Company Update

28 October 2011


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


By e-lodgement


COMPANY UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to the Company's assets. Given the need for
regulatory sign off in Trinidad a more comprehensive update will be provided
next week.

North Chapman Ranch - Texas

Drilling is progressing ahead of schedule on the Company's Smith #2 development
well in North Chapman Ranch. The well is currently drilling ahead at a depth of
approximately 10,500 ft. with Range and its partners having logged a
significant show in the Manley section (at 10,000 ft), possibly representing
another productive interval, in addition to the expected primary field pay
zones. It is expected that the well will reach an intermediate pipe point in
the coming days, at which time it will be logged to this intermediate depth and
9 5/8" casing run before drilling ahead to total well depth of 14,000 ft.

Georgia

Following the completion of the Vertical Seismic Profiling ("VSP") on the
Mukhiani Well, the Company commenced to flow test two zones of interest whilst
waiting for VSP interpretation results. The first test (open hole flow test) at
720m - 768m did not flow as of this morning GMT. The second test (perforation
formation flow test at 330 - 370m) will now be undertaken. The Company will
provide an update as to the VSP interpretation results and second flow test
next week based on current schedules.

The VSP interpretation results will confirm whether or not the current zone of
hard rock that the well has reached is basement rock or a volcanic overthrust.
This current depth is significantly shallower than the initially planned total
depth (of approximately 3,500 m) to the primary objective based on surface
seismic interpretation. If the VSP interpretation confirms the rock encountered
is indeed basement, drilling will not continue with preparations to commence
for the drilling of the second exploration well, the Kursebi 2, while if it
indicates it is a volcanic overthrust, a decision will be made whether to
proceed drilling after reassessing the likely lithography and target potential.

Trinidad

On the basis of recent drilling results, together with extensive engineering
studies of its mature oil fields in Trinidad, Range Resources Ltd is pleased to
announce that it expects to release details of an upward revision of its Proved
(P1) Reserves in Trinidad next week. The revised reserve estimates have been
calculated and the details will be released once the announcement has been
approved by the Trinidadian regulatory authority. The upward revisions follow
better than expected drilling results from the Company's initial 2011 drilling
program, along with recently completed engineering studies of secondary
recovery potential in the Beach Marcelle Block. The engineering review,
performed by the Company's Dallas-based reserve auditor Forrest A. Garb &
Associates, confirmed that significant volumes of crude remain in the Beach
Marcelle field that can be produced using standard secondary recovery
techniques such as water flooding.


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 gross recoverable
    3P reserves in place of 6.9 MMbls (on a mean 100% basis) with an additional
    20 MMbls 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. Currently, 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 oil-in-place (on a mean 100% basis) with the first of
    two exploration wells having spudded in July in 2011.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys with the
    operator and 45% interest holder, Africa Oil Corp (TSXV: AOI) planning to
    commence the two well programme in 2011 (targeting (on a mean 100% basis)
    300mmbls and 375mmbbls of best estimate gross recoverable oil in place)
    following the recent awarding of the rig contract.
   
  * 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 (on a mean 100% basis) of 240 Bcf of natural
    gas, 18 mmbbls of oil and 17 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.
    Independently assessed gross recoverable reserves in place (on a mean 100%
    basis) of 5.4 mmbbls of oil.
   
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 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").

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.

ENDS