Commencement of Activities in Georgia

29 November 2010

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via e-lodgement

                     COMMENCEMENT OF ACTIVITIES IN GEORGIA                     

Highlights

  * Range/Strait commence unique and proven "helium" survey on 3 top drilling
    locations in Georgia
   
  * Proven technology used successfully (over 50 completed projects) by the
    majority of the Russian Major E&P Companies
   
  * Survey compliments seismic and historical data and greatly improves the
    chances of success with regards to a discovery with the first 2 wells
   
  * Immediate mobilisation into Georgia (20 day work program) with results in
    January allowing for rig mobilisation in February 2011
   

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has engaged international geochemical company, Actual Geology International
Limited ("AGI") to carry out a "helium" survey on the 3 top multi-stacked
prospects as identified by RPS Energy which have estimated undiscovered
oil-in-place in excess of 450 mmbbls (mean 100% basis) as previously announced.

Figure 1 - Numerous Prospects and Leads with Mean Estimated Oil-in-Place (mm
bbls)

AGI have been given the co-ordinates of three of the six identified "ready to
drill' prospects and will commence mobilisation of its team into Georgia in the
coming days, ready to commence field operations early December. AGI's timetable
is that field work will take approximately 3-4 weeks to complete and another 3
weeks to complete the laboratory analysis and results.

The survey will be a "blind test" where AGI will shoot the survey without any
prior seismic info on the co-ordinates provided by Range/Strait. After the
survey and results are compiled by AGI they are integrated with the existing
seismic results to produce the best possible target locations to be drilled.

Given the successful results that the geochemical technology has demonstrated,
the Company believes that, for the cost of approximately 3% of the current
proposed budget for drilling 2 wells, the survey will significantly increase
the probabilities in ensuring that the 2 well drill program is successful.

About Actual Geology International

AGI has completed major field projects for Gazprom, Lukoil, Rosneft, Rusneft
and other leading oil & gas companies. The technology applied by AGI uses
qualities of helium gas emanating from deep layers of the earth towards the
earth's surface. Helium is 10 times more soluble in oil pools, and 150 times
more soluble in natural gas pools than in strata water, so abnormally high
concentrations of helium gas (helium anomalies) in sub-soil air can indicate
presence of oil & gas deposits in underlying formations.  The technology uses
onsite sampling equipment to measure helium concentrations in shallow
bore-holes (less than 1.5m) on a regular grid, and analyzes the results to
produce a map of "sweet spots" for oil & gas drilling.

The surveys can be implemented both at new areas with no geological data and at
areas where detailed seismic exploration work has already been carried out.
Survey results at new areas ensure that seismic work will focus on zones with
best prospects for oil & gas presence. At areas where seismic exploration
results are already available, helium surveying is used to assess probability
of oil & gas presence in known seismic structures.

actualgeology.com/clients.phtml

For and on behalf of the Board

Regards

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 6611
Em: [e-mail]                             Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)               Old Park Lane Capital (Broker)
Stuart Laing                                            Michael Parnes
Tel: [phone]                                  Tel: [phone]

Range Background

Range Resources 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 and Texas, USA.

  * 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 of 240 Bcf of natural gas, 18 mmbbls of oil
    and 17 mmbbls of natural gas liquids (mean 100% basis).
   
  * Range holds a 13.56% interest in the East Texas Cotton Valley Prospect in
    Red River County, Texas, USA, with the prospect's project area encompasses
    approximately 1,570 acres encompassing a recent oil discovery. The prospect
    has independently assessed gross recoverable reserves in place of 5.4
    Mmbbls of oil (mean 100% basis).
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with plans
    to drill two wells (TSXV:AOI) - 55% Operator, in 2011.
   
  * In the Republic of Georgia, Range holds a 50% 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 and estimated
    2.045 billion barrels of undiscovered oil-in-place (mean 100% basis).
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licences. The licences
    areas have independently assessed gross recoverable P2 reserves in place of
    4.8MMbls (mean 100% basis).
   
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 www.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").


ABN 88 002 522 009
www.rangeresources.com.au


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