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Range Resources LTD (RRL)

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Tuesday 01 May, 2012

Range Resources LTD

Quarterly Activities Report and Appendix 5B

30 April 2012


Issued Capital    2,293m*      ASX Code    RRS     Closing price    $0.185*

Market Capital    A$424m*      AIM Code    RRL     Closing Price    £0.128*

* as at 31 March 2012

Gross Production for the Quarter

Gas  308k mcf       Range Interest - 68k mcf

Oil  77,424 bbls    Range Interest - 61,550 bbls

The Board of Range Resources Limited ("Range" or "the Company") is
pleased to provide the following commentary to be read in conjunction with the
Appendix 5B (Quarterly Cash Flow Report) which is attached.


During the quarter the Company continued its development drilling
program on its Morne Diablo license with the successful completion of the QUN
118ST, QUN 119, QUN 120 and QUN 122 wells with the QUN 121 well underway, with
its surface hole drilled and surface casing cemented.

Following the successful logging and completion of the QUN118ST
well, initial production testing saw the well producing at a rate of up to 102
bopd on a 5/32" choke under natural pressure from the shallow Forrest
formation. It has since stabilized at approximately 65-70 bopd.

The QUN 119 well was successfully completed during the quarter,
targeting the Lower Forest formation. Following the successful completion, the
well achieved initial production rates of 130 bopd with production having
stabilised at more than 100 bopd under natural pressure over the last two

The performance of this well is extremely encouraging, as its
location is on the edge of the recently drilled Lower Forest wells, confirming
the Company's predictions that the current well program would extend the
existing fields.

Based on the encouraging results to date, the company will focus
three shallow rigs on the Lower Forest trend with between 15-25 wells
scheduled this year, including numerous infill wells. The diagram below shows
the results of Range's recent drilling at Morne Diablo, along with future
drilling locations.

The QUN 120 well was drilled to TD of approximately 2,475 ft.
targeting the Lower Forest and Upper Cruse formations and subsequent to
quarter end the well was 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 Company's third rig, Rig 5, joined operations and is drilling
the QUN 121 well with a target depth of 950 ft.

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 was performed
with the well showing initial production rates of up to approximately 50 bopd
under natural pressure, which has now stabilised at 15-20bopd.

The QUN 123 & 124 wells were spudded subsequent to quarter-end with
the QUN 124 well located 400 ft to the east of the QUN 119 well in previously
untested acreage. The well has encountered encouraging oil sands at 823 ft
with a target depth of 1,300 ft.

The Company's fourth rig (#8) is set to join operations in the coming weeks
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 deeper Herrera formation, a significant
exploratory target.

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. To support the growing drilling program, an additional 30 personnel
have recently been hired as the Company continues to expand its drilling
program both laterally and in depth.

As mentioned above, 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
between 15-25 Lower Forest wells (including infill wells) in response to the
excellent flow rates being achieved from that section. Drilling and 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.

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 (May / June) with the first deep Herrera well
scheduled for Q3.

During the quarter, the Company announced the formation of a
partnership with Leni Gas & Oil plc ("LGO") to jointly develop their interests
in the Eastern Fields Area onshore southern Trinidad, including the Goudron
and Beach Marcelle fields. The proposed joint venture is subject to due
diligence which is ongoing at this stage.


During the quarter, site construction commenced in readiness for
the second exploration well in Georgia - the Namakhvani well (TD circa 3,500m)
which is the Kursebi 6 Prospect. Progress on the site construction has been
severely hampered during the quarter, due to the severe weather conditions
that have been experienced across Europe and Eastern Europe with the Joint
Venture delaying the mobilisation of the drilling rig and ancillary equipment
to the Namakhvani well in Georgia to allow for more robust site construction.
The Company will look to provide further update as to the progress shortly.

Given the unexpected geological sequences encountered with the
first well, Range engaged new independent technical consultants, NTD Energy,
to perform a fresh review of all of the seismic and geological data across the
top 3 Kursebi prospects previously identified. The Kursebi-6 prospect was
identified as the most robust prospect with a more clearly defined structure
and indications of a significantly thicker Jurassic section, increasing
chances of encountering more reservoir and mature source rocks.

Below are the estimates of undiscovered Stock Tank Oil Initially In Place
(STOIIP) for the prospect.

