Operations Update

10 October 2011

Range Resources Ltd
ABN 88 002 522 009
www.rangeresources.com.au

OPERATIONS UPDATE

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to the Company's Texan and Trinidadian
operations.

Trinidad

Following on from the successful completion of QUN 115 and MD 247, the Company
recently spudded a step out well - QUN 116 with Rig 1 and has successfully set
surface casing to 100 ft. Drilling continues at approximately 725 ft with a
target depth of 1,000 ft, targeting the Lower Forest oil sands.

Rig 2 recently passed final Ministry inspection on location and has spudded QUN
117, the fourth well in the Company's planned initial 21 well program. Another
step out well, QUN 117 has a projected total depth of 2,000 ft and is targeting
the Lower Forest oil sands as well as the prolific underlying Upper Cruse
reservoirs. 

Rig 8 is currently being serviced and is set to join the drilling programme
shortly following recertification. Once placed back into service, Rig 8 will be
used to target deeper reservoirs, including the Middle and Lower Cruse oil
sands with target depths averaging 6,500 ft. The Middle and Lower Cruse
reservoirs have historically been the most prolific within the existing fields,
but are under developed in certain areas. The Range drilling program is
expected to add reserves and production from these sands within the existing
fields, while extending the producing trend into new areas. Rig 8 is the third
and last drilling rig to be introduced into the 2011 drilling program. The
Company will introduce other drilling and completion rigs into the fleet to
accelerate drilling and production increases early 2012. The ability to develop
reserves from deeper objectives will become an increasing focus as the Company
tests other known producing horizons such as the Herrera formation.

The Company is buoyed by this early success and remains confident of increasing
production to between 1,400 - 1,800 bopd from this initial programme in
Trinidad.

North Chapman Ranch

The drilling rig has recently moved to the Smith #2 site, being an offset well
to the Smith #1 discovery well. The Smith #2 well is regarded as a relatively
low risk development well. Once completed, the rig is expected to move to the
Albrecht #1 well site, a step-out well that is intended to extend the North
Chapman Ranch field to the south east with the objective of adding significant
reserves, production, and cash flow. Should the Smith #2 and Albrecht #1 prove
successful, the partners will jointly consider a multi-well program for 2012
that could see as many as four additional wells drilled in the field.

The Company will look to provide regular updates as to the progress of the
Smith #2 drilling operations.

East Texas Cotton Valley

The operator has resumed testing of the Ross 3H horizontal wells with
additional perforations being added between 7,245 and 7,675 feet in the
horizontal section. Swabbing operations have commenced looking to confirm oil
saturation before the commencement of fraccing operations to the reservoir.

Georgia

The Company is also pleased to report that their partner and project operator
in Georgia, Strait Oil and Gas Ltd, have drilled to the intermediate depth of
1544 meters with a proposed total depth of 3500 meters. Drilling operations are
continuing after a short interruption to undertake a comprehensive data
collection program for close analysis. The analysis is deemed prudent to
 determine if the well has reached the Paleozoic  granite basement or is
drilling through a subvolcanic intrusive which is masking the targeted primary
reservoir objective  at the depth of about 2,300m as interpreted from the
helium survey and exists with other similar discoveries found under subvolcanic
 intrusives.  An additional factor for undertaking the analysis is the slow
drilling rates that are being achieved through the highly variable intrusive
complex.

A full suite of wireline logs has been successfully recorded. Additional
valuable information has been obtained through the successful collection of 10
sidewall cores from critical intervals. Preparations are underway for cutting a
full diameter conventional core within the nearest future. Once the coring
program is completed, a Vertical Seismic Profile (VSP) survey will be run.

The new data will then be integrated into the full data set and the subsurface
situation reinterpreted as appropriate. This reinterpretation will then be used
to determine the next steps for the well depending on the progress of the well
at that point in time. The VSP survey will be undertaken in approximately 10 to
14 days.

For and on behalf of the Board

Regards

Peter Landau - Executive Director


Contacts

Range Resources Limited
Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia
Peter Landau
Tel : [phone]
Em: [e-mail]

Australia

PPR
David Tasker
Tel: [phone]
Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)
Stuart Laing
Tel: [phone]
London

Range Office
5th Floor, 23 King Street, St. James House, London SW1 6QY
Tel: [phone]

Tavistock Communications
Ed Portman/Paul Youens
Tel: + 44 (0) 20 7920 3150
Em: [e-mail]

Old Park Lane Capital (Joint Broker)
Michael Parnes
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.