Company Update

27 January 2010


Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000


By E-lodgment

COMPANY UPDATE

Texas

Range Resources Limited ("Range" or "the Company") would like to announce that
preparations are underway to move in production equipment to the Smith well
site. Following recent heavy rains, the site has been built up further in
readiness for the production equipment to be installed and production to
commence.

The Company will provide further updates as the Smith well progresses towards
first production.

Smith wellhead - please refer to website to view photo. 

Georgia

The seismic program continues in Georgia, with the seismic contractors well
into their planned 350kms of seismic acquisition. It is expected that the
acquisition will be completed by end February / early March 2010, after which
the seismic data will be processed and interpreted with results due Q2 2010.

Georgian Seismic Program Vehicles - please refer to website to view photo. 

Corporate

The Company would also like to announce that further to the announcement
released on 20 January 2010, and following strong interest from sophisticated
and institutional clients of Range's recently appointed UK Broker, Old Park
Lane Capital, the Company has received additional commitments for a further
placement of 30m shares at £0.029. The placement is subject to shareholder
approval and the placement shares will not be eligible to participate in the
Company's 1 for 4 rights issue that is currently in process.

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 6666
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.

  * 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) - 65% Operator, in 2010.
   
  * 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 is
    undertaking a 350km 2D seismic program.
   
  * Range holds a 25% interest in 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 production due
    to commence Feb 2010.