                                        STOIIP (Mmbbls)

                               P90       P50       P10      Mean

K-6 Prospect - 100%           32.2      84.8      185.8     99.2
Attributable to Range - 40%   12.9      33.9      74.3      39.7

Also during the quarter, preparations had begun on the 2D seismic
program on Block VIb with the engagement of the Geological Institute of Israel
("GII"), who performed the initial 410km 2D seismic program in 2009. A 265 km
2D seismic program will be undertaken on Block VIb that will endeavour to
provide northern closure on the initial structures previously identified, as
well as looking at identifying possible unconventional targets. The program
will include a seismic cross section over the recently drilled Mukhiani Well
to assist with the potential side track option as identified through earlier
Vertical Seismic Profiling.

Recently appointed NTD Energy will be undertaking an active role in
supervising the seismic program all the way from acquisition to processing and
interpretation, as well as performing a strategic review across the two
licenses, including identifying; promoting and developing the unconventional
(CBM / shale) plays that are said to exist across the two licence areas
through the introduction of farm-in partners.


Puntland Onshore

During the quarter the Joint Venture successfully spudded the
historic Shabeel-1 well on the Dharoor Block in Puntland, Somalia which is
being drilled to a target depth of 3,800 metres and is the first of two highly
prospective exploration wells to be drilled in the Dharoor Valley by the Joint

Preparations also commenced on the site construction on the second
exploration well - Shabeel North - site with the setting of surface casing and
drilling of a 50m pilot hole, with construction continuing during the quarter
that has seen the Shabeel North site nearing completion post quarter end in
readiness to receive the drilling rig following the successful completion of
the Shabeel well.

Shabeel-1 Well Site

The last reported depth of the well was 2,953m with casing having
been set to circa 2,700m. The well drilled through primarily tight limestones
and shales of Lower Tertiary to Upper Cretaceous age and encountered a 355
metre section of Upper Cretaceous sands and shales of the Tisje / Jesomma
Formations at a depth of approximately 1,660 metres. The sands in this
interval exhibited both oil and gas shows and petrophysical analysis of
downhole electrical logs indicates a potential pay zone of between 12 and 20
metres in the section. Attempts to sample formation fluids using a wireline
formation tester were not successful and thus the zone will require cased hole
testing to confirm whether they are oil bearing. The well is drilling ahead
with an expected TD (3,800m) of mid May.

The Shabeel and Shabeel North prospects are located on a Jurassic
aged rift system which is part of the same system that has proven to be highly
productive in the Masila and Shabwa Basins in Yemen that contain an estimated
6 billion barrels of oil*. Both prospects are very large fault block prospects
with internal estimates of Prospective Resources of over 300 million barrels
of oil (mean 100% basis), with Range's 20% attributable interest being over 60
million barrels. Source rocks are expected to be rich Jurassic Kimmeridgian
shales in the deep portion of the rift immediately down dip from the Shabeel
prospects. Reservoirs are expected to be sandstones and carbonates of the
Lower Cretaceous and Jurassic systems analogous to Yemen.

*Sourced from country and industry websites

Puntland Offshore

During the quarter, Range entered into an agreement with the
Puntland Government with respect to obtaining a 100% working interest in the
highly prospective Nugaal Basin Offshore Block (see below).

The Block is an extension of the onshore Nugaal Region which has
the potential for deltaic deposits from the Nugaal Valley drainage system and
comprises over 10,000km.

The Company will commit to a 2D seismic program within the first
three years, with further 3D seismic and an exploration well to follow in the
second three year period. The Agreement is subject to a formal PSA being
entered into and all necessary regulatory approvals. Commercial terms will be
similar to the current on-shore PSAs.

As part of the entering into the Nugaal Offshore PSA, Range has
committed US$5m, for the tarmac sealing of an Airport Runway in Puntland at
the Government's direction.

It is Range's intention to offer a participation interest to its
joint venture partner, Red Emperor Resources NL (ASX:RMP) on terms to be


North Chapman Ranch

During the quarter, the Company announced further success in the appraisal and
development of the North Chapman Ranch Field in Texas (Range 20-25% interest),
with the successful drilling of the Smith #2 and Albrecht #1 wells.

Initial gross flow rates from the uppermost pay zone, which is one of four
principal pay zones, in the Smith #2 well reached more than 3.0 MMcfd & 125
Bopd, with more than 7500 psi flowing casing pressure on a 10/64" choke.

