Puntland Drilling Contract Signed

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


                                                      
18 August 2011

Puntland Drilling Contract Signed - Drilling Set for Q4, 2011


Highlights:

  * Africa Oil signs landmark contracts for a drilling rig and third party
    services to drill first well in Puntland in over 20 years
   
  * Mobilization of required personnel and equipment to commence to allow for
    spudding of first drill target, Shabeel-1 (with targeted best estimate
    Prospective Resources of 300m bbls), to spud in Q4, 2011
   
International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") is pleased to announce that
its joint venture partner and PSA operator Africa Oil Corp ("Africa Oil")
(TSXV: AOI) has signed a landmark contract with Sakson Drilling and Oil
Services who will provide a 1,500 horse-power, top drive drilling rig to drill
two highly anticipated exploration wells in Puntland, Somalia.

The majority of the drilling-related third party service contracts have now
been entered into, with the mobilisation of required personnel and equipment to
commence, which is expected to allow for the spudding of the first well during
the fourth quarter of this year.

Drilling locations have been selected over two robust prospects targeting total
gross best estimate Prospective Resources of 675 million barrels of oil (with
135 million barrels net attributable to Range). The first prospect, Shabeel-1,
is targeting Prospective Resources of in excess of 300 million barrels of oil
(with 60 million barrels net attributable to Range).

From  Range's  perspective,  the  Puntland  Government  and  key  Dharoor
Valley  clans  fully support the project, and will assist  to  ensure  the
drilling  project  moves  forward  safely  and expeditiously.

Africa Oil will hold its interest in the Puntland Projects through its
shareholding in Horn Petroleum, who recently completed a $41m capital raising.


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.


London
5th Floor, 23 King Street, St. James 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]