Significant Puntland Milestone

14 December 2009


Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000


By E-lodgment

SIGNIFICANT PUNTLAND MILESTONE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
Range, Africa Oil Corp. and the Puntland State of Somalia have entered into
amending agreements modifying the terms of the existing Production Sharing
Agreements ("PSAs")  made in respect of the Dharoor and Nugaal Valley
Exploration Areas. The revised agreements were signed by the parties in Garowe,
Puntland, subsequently approved by the Cabinet of the Puntland Government and
are still subject to ratification by the Parliament of the Puntland State of
Somalia which is scheduled for this week commencing 14 December 2010.

With the conclusion of the negotiations and the execution of the amending
agreements, the PSAs, as amended, now provide for initial exploration periods
in respect of both blocks that have been extended from 36 months to 48 months
with a revised expiry of 17 January 2011. In addition, the terms of the
exploration programs have been amended so that Africa Oil can, at its option,
drill one exploratory well in each of the Nugaal and Dharoor Valley Exploration
Areas, or two exploratory wells in the Dharoor Valley, during the initial
exploration period.  In consideration of the extension of the exploration
period, the parties agreed to voluntarily relinquish 25% of the original
agreement area on or before 17 January 2010. Upon Parliamentary ratification,
Africa Oil plans to immediately commence operations with an intent to spud the
first exploration well by mid-2010.

Onshore Puntland Interest: Range - 20%

Africa Oil Corp - 65%

Lion Energy Inc - 15%

GEORGIA OPERATIONAL UPDATE

The Seismic survey being conducted by Range and Strait oil & Gas in Georgia has
commenced after the arrival, testing and commissioning of the equipment over
the last 2 weeks.

The operation is expected to continue through to mid February 2010 to complete
the 350 km 2D survey on Blocks VIa and VIb on previously identified (and
independently verified) prospective structures. The method used is by way of
vibration using Mercz 600 vibrosis trucks - 500 hp engines generating 60,000 kg
of pressure and an accompanying geophone system .

Initial reports are encouraging and the expected geological structures are
being identified and outlined to a depth of 5,000 meters.

Mobilisation of Seismic Trucks in Georgia - please refer to website to view pictures. 

With the positive news regarding the Company's Puntland interests, the seismic
program commencing in Georgia and the Smith 1 commercial test results expected
later this week, The Board of Range is excited by the Company's prospects over
the coming months.

For and on behalf of the Board

Regards

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]

Threadneedle Communications (regarding Georgia)
Laurence Read
Tel:  [phone]
Em: [e-mail]

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