Successful Spudding of Mukhiani Well in Georgia

14 July 2011                                              Range Resources Ltd
                                                            ABN 88 002 522 009
                                                     www.rangeresources.com.au



                       SPUD OF MUKHIANI 1 WELL, GEORGIA                        

Highlights

  * Successful spudding of Mukhiani 1 well in Georgia.
   
  * The Mukhiani 1 well is the first of an anticipated 4-6 high impact
    exploration wells to be drilled in 2011 across the Company's Georgian,
    Puntland, Texan and Trinidadian exploration assets.
   
International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") along with its joint venture
partners, Strait Oil and Gas ("Strait") and Red Emperor Resources ("Red Emperor
") (ASX/AIM: RMP) is pleased to announce that it has spudded the Mukhiani 1
well in Georgia overnight. Mukhiani 1 is targeting a prospect with a mean
estimate of undiscovered oil in place of 115 million barrels (with 46 million
barrels attributable to Range's 40% interest).

Range Executive Director, Peter Landau commented, "This is a significant
milestone for Range as it is our maiden well spud as an operator and the
culmination of a significant amount of appraisal work completed by Strait's
operations team."

The drilling operations will run 24 hours with a team of between 40-50
personnel and is expected to take approximately 45-55 days with a target depth
of circa 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

       Vani 3 Prospect - STOIIP (MMbbls)

                                     P90     P50     P10     Mean

Gross (100%)                        41.7    92.7   178.2    115.2

Net Attributable to Range (40%)     16.7    37.1    71.3     46.1


The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

Following the successful completion of the Mukhiani 1 well, the rig will then
move on to spud the Company's second exploration well as part of the two well
highly prospective drilling program in Georgia.

The Company will provide updates on a regular basis as to the progress of the
drilling of the Mukhiani well.


Yours faithfully

Peter Landau
Executive Director



Contacts

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

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

RFC Corporate Finance (Nominated Advisor)      Old Park Lane Capital (Broker)
Stuart Laing                                   Michael Parnes
Tel: [phone]                         Tel: [phone]


Range Background

Range Resources 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.

  * Range holds a 25% interest in the initial Smith #1 well and 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. Drilling of the first well has
    resulted in a commercial discovery with independently assessed gross
    recoverable reserves in place (on a mean 100% basis) of 240 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, with the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery.
    Independently assessed gross recoverable reserves in place (on a mean 100%
    basis) of 5.4 Mmbbls of oil.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with the
    operator and 45% interest holder, Africa Oil Corp (TSXV: AOI) planning to
    drill two wells in 2011.
   
  * In the Republic of Georgia, Range holds a 40% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program with independent consultants
    RPS Energy identifying 68 potential structures containing and estimated 2
    billion barrels of oil-in-place (on a mean 100% basis) with the first of
    two exploration wells to be drilled in 2011.
   
  * 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 gross recoverable
    3P reserves in place of 6.9MMbls (on a mean 100% basis).
   


The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants
based in the United States with offices in Houston and Austin. Lonquist
provides specific engineering services to the oil and gas exploration and
production industry, and consults on all aspects of petroleum geology and
engineering for both domestic and international projects and companies.
Lonquist & Co LLC have consented in writing to the reference to them in this
announcement and to the estimates of oil, natural gas and natural gas liquids
provided. These estimates were formulated in accordance with the guidelines of
the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be
found on the SPE website at spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been
formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international
petroleum engineering and geologic consulting firm staffed by experienced
engineers and geologists. Collectively FGA staff has more than a century of
world–wide experience. FGA have consented in writing to the reference to them
in this announcement and to the estimates of oil and natural gas liquids
provided. The definitions for oil and gas reserves are in accordance with SEC
Regulation S–X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
who specialise in the evaluation of resources, and have consented to the
information with regards to the Company's Georgian interests in the form and
context that they appear. These estimates were formulated in accordance with
the guidelines of the Society of Petroleum Engineers ("SPE").



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