The Smith #2 well was drilled approximately 1,350 ft. southeast of the Smith
#1 discovery well, and will further extend the Company's Proved Reserves in
that direction.

The Smith #2 was followed immediately by the Albrecht #1, drilled more than
1,500 ft. southeast of the Smith #2. The Albrecht #1 confirmed the presence of
the Howell Hight reservoir in that area and is also expected to add
significant Proved Reserves to the Company's portfolio. The well is currently
undergoing a multi-stage frac treatment.

With four wells now drilled in the field, Range estimates that over 80% of the
structural closure at the Howell Hight reservoir falls into the Proved and
Probable (2P) category. Work is currently underway to revise the reserve
estimates at North Chapman Ranch, and is expected to be finalized once the
Albrecht #1 well comes online with regards to flow rates post fraccing, which
is anticipated within the next 5-10 days.

East Texas Cotton Valley Prospect

During the quarter, the operator on East Texas Cotton Valley prospect, Crest
Resources received approval from the partners for fracture stimulation of the
Ross 3H Horizontal Well, and is in the process of scheduling the frac work and
subsequent testing during 2Q 2012, which is expected to confirm commerciality
of this shallow oil field.


During the quarter the Company announced that it is had secured a
65% farm-in opportunity (350m of 3D seismic, 2 new wells and 1 well re-entry)
on two highly prospective licenses in the on shore Putamayo basin in Southern
Columbia. The finalization of the farm-in agreement is subject to regulatory
approvals with full details to be provided upon regulatory sign offs being
obtained. Range anticipates being able to announce full details of the project
in the next 2 weeks.

Reserves and Valuation - Trinidad and Texas

At the end of 2011, the Company announced the results of Forest
Garb's Independent Reserves, Resources and Valuation Report, which was an
analysis of the estimated reserves, prospective resources and future net
revenue attributable to the Company's portfolio of producing and development
assets onshore Trinidad and Texas. Forest Garb has previously completed a
similar report on the Trinidad licenses in June 2010.

The report included the 490% Proved (1P) Reserve increase in
Trinidad following the completion of engineering work on the secondary
recovery potential of the Company's Beach Marcelle block mentioned above,
however did not include the positive results from the Company's development
drilling program at North Chapman Ranch in Texas, recent extensions to the
Morne Diablo field in Trinidad where Range has drilled five successful
development wells to date, nor the significant exploration potential
associated with the Herrera formation, which underlies the existing Trinidad

Set out below is Range's attributable interest in the net
recoverable reserves combined across the Texas and Trinidad assets which is
net of government and overriding royalties and represents Range's economic
interests in its development and production assets as classified in the report
from Forest Garb.

Category                     Oil      Natural Gas   Natural Gas
                           (MMbbls)      (Bcf)        Liquids
Proved (P1)                  16.1        10.8          0.7
Probable (P2)                 2.8         5.5          0.5
Possible (P3)                 3.7        14.6          1.3
Total Reserves               22.6        30.9          2.5
Prospective Resource
Best                          1.7         -             -
High                         18.2         -             -
Total Reserves / Resources   42.5        30.9          2.5

Set out below is the total estimate Gross Reserves and Resources
across split between Trinidad and Texas.

Category                  Oil         Natural Gas       Natural Gas
                       (MMbbls)          (Bcf)            Liquids
                    Trinidad Texas  Trinidad Texas   Trinidad   Texas
Proved (P1)           16.2     6.0    3.2     64.3      -         5.0
Probable (P2)          3.0     4.4     -      48.6      -         3.8
Possible (P3)          2.9    11.6     -     129.6      -        10.1
Total Reserves        22.1    22.0    3.2    242.5      -        18.9
High                   2.4     -       -       -        -         -
Best                  25.0     -       -       -        -         -
Total Reserves /
Resources             27.4    22.0    3.2    242.5      -        18.9

Set out below is Range's attributable interest in the net
recoverable reserves split between the Company's Texas and Trinidad assets
which is net of government and overriding royalties and represents Range's
economic interests in its development and production assets as classified in
the report from Forest Garb.

