Georgia & Trinidad Update

28 July 2011

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

By e-lodgement

                                COMPANY UPDATE                                 

Georgia Drilling

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") along with its joint venture
partners, Strait Oil and Gas ("Strait") and Red Emperor Resources ("Red Emperor
") (ASX/AIM: RMP) is pleased to announce that following the successful spudding
of the Mukhiani 1 well earlier this month, the well is currently at 510m.

As was expected in the early stages of drilling, progress was relatively slow,
however the Company is pleased to report that the last few days has seen
drilling progress as planned with the lithology encountered being in line with
expectations (derived from seismic interpretations and analysis). It is
anticipated that drilling will continue to circa 700m after which casing will
be set and logging performed.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

       Vani 3 Prospect - STOIIP (MMbbls)

                                     P90     P50      P10      Mean

Gross (100%)                         41.7    92.7     178.2    115.2

Net Attributable to Range (40%)      16.7    37.1     71.3     46.1

The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

The Company will continue to provide updates on a 7-10 day basis as to the
progress of the drilling of the Mukhiani well.

Trinidad - Drilling Program Commencing

Range would also like to announce that in less than 2 months from the
acquisition of 100% of the Trinidad assets, the Company has commenced its 21
development well program utilizing 3 of the Company's rigs and is targeting an
increase in production to between 1,400-1,800 bopd, an increase and
reclassification of reserves along with extending the limits of the existing
fields.

Rig 1 was recently inspected and re-certified for drilling by the Ministry of
Energy and has been mobilized to spud in the coming days, Rig 2 is due for
inspection and re-certification this week, soon followed by Rig 3, with both
then immediately mobilized to join Rig 1 in the development well program.

Range Executive Director Peter Landau commented, "The Company is extremely
pleased at the swift progress made since acquiring the Trinidad assets, with
the operational team in Trinidad now being able to look to maximize the
potential of the assets, something they have wanted to progress for a number of
years but were restrained through a lack of capital earmarked for development."

The Company will continue to provide updates on a regular basis as to the
progress of the development well drilling program on its Trinidad assets.

Yours faithfully


Peter Landau
Executive Director

Contacts

Range Resources
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 (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, Texas, USA and Trinidad.

  * 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, with 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.
   
  * 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
    drill two wells in 2011.
   
  * 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 and estimated 2
    billion barrels of oil-in-place (on a mean 100% basis) with the first of
    two exploration wells to be drilled in 2011.
   
  * 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 6.9MMbls (on a 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 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").