2nd Quarter Activities

ABN 88 002 522 009
                           
 Level 3, 1 Havelock Street
                           
           West Perth, 6005
                           
          Western Australia
                           
        Ph: [phone]
                           
        Fx: [phone]
                           
[e-mail]

30 January 2009

              QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2008              

The Board is pleased to provide the following commentary to be read in
conjunction with the Appendix 5B which is attached.

During the quarter a new management team and offshore opportunities were
announced, the Company held its Annual General Meeting and recently (5 January
2009) the Company's rights issue prospectus was lodged and despatched to share
and option holders and on 13 January 2009 the Company released an update
regarding the elections in Puntland.

EXPLORATION UPDATE - Dharoor

The Company's joint venture partner, Africa Oil, completed its 2D seismic
programme in Puntland's Dharoor Valley. A total of 782 km of good quality
vibroseis data, comprising a grid of 15 lines were recorded.

Africa Oil is currently processing the new survey and combining the results
with 555 km of older seismic data previously acquired. Mapping of this combined
survey is scheduled to commence in early 2009 and drilling locations will be
selected before the end of the first quarter 2009. A more definite timetable
for rig mobilisation and drilling will be announced as drilling locations are
finalised by the end of the first quarter 2009.

Range notes that the current world financial crisis combined with recent low
oil prices has meant that rig availability has increased significantly while
budgeted drilling costs have decreased significantly, thereby providing Africa
Oil greater flexibility in finalising its programme.

The Company has commenced contributions to the expenditure programme on the
Dharoor Valley (subject to finalization of cost allocation under the joint
operating agreement with Africa Oil). It should be noted that Africa Oil's
expenditure to date includes a rig mobilization fee and purchase and delivery
of inventory (mainly well heads and casing) sufficient for 4 wells.

Offshore Programme

Work is underway to compile and review previously collected seismic data in
order to design a new 2D seismic acquisition programme for Puntland's offshore
oil and gas areas. Discussions regarding possible joint ventures with third
parties are expected to be finalised first quarter 2009. The key point to note
is that, in line with the world economic situation referred to above, the
proposed costs of any proposed offshore programme have reduced significantly
and, to this end, the Company is looking at alternative operators in addition
to renegotiating the current offer from the Chinese geophysical group. The
Company (with the input of its new management team) believes that one or more
joint ventures with industry partners in offshore Puntland would allow the
Company to explore while reducing exposure to exploratory risk and significant
capital expenditures.

The new management team are promoting Range at the NAPE expo in Houston, Texas
for the first time in February 2009. The Board remains confident that the oil
and gas potential of offshore Puntland matches that of other successfully
developed international offshore oil and gas areas

Political Situation

As recently announced (13 January 2009) following a democratic regional
election held in Puntland, Somalia where the Company holds oil and gas assets,
Dr. Abdirahman Mohamed "Farole," was appointed the fourth President of
Puntland. Dr. Farole, 63, won in the third round of voting by the 66-seat
Puntland Parliament, which essentially functions as the region's Electoral
College.

The Company congratulates the new President on his election and looks forward
to continuing with the successful development of Puntland's hydrocarbon and
mineral assets.  

Range believes the open and peaceful nature of the election of President Dr
Farole highlights the strong wish of the Puntland people for security and
democracy to be maintained and enhanced in the region.

During the official crowning ceremony in Garowe, new President Dr Farole gave
special thanks to the outgoing President Hersi for the smooth transition of
power and declared that former President Hersi will become the Government's
special advisor on development issues. The appointment of former President
Hersi will greatly assist Range as it seeks to establish a good working
relationship with the new Government in dealing with offshore development and
key areas of mineral interest.

Non-Renounceable Rights Issue

On 5 January 2009, the Company announced the details of a non-renounceable
entitlement issue ("Rights Issue") to the Company's shareholders
("Shareholders") on the basis of 1 unlisted option ("New Option") for every 2
fully paid ordinary shares in the capital of the Company ("Shares"), together
with 1 free attaching listed option ("Attaching Option") for every 4 New
Options subscribed for, to raise approximately $1,569,787 before expenses. Each
listed Attaching Option shall have an exercise price of 5 cents ($0.05) and is
exercisable at any time on or before 31 December 2011.

The subscription price for each New Option shall be 1.5 cents ($0.015) and each
New Option shall have an exercise price of 1.5 cents ($0.015) and is
exercisable at any time on or before 31 May 2009. For every 4 New Options which
a subscriber exercises following subscription, the subscriber shall receive (in
addition to the ordinary fully paid share) 3 further Attaching Options.

The Offer closes at 5.00pm (WDST) on 6 February 2009 and closing details of the
Rights Issue will be announced on or about 9 February 2009.

Mineral Exploration

During the quarter the Company significantly scaled down its expenditures
regarding the Western Australian tenements as it formally moves to sell or farm
out its interests. Moving forward the exercise will save the Company
approximately $300,000 per quarter.

By order of the Board


Peter Landau

Executive Director

Contacts

Range Resources

Peter Landau

Tel: [phone]

Em: [e-mail]

Australia London

PPR Conduit PR

David Tasker Jonathan Charles

Tel: [phone] Tel: + 44 (0) 20 7429 6666
Em: [e-mail] Em: [e-mail]

RFC Corporate Finance (Nominated Advisor) Fox-Davies Capital (Broker)

Stuart Laing Daniel Fox-Davies

Tel; [phone] Tel: [phone]