the funds referred to relate to payments by Range to acquire the remaining 49.9% of the original Puntland interest as approved by Shareholders (they are not payments to the Government). * The article also incorrectly states, "the Puntland leader agreed that Range grant an 80% interest in the Nugal and Dharoor blocks to a new company called Canmex Minerals". The Production Sharing Agreements entered into between the Puntland Government, Range and its joint venture partner, TSX-listed Africa Oil Corporation (formerly Canmex Minerals) are unanimous Acts of the Puntland parliament. * The Company categorically denies that it or any of its directors or employees have ever engaged in any criminal or dishonest activity as alleged in the article. * The Company believes that the article is defamatory of both it and its directors and all appropriate legal avenues are currently being pursued. As a general comment, the Company has in the past noted stories on this website that were factually incorrect but has not specifically responded to these stories. However, in this instance and given the proximity to the commencement of seismic and drilling activity in Puntland by the Company's joint venture partner, Africa Oil, the Company believes it is appropriate to respond to the increasing volume of false and misleading statements being made by minority groups for their own political and / or commercial ends. Shareholders should be aware that as the Company further progresses towards drilling at the project it may be subject to innuendo and false conjecture as to the status of the project. The directors advise that any shareholders who have concerns or queries relating to any media or web site article should contact the Company directly to allay their concerns about misinformation. It is disappointing that the Company was not directly asked to clarify these issues. Range, together with Africa Oil, is committed to the development of its assets in Puntland in a manner that provides tangible benefits to the region and its people as well as to shareholders. Further information about Range Resources and Puntland can be found at either the Range Resources corporate website (www.rangeresources.com.au), or the newly launched official Puntland Government website (www.puntlandgov.net). The Company is pursuing this matter with all available resources and advises shareholders and potential investors to fully analyse all information prior to making any decisions. The recent Opes Prime collapse has also added to the destabilisation efforts despite less than 1% of the Company's shares being held in accounts with Opes Prime and, consequently, being sold down by ANZ. Opes Prime Update As previously announced less than 1% of the Company's issued share capital was held in Opes accounts (approximately 1.4m shares). The Company can confirm that all Range shares previously held in Opes accounts have now been sold as part of the ANZ liquidation process. Of note, the Company is very keen to enhance media understanding and promotion of its Puntland Project (especially with the imminent commencement of the US$50m seismic and drilling programme) and hopes that an open dialogue will avoid any unnecessary distraction from what is certainly going to be an exciting 6 months for the Company. ENDS For further information please contact: Range Resources Ltd. RFC Corporate Finance Fox-Davies Capital (Nominated Adviser) (Broker) Mike Povey / Pete Landau Stuart Laing Daniel Fox-Davies + 61 8 9488 5200 +61 8 9480 2500 +44 (0)207 936 5200 Media Australia David Tasker Professional Public Relations Tel: 08 9388 0944/ 0433 112 936 UK Jonathan Charles Conduit PR Tel: +44 (0)20 7429 6611 jonathan@conduitpr.com
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