Georgian Seismic Review Results

18 November 2010

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


By E-lodgement

   GEORGIAN ESTIMATE OF PROSPECTIVE GROSS OIL-IN-PLACE OF 2 BILLION BARRELS    

Highlights:

  * 68 individual structures, each containing stacked reservoirs, have been
    indentified across Range's two Georgian Block's VIa and VIb;
   
  * Independent best estimate of gross undiscovered and unrisked oil-in-place
    across these identified prospects of 2.05 billion barrels (1.025b barrels
    attributable to Range); and
   
  * Six ready to drill targets identified with gross oil-in-place of 728m
    barrels (Range 50% plus cost recovery).
   
Range Resources Limited ("Range" or "the Company") is pleased to announce the
initial results from the draft report entitled Seismic Interpretation, Field
Mapping and Evaluation of Prospective Hydrocarbon Volumes across the Company's
two Georgian blocks (Block VIa and Block VIb) completed by leading
International Oil and Gas Seismic Consultancy firm RPS Energy ("RPS").

RPS has identified a total of 68 structural culminations across the two blocks
(refer to figure 1) each of which potentially contains stacked reservoirs.
Total combined best estimate of gross unrisked oil-in-place across these 68
indentified structural culminations amounts to 2,045 million barrels. Recovery
factors for oil in place can be conservatively estimated at 30%.

Figure 1 - Prospects and Leads across Block V1a and Block VIb - please refer to
website.

Of the 68 identified prospective targets across the two blocks, 6 structures
have been prioritised as being ready for drilling. Of these 6 structures, total
gross unrisked oil-in-place has been estimated at 728 million barrels (364
million barrels attributable to Range).

A breakdown of the gross unrisked oil-in-place for these 6 `ready to drill'
prospects are as follows:

Prospect               Unrisked Oil-in-Place (gross    
                       100% basis)                     
                                                       
Kursebi 1 (K1)         123 million barrels             
                                                       
Kursebi 2 (K2)         160 million barrels             
                                                       
Kursebi 3 (K3)         42 million barrels              
                                                       
Vani 1 (V1)            171 million barrels             
                                                       
Vani 2 (V2)            89 million barrels              
                                                       
Vani 3 (V3)            145 million barrels             
                                                       
TOTAL                  728 million barrels             

Figure 2 highlights a number of the prospective targets across the two blocks,
including the 6 prioritised prospects identified above.

Figure 2 - Numerous Prospects and Leads with Gross Unrisked Oil-in-Place
(MMbbls) - please refer to website.

Exploration and Production History

Oil seeps are widespread in Georgia, with exploration in the country having
commenced during the 19th century, by exploitation of the surface seeps and
shallow drilling beneath them. The first substantive discovery, the Supsa Field
near the Black Sea, was made in 1889 and still produces small amounts of oil
today.

Georgia is a reasonably well established hydrocarbon producing province with a
number of discoveries and seeps along the Greater Caucasus and Achara-Trialet
frontal folds, which are present along the northern and southern margins of the
two licenses, where there are numerous oil and gas seeps.

There have been a number small to medium discoveries to date, with the largest
being the Samgori field, which was discovered in 1974 and has produced more
than 165mmbbls to date, with an estimated 200mmbls of recoverable reserves. The
trend of oil discoveries in Georgia confirms the presence of a working
hydrocarbon system that extends from Georgia into the Black Sea.

Mobilisation / Drilling Scheduling

Range and Strait (its joint venture partner in the Georgian Blocks) are
finalising the mobilisation and drilling program and will update in due course.

Presentation

A copy of the presentation given at the Oil Barrel conference in London will be
put on the Company's website and also available on www.asx.com.au.


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                               Forbes Cutler
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.
   
  * 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.
    Independently assessed gross recoverable reserves in place 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 55% interest holder, Africa Oil Corp. (TSXV:AOI) planning to
    drill two wells 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 oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.
   
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.