Georgia Drilling Update

12 August 2011

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


By e-lodgement

Georgia Drilling Update

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 UK Ltd ("Strait") and Red Emperor Resources ("Red
Emperor") is pleased to announce that drilling of an initial 8 ½" pilot hole
has reached its planned depth of 700m and has been successfully logged with the
results confirming the anticipated lithology. The pilot hole is currently being
opened up to 17 ½" after which the 13 3/8" casing will be run and cemented and
drilling will then resume with a target total depth of approximately 3,500m
expected to be reached in mid-September.

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.

For and on behalf of the Board


Regards
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 and 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
    drill two wells in 2011.
   
  * 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.
   
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.


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


London

5th Floor, 23 King Street, St. James's House, London SW1 6QY

t: [phone], f: [phone]


Australia

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia

t: [phone], f: [phone]

e: [e-mail]