Trinidad Update

12 April 2012


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


By e-lodgement


TRINIDAD UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce its
initial 21 well program continues to make significant progress with three of
the Company rigs now fully operational. The QUN 119 / QUN 120 and QUN 122 wells
have all been successfully drilled and logged and are in the process of being
brought into production. QUN 121 now has a drilled surface hole and cemented
surface casing.

The QUN 119 well was successfully completed, targeting the Lower Forest
formation. Following the successful completion, the well achieved initial
production rates of 130 bopd with production now stabilised to circa 100 bopd
under natural pressure.

The QUN 120 well was drilled to target depth (TD) of approximately 2,475 ft
targeting the Lower Forest and Upper Cruse formations. The well is scheduled
for testing in several zones with indications of 39 feet of oil pay in the
Upper Cruse formation and 47 feet of additional pay in the Lower Forest
formation. The well is targeting 120 bopd from the several zones encountered.

The QUN 121 well has cemented surface casing and will be drilled with Rig 5
(the Company's third rig into operation) to a TD of approximately 950 ft
targeting the Lower Forest formation in the coming days.

The QUN 122 well was drilled to a TD of approximately 950 ft intersecting the
Lower Forest formation. Well logs have indicated approximately 90 ft of
resistive oil sands. Production testing is currently being performed with the
well showing initial production rates of up to approximately 50 bopd under
natural pressure.

Rig 2 has moved from the QUN 120 well to the QUN 124 location and is preparing
to commence drilling shortly. Rig 1 has moved to a new location, QUN 123. Both
the QUN 123 and 124 wells will be targeting the Lower Forest sands with a TD of
approximately 950 ft and 1,300 ft respectively.

The above activity should see the operations move over 1,000 bopd in the coming
weeks.

Key Developments Moving Forward

The Company's fourth rig (#8) is set to join operations during the month
(April) and will be targeting the Middle to Lower Cruse sands to a depth of
circa 6,500ft which have the potential to produce in the range of 150-300 bopd.
Rig 8 is also capable of drilling the deep Herrera formation targets.

The remaining two medium depth rigs are scheduled to be operational by mid
year. This will see the Company utilising all of its 6 rigs in the coming
months. Of note, a further 30 personnel have recently been hired as the Company
continues to accelerate its development program.

The Company's developmental drilling program on the Morne Diablo license will
continue to look to extend the existing trends that have been confirmed by the
current drilling program. Rig's 1, 2 and 5 will drill 10-12 Lower Forest wells
in response to the excellent flow rates being achieved from that section.
Completion of each individual well is anticipated to be between 2-3 weeks with
a target initial production rate from each of circa 50-100 bopd.

3D Seismic Reprocessing

Work is nearing completion on the Company's extensive reprocessing of its 3D
seismic database in Trinidad. State-of-the-art reprocessing by Houston-based
seismic experts Geotrace will improve Range's ability to identify and image
deeper drilling targets across its Morne Diablo and South Quarry acreage,
including the prolific Herrera Formation.

The Company believes that improved imaging of its 3D dataset will help define
existing targets (with volumetrics) and lead to additional prospects. This in
turn should result in lower dry hole costs and continued growth in reserves and
production, respectively. Once data reprocessing is completed, the Company's
technical team will begin by confirming its existing portfolio of deeper
drilling targets (expected in May / June) with the first deep Herrera well
scheduled for Q3.


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 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.
    Re-interpreted seismic supported by the Mukhiani-1 vertical seismic
    profiling has identified new fault 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. The
    operator and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) has spud
    the first well in a two well programme in early 2012 targeting 300mmbls and
    375mmbbls of best estimate Prospective Resources (100% basis). Site
    construction has been completed on the second well with the setting of the
    30 inch surface casing and the drilling of a 50 meter pilot hole in
    readiness for spudding following the completion of the first well.
   
  * 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 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. The prospect
    has independently assessed 3P reserves in place (on a 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.


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