Trinidad and Georgia Drilling Update

12 September 2011

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 06, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

TRINIDAD AND GEORGIA DRILLING UPDATE

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to the Company's Trinidad and Georgian
Operations.

Trinidad

Range is pleased to announce that the first well drilled by one of its
subsidiaries, Trincan Oil Limited, in the Company's initial 21 well program in
the Morne Diablo Block, onshore Trinidad, has been successfully completed with
a down hole pump and pump jack having been installed with the well producing
high quality 36 degree gravity oil at initial water-free test rates
of approx 20 bopd.  Higher rates will depend on final pump selection and
depletion by offset well bores.

It is important to note that this first well was a replacement in fill well to
an old well, hence the Company is extremely pleased with the success of this
replacement well given the higher than expected net pay zone encountered. A
total of 3 of the current 21 wells in the program are replacement wells, as
opposed to step out wells.

Following on from the success of the first well, Rig 1 commenced and completed
a step out well targeting the Lower Forest sands at a depth of approximately
1,000 feet. Surface casing was run to 100 feet and drilling reached target
depth. Open hole logs have been run with results indicating extremely
attractive resistivity oil sands across 215 feet. Completion plans have
been lodged for approval with local authorities with an aim to have the well
completed and producing within the week.

The recently certified Rig 2 is now fully operational and has been moved to the
third well location (also step out well) to commence drilling.  Rig 3 is
scheduled to join and accelerate the current development well program once
certified over the coming week or two.

The Company is buoyed by this early success and remains confident of increasing
production to between 1400 - 1800 bopd from this initial programme in
Trinidad. 

Georgia

Following the successful setting of casing to 700m and the installation of the
blowout preventer ("BOP"), drilling has recommenced and is currently at 1,339m.

Drilling with continue to approximately 2,500m at which point 9 5/8" casing
will be set before drilling will recommence out to a target total depth of
approximately 3,500m, which is expected to be reached in late September.

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.

Corporate Update

The Company would also like to announce that it has extended its equity line of
credit facility for an extra £30m with First Columbus / Duchess.

The Company is fully funded for its exploration activities with existing cash
reserves and circa $15m still due from the exercise of `in-the-money' options
due to expire before the end of 2011, however in the event of a discovery on
any of the Company's high impact exploration wells being drilled in the coming
months, with this extension of the equity line of credit in place, the Company
will have immediate access to funds for any appraisal operations that would be
necessary should these exploration wells result in a discovery.

Issue of Shares and Options

The Company is also pleased to announce the issue of the following securities:

  * 6,299,740 Ordinary Fully Paid Shares being issued upon exercise of listed
    options ($0.05, 31 December 2011)
   
  * 5,000,000 Ordinary Fully Paid Shares being issued in lieu of corporate
    advisory, consultancy and facilitation fees
   
  * 17,921,146 Class A Performance Shares as approved by shareholders at the
    General Meeting - 23 June 2011
   
  * 17,921,146 Class B Performance Shares as approved by shareholders at the
    General Meeting - 23 June 2011
   
Following the issue of these securities the total number of securities in the
Company on issue are as follows:

1,718,195,675       Ordinary Fully Paid Shares (RRS)                           
                                                                               
191,478,121         Listed Options (RRSO) (A$0.05, 31 December 2011)           
                                                                               
855,166             Unlisted Options (£0.04, 30 June 2015)                     
                                                                               
7,058,824           Unlisted Options (£0.17, 30 April 2016)                    
                                                                               
60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)           
                                                                               
3,177,029           Unlisted Options (A$0.50, 30 June 2012)                    
                                                                               
17,921,146          Class A Performance Shares                                 
                                                                               
17,921,146          Class B Performance Shares                                 

Range has applied for admission of the new shares to trading on the ASX and AIM
markets. All of the shares are expected to be admitted to trading on AIM on or
around 16 September 2011.

For and on behalf of the Board

Regards
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
    3P reserves in place of 6.9 MMbls (on a mean 100% basis) 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 oil-in-place (on a mean 100% basis) with the first of
    two exploration wells having spudded in July in 2011.
   
  * 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 gross recoverable oil in place)
    following the recent awarding of the rig contract.
   
  * 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, 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 5.4 mmbbls of oil.
   
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").

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 Trinidad, 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.


www.rangeresources.com.au

London
5th Floor, 23 King Street, St. James's House, London SW1 6QY
t: [phone], f: [phone]

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

e: [e-mail]