Puntland Offshore

20 March 2012

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

By e-lodgement

PUNTLAND OFFSHORE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has entered into an Agreement with the Puntland Government with respect to
obtaining a 100% working interest in the highly prospective Nugaal Basin
Offshore Block (see below). The Block is an extension of the onshore Nugaal
Region which has the potential for deltaic deposits from the Nugaal Valley
drainage system and comprises over 10,000km.

The Company will commit to a 2D seismic program within the first three years,
with further 3D seismic and an exploration well to follow in the second three
year period. The Agreement is subject to a formal PSA being entered into and
all necessary regulatory approvals. Commercial terms will be similar to the
current on-shore PSAs.

As part of the entering into the Nugaal Offshore PSA, Range has committed
US$5m, for the tarmac sealing of an Airport Runway in Puntland at the
Government's direction.

It is Ranges intention to offer a participation interest to its joint venture
partner, Red Emperor Resources NL (ASX:RMP) on terms to be agreed.

CURRENT PUNTLAND WELL

The Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a
depth of 2,384m and drilling ahead. It is expected that casing will be run at
approximately 2400-2700m as dictated by the next electrical logging run. Target
depth remains at approximately 3800m.

COLUMBIA OPPORTUNITY

The Company is also pleased to announce that it is has secured a 65% farm-in
opportunity (350m of 3D seismic and 2 new wells) on two highly prospective
licenses in the on shore Putamayo basin in Southern Columbia. The finalisation
of the farm-in agreement is subject to regulatory approvals with full details
to be provided upon regulatory sign offs being obtained.

Following approaches from various parties in relation to its Texas project
interests, the Company is considering the potential sale of these interests
following the P1 and P2 reserve upgrade expected to be completed in April 2012.
In the event that such a sale is undertaken, the Company will consider several
capital management alternatives for the sale proceeds, including a return of
capital and an on-market share buyback.

STRATEGIC PLACEMENT

The Company is also pleased to announce a strategic institutional placement of
150m shares at £0.125 each to raise £18.75m. Importantly 100m of the shares
have been placed to a major US and European fund management group, with
considerable expertise in the oil and gas sector. Admission of the shares on
AIM is expected to be Tuesday, 27 March 2012 with Range's shares on issue then
being 2,271,766,648.

Range Managing Director Peter Landau commented; "Today's announcement is
significant in that we have demonstrated the next development path forward for
Range. A successful first well in Puntland will trigger increased interest in
the whole Puntland region and Range believes it has secured the most
prospective offshore block following previous work undertaken by Range in 2009
and 2010 which included a review of historical seismic and well data."

The proposed Columbian farm-in will see Range move into a highly prospective,
producing precinct in Southern Columbia and provide a very unique exploration
and production proposition when combined with our major Trinidad operations. .'

Yours faithfully

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 Proved (1P)
    reserves in place of 15.4 MMbls with 19.6 MMbls of proved, probable and
    possible (3P) reserves and an additional 20 MMbls (mean) 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. 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 undiscovered oil-in-place (on a mean 100% basis) with
    the first (Mukhiani-1) of two exploration wells having spudded in July in
    2011. Re-interpreted seismic supported by the Mukhiani-1 vertical seismic
    profiling has identified new fault and stratigraphic trapping potential
    with the possibility of a side track well to be drilled post additional
    seismic in 2H 2012.
   
  * In Puntland, Range holds a 20% working interest in two licences
    encompassing the highly prospective Dharoor and Nugaal valleys. The
    operator and 60% interest holder, Horn Petroleum Corp. (TSXV: HRN) spudded
    the first well in a two well programme in early 2012 targeting 300mmbls and
    375mmbbls of best estimate Prospective Resources (100% basis). Site
    construction has commenced on the second well with the setting of the 30
    inch surface casing and the drilling of a 50 meter pilot hole in readiness
    for spudding following the completion of the first well.
   
  * Range holds a 25% interest in the initial Smith #1 well and a 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 3P
    reserves in place (on a 100% basis) of 242 Bcf of natural gas, 15 mmbbls of
    oil and 19 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. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
   
The reserves estimates for the 3 Trinidad blocks and update reserves estimates
for the North Chapman Ranch Project and East Texas Cotton Valley 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 an 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.

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.

SPE Definitions for Proved, Probable, Possible Reserves and Prospective
Resources

Proved Reserves are those quantities of petroleum, which by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations.

Probable Reserves are those additional Reserves which analysis of geoscience
and engineering data indicate are less likely to be recovered than Proved
Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional reserves which analysis of geoscience
and engineering data indicate are less likely to be recoverable than Probable
Reserves.

Prospective Resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.


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


London
Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN
t: [phone], f: [phone]

Australia
Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia
t: [phone], f: [phone]
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