Category                     Oil         Natural Gas       Natural Gas
                           (MMbbls)         (Bcf)            Liquids
                        Trinidad Texas Trinidad Texas  Trinidad    Texas
Proved (P1)               15.4    0.7    3.2      7.6      -        0.7
Probable (P2)              2.2    0.6     -       5.5      -        0.5
Possible (P3)              2.0    1.7     -      14.6      -        1.3
Total Reserves            19.6    3.0    3.2     27.7      -        2.5
Prospective Resource
High                       1.7     -      -       -        -         -
Best                      18.2     -      -       -        -         -
Total Reserves /          39.5    3.0    3.2     27.7      -        2.5


Upgrade of US ADR Program

During the quarter the Company upgraded the trading of its American
Depositary Receipts ("ADR's") from the OTC to the OTCQX International trading
platform. The ADR's trade under the code, RGRYY, with each ADR representing 40
ordinary shares listed on the Australian Securities Exchange.

The OTCQX is a highly visible trading platform that has attracted
more than 195 companies since its inception in early 2007. Built on a robust
electronic quotation and trading platform, the OTCQX International has emerged
as the world's premier cross-listing venue for international issuers that wish
to benefit from U.S. trading and investor demand without diluting their
current shareholder base. In just over three years, the OTCQX has grown to
include more than $1 trillion in companies traded on the market.

Capital Raisings

During the quarter the Company raised circa $42.7m through the
receipt of option exercise money early in the quarter, a drawdown on the
Company's equity line of credit along with a strategic institutional placement
which included 100m shares being placed to a major US and European fund
management group, with considerable expertise in the oil and gas sector.

Appendix 5B Summary - Consolidated Statement of Cashflow

                                          Current Quarter Year to date
                                                            (9 months)
Cash flows related to operating                    $A'000     ($A'000)
Receipts from product sales and related             6,992       17,740
Payments for (a) exploration & evaluation        (12,212)     (26,223)
             (b) development                      (5,348)      (8,799)
             (c) production                       (4,807)     (12,031)
             (d) administration                   (3,846)      (9,827)
Dividends received                                      -            -
Interest and other items of a similar                  91          229
nature received
Interest and other costs of finance paid                -            -
Taxes paid                                        (3,296)      (4,327)
Other (provide details if material)                     -            -
                 Net Operating Cash Flows        (22,426)     (43,238)
Cash flows related to investing
Payment for purchases of:
       (a) prospects                                    -      (6,040)
       (b) equity investments                       (265)      (2,365)
       (c) other fixed assets                           -        (337)
Proceeds from sale of:
       (a) prospects                                    -            -
       (b) equity investments                           -            -
       (c) other fixed assets                           -            -
Loans to other entities                             (554)      (2,949)
Loans repaid by other entities                          -            -
Other - net cash acquired on acquisition                -          628
of subsidiary
                 Net investing cash flows           (819)     (11,063)
Total operating and investing cash flows         (23,245)     (54,301)
Cash flows related to financing
Proceeds from issues of shares, options, etc.      45,245       64,676

Proceeds from sale of forfeited shares                  -            -
Proceeds from borrowings                                -            -
Repayment of borrowings                                 -            -
Dividends paid                                          -            -
Other (provide details if material)               (2,495)      (3,261)
                 Net financing cash flows          42,750       61,415
     Net increase (decrease) in cash held          19,505        7,114
Cash at beginning of quarter/year to date           4,814       17,360
Exchange rate adjustments to item 1.20                155            -
CASH AT END OF QUARTER                             24,474       24,474

Yours faithfully

Peter Landau
Executive Director


Range Resources Limited
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: [email protected]

Australia                                    London

PPR                                          Tavistock Communications
David Tasker                                 Ed Portman/Paul Youens
Tel: +61 (8) 9388 0944                       Tel: + 44 (0) 207 920 3150
Em: [email protected]                  Em: [email protected]

RFC Corporate Finance (Nominated Advisor)    Old Park Lane Capital (Joint Broker)
Stuart Laing                                 Michael Parnes
Tel: +61 (8) 9480 2500                       Tel: +44 (0) 207 493 8188
                                             Panmure Gordon (Joint Broker)
                                             Katherine Roe / Brett Jacobs
                                             Tel: +44 (0) 207 459 3600

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, 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 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) spudded 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
commenced on the second well with the setting of the 30 inch surface casing
and the drilling of a 50 metre 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. Drilling of the first well
has resulted in a commercial discovery with 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 worldâ€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 Sâ€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

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

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.

a d v e r t i s e m e n t