Trinidad Update – Rig 8 Spud

30 August 2012


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


By e-lodgement

TRINIDAD UPDATE - Rig 8 Spud

Highlights:

  * Final inspections of Rig 8 complete - operations to spud the MD248 well
    will now commence
   
  * Four drill rigs, including Rig 8, now operational on the Morne Diablo Block
    targeting multiple horizons; the Lower Forest formation (circa 1,000 ft.),
    the Upper Cruse formation (circa 2,000 ft.) and the Middle & Lower Cruse
    formations (circa 4,000 ft. and 6,500 ft. respectively).
   
  * Once target depth is reached at the MD248 well (expected to take 6-8
    weeks), Rig 8 will then be moved on to drill the first well primarily
    targeting the deeper Herrera formation as well as both the Forest and Cruse
    formations
   
Range Resources Limited ("Range" or "the Company") is pleased to announce that
Rig 8 was inspected by the Trinidad regulatory authorities last week with a
follow-up inspection having been completed on Tuesday 28 August. The Company
will now commence operations to spud the MD248 well.

This is a significant achievement for the Company which now has four drilling
rigs in operation including Rig 8. Rig 8 is Range's largest drilling rig,
capable of drilling to approximately 11,000 ft.; a depth believed to be
sufficient to test the highly prospective Herrera exploration targets.

The MD248 well will target the development of the Middle Cruse sands at 4,000
ft., as well as explore the Lower Cruse formation at 6,500 ft. This will be the
first well drilled by the Company that targets both the Middle and Lower Cruse
formations.

Upon completion of the MD248 well, Rig 8 is scheduled to move on to drill the
first of a series of wells that primarily target the prolific Herrera formation
as an exploratory target. The first well in this program is designed to test
multiple objectives and will penetrate both the Forest and the Cruse formation
targets as well as the primary Herrera target.

The Herrera test well will be an important step forward in Range's Trinidad
drilling campaign, as it is expected to yield critical stratigraphic control at
the Herrera level. This in turn will help to calibrate the broader Herrera
exploration program.
                                                                             
The Company is in the process of finalising the application for the
above-referenced location as part of the Company's Herrera exploration program.
Once lodged, it is anticipated to take four to six weeks for approval. However,
as has been experienced in the past, this is likely to be subject to change. In
anticipation of the well's approval, construction of the location will commence
in the next one to two weeks with the land having already been cleared.

Peter Landau, Executive Director commented "Our active drilling fleet in
Trinidad continues to grow with the addition of Rig 8 to the line-up. With Rig
8 in service, the Company is now able to test all of the identified
conventional targets on its existing acreage. We are confident that as the
drilling program progresses, Rig 8 will encounter new reservoirs in both the
known field plays and deeper objectives. Given the existing infrastructure, any
new reserves would be expected to be translated into additional production and
cash flow in a very short time."


Yours faithfully


Peter Landau
Executive Director


Contacts

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

PPR (Australia)                                 Tavistock Communications (London)
David Tasker                                    Ed Portman
Tel: [phone]                          Tel: + 44 (0) 207 920 3150
Em: [e-mail]                     Em: [e-mail]

RFC Ambrian Limited (Nominated Advisor)         Old Park Lane Capital (Joint Broker)
Stuart Laing                                    Michael Parnes
Tel: [phone]                          Tel: [phone]

Fox-Davies Capital Limited                      GMP Securities Europe LLP (Joint Broker)
Daniel Fox-Davies / Richard Hail                James Pope / Chris Beltgens
Tel: [phone]                       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 Proved (1P)
    reserves in place of 15.4 MMbls with 19.6 MMbls of proved, probable and
    possible (3P) reserves and an additional 20 MMbls (mean) 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. Range 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. The
    Company is focussing on a revised development strategy that will focus on
    low-cost, shallow appraisal drilling of the contingent resources around the
    Tkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central
    sections of the Company's two blocks.
   
  * In Puntland, Range holds a 20% working interest in two licenses
    encompassing the highly prospective Dharoor and Nugaal valleys. The operator 
    and 60% interest holder, Horn Petroleum Corp. (TSXV:HRN) has completed two 
    exploration wells and will continue with a further seismic and well program 
    over the next 12-18 months.
   
  * Range holds a 25% interest in the initial Smith #1 well and a 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. Independently assessed 3P
    reserves in place (on a 100% basis) of 228 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. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
   
  * Range is earning a 65% (option to move to 75%) interest in the highly
    prospective PUT 6 and PUT 7 licences in Putumayo Basin in Southern
    Colombia. The Company will undertake a 350km2 3D seismic program across the
    two licences and drill one well per licence, as well as looking to re-enter
    a previously suspended well that had a significant historical reserve
    estimate.
   
All of the technical information, including information in relation to reserves
and resources that is contained in this document has been reviewed internally
by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years' experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information.

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.

The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency.-
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's technical
consultants have not yet reviewed the details of ARI's resource estimate and
the reliability of this estimate and its compliance with the SPE reporting
guidelines or other standard is uncertain. Range and its JV partners will be
seeking to confirm this resource estimate, and seek to define reserves, through
its appraisal program and review of historical data during the next 12 months.

Reserve information on the Putumayo 1 Well published by Ecopetrol 1987.

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.

1P refers to Proved Reserves, 2P refers to Proved plus Probable Reserves and 3P
refers to Proved plus Probable plus Possible 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 assuming their discovery and development
and may be sub-classified based on project maturity.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.

Undiscovered Oil-In-Place is that quantity of oil which is estimated, on a
given date, to be contained in accumulations yet to be discovered. The
estimated potentially recoverable portion of such accumulations is classified
as Prospective Resources, as defined above.


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]
w: www.rangeresources.com.au