Trinidad & Texas Update

30 December 2011

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

TEXAS & TRINIDAD UPDATE

Trinidad

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has successfully drilled and logged the QUN118ST development well on the
Morne Diablo concession in Trinidad. The QUN 118ST logged more than 200 ft. of
gross oil pay in the shallow Forrest formation, further extending the existing
field area to the north and east. The well is currently being completed for
initial production from natural pressure, which is expected to commence within
the next week.

The Company operates three production areas onshore Trinidad, where it
continues to develop existing reserves, extend producing trends, and exploit
marginal producing properties.

Exploratory drilling for deeper targets is programmed for 2012, following
reprocessing and interpretation of the Company's 3D seismic database, which is
scheduled to be completed next month.

Texas

The Company would also like to announce that the surface casing was
successfully set on the Albrecht #1 appraisal well on the Company's North
Chapman Ranch Project in Texas and recommenced drilling and is currently
drilling ahead at a depth of 7,900 ft. with a target depth of 14,500 ft.

The Albrecht # 1 appraisal well marks another milestone in the Company's
onshore Texas drilling program, as if successful, it is anticipated to prove up
reserves in the South East portion of the North Chapman Ranch license area, and
support a re-classification of current Possible (P3) reserves into the Probable
(P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to
continue with the development of the field with a possible four-well program in
2012 under discussion among the joint venture partners.

Yours faithfully

Peter Landau

Executive Director

Contacts

Range Resources Limited

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 (Joint Broker)
Stuart Laing                                   Michael Parnes
Tel: [phone]                         Tel: [phone]

Panmure Gordon (Joint Broker)
Katherine Roe / Brett Jacobs
Tel: [phone]

Range Background

Range Resources Limited 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.

  * 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
    1P reserves in place of 15.4 MMbls (on a mean 100% basis) with 19.6 MMbls
    recoverable 3P reserves with an additional 20 MMbls of prospective
    resources.
   
  * 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 an estimated 2
    billion barrels of undiscovered oil-in-place (on a mean 100% basis) with
    the first (Mukhiani-1) of two exploration wells having spudded in July in
    2011 - Re-interpreted seismic supported by the Mukhiani-1 VSP new fault
    trap and stratigraphic trapping potential with the possibility of a side
    track well to be drilled post additional seismic in 2H 2012.
   
  * 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
    commence the two well programme in 2011 (targeting (on a mean 100% basis)
    300mmbls and 375mmbbls of best estimate Prospective Resources) following
    the recent awarding of the rig contract. Site construction complete in
    readiness for spudding first well late December 2011.
   
  * 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 242 Bcf of natural
    gas, 15 mmbbls of oil and 19 mmbbls of natural gas liquids.
   
  * Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, where 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 3.3mmbbls of oil.
   
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley 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 an 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.

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").

The prospective resource estimates for the two Dharoor Valley prospects are
internal estimates reported by Africa Oil Corp, the operator of the joint
venture, which are based on volumetric and related assessments by Gaffney,
Cline & Associates.

In granting its consent to the public disclosure of this press release with
respect to the Company's Trinidad operations, Petrotrin makes no representation
or warranty as to the adequacy or accuracy of its contents and disclaims any
liability that may arise because of reliance on it.

SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources

Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations.

Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assumingtheir discovery and development
and may be sub-classified based on project maturity.

ABN 88 002 522 009
www.rangeresources.com.au


ABN 88 002 522 009
www.rangeresources.com.au


London

Suite 1A, Prince's House, 
38 Jermyn Street, London SW1 6DN
t: [phone], f: [phone]

Australia

Ground Floor, 1 Havelock Street, 
West Perth WA 6005, Australia
t: [phone], f: [phone]

e: [e-mail]