Quarterly Report

Range Resources Ltd
                                                             ABN 88 002 522 009

                                                            34 Parliament Place
                                                             West Perth WA 6005

                                                                     PO Box 684
                                                             West Perth WA 6872

                                                             P: [phone]
                                                             F: [phone]

                                                    [e-mail]

31 January 2008

              QUARTERLY REPORT FOR PERIOD ENDING 31 DECEMBER 2007              

The Board is pleased to provide the following commentary to be read in
conjunction with the Appendix 5B.

HIGHLIGHTS:

  * Admitted to trading on the AIM market of the London Stock Exchange
   
  * Completion of seismic reprocessing program by Africa Oil
   
  * Completion of Rights Issue and Placement to Option holders
   
AIM LISTING

A major highlight during the quarter was the successful admission of the
Company's shares onto the AIM market of the London Stock Exchange. The AIM
listing will significantly enhance the profile of Range, providing
international investors easier access to Range's securities and broadening the
potential investor base of the Company for capital raisings that may be
required to support its oil and gas and mineral exploration and development
activities in Puntland.

With this in mind, the Company completed a placement of approximately 18m new
ordinary shares at an issue price of 22 pence each (AUD$0.50) through
London-based broker Fox Davies Capital Limited. New shareholders were targeted
throughout the United Kingdom/Europe to broaden the shareholder base and
enhance liquidity on the AIM market. Gross proceeds of approximately £4m were
raised which will be used to fund ongoing exploration costs in Puntland and
working capital requirements of the Company.

PUNTLAND OIL EXPLORATION

During the quarter Africa Oil Corp. completed a comprehensive seismic
reprocessing program, including review and integration of all geophysical and
geological data on the Nogal Block. The program validated and refined the
previous exploration targets established by the former concession holder and
enabled Africa Oil to proceed with the proposed drilling program. Africa Oil is
Range's joint venture partner and operator on the project, earning an 80%
interest in the Nogal and Dharoor Blocks in Puntland, through spending US$45m
on 4 wells. Africa Oil is currently finalising the drilling contract for a rig
capable of drilling the deep holes (4-5,000metres), that may be required to
reach the potential reservoirs in Jurassic formations in the Nogal Basin. It is
also envisaged that reservoirs will be found in Cretaecous sandstones, given
that in Yemen, oil has been found in both horizons.

Currently Africa Oil has purchased wellheads and tubulars required for all 4
wells. It is anticipated that the drill rig will be mobilised in March 2008
spudding the first of the two back-to-back wells in Nogal soon thereafter.

In addition, contract quotes have been obtained for a 2,600km seismic
acquisition programme in the Dharoor Valley. It is anticipated that this work
will begin by late March 2008. A 2 well drilling program is also being planned
for the Dharoor Block to follow the drilling campaign at Nogal.

Mr Paul Colyer strengthens the project's technical team by joining Africa Oil
as Drilling Manager. Considered one of the top Drilling Managers in the
industry, he brings 35 years of experience to the Company. Mr Colyer has spent
the greater part of his career at Occidental Petroleum and has drilled and
managed drilling programs in both Yemen and Somalia.

Range is also in the process of finalising the commencement of up to 15,000km
of 2D seismic for offshore Puntland (100% Range) with a proposed start date of
April 2008.


PUNTLAND AND THE TRANSITIONAL FEDERAL GOVERNMENT

During the quarter both the previous Prime Minister and Energy Minister of the
Transitional Federal Government ("TFG") of Somalia resigned their posts with
one contributing factor being the proposed introduction of a TFG National Oil
Law which was contradictory to the existing regime in Puntland.

The Puntland Government is in negotiations with the TFG President, the new
Prime Minister and new Energy Minister with regards to a joint Puntland/TFG
development agreement of natural resources which ultimately preserves Range's
(and Africa Oil's) current agreements with the Puntland Government and
Parliament. Range is confident that a formal agreement will be reached in
February 2008.


COMPLETION OF RIGHTS ISSUE AND PLACEMENT TO OPTION HOLDERS

During the quarter the Company completed a placement to holders of listed
options (as at 1 August 2007) of one new option (unlisted $1.00, 1 October
2008) at a subscription price of 1 cent. Simultaneously a 1 for 8 issue to
existing shareholders of 1 option ($1.00, 1 October 2010) for every 8 shares
held at a subscription price of 1 cent was offered. The funds raised being
$736,224.39 will be used for the Puntland project.


CORPORATE

The Company held its Annual General Meeting on 2 November 2007 whereby all
resolutions set out in the Notice of Meeting were passed on a show of hands.



Michael Povey
Managing Director
31 January 2008



                                                                               
                                                                       Rule 5.3

                                  Appendix 5B                                  

                  Mining exploration entity quarterly report                   

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity                                                    
                                                                  
RANGE RESOURCES LIMITED                                           

ABN                                      Quarter ended ("current  
                                         quarter")                
                                                                  
88 002 522 009                           31 December 2007         



Consolidated statement of cash flows

Cash flows related to operating        Current quarter    Year to date
activities                                                            
                                                $A'000          $A'000
                                                                      
1.1   Receipts from product sales and                                 
      related debtors                                                 
                                                                      
1.2   Payments for                                      
                                                                      
      (a) exploration and evaluation           (1,211)          (1,659)
                                                                      
      (b) development                                                 
                                                                      
      (c) production                                                  
                                                                      
      (d) administration                        (870)           (1,584)           
                                                                      
1.3   Dividends received                                              
                                                                      
1.4   Interest and other items of a               105             311
      similar nature received                                         
                                                                      
1.5   Interest and other costs of                                     
      finance paid                                                    
                                                                      
1.6   Income taxes paid                                               
                                                                      
1.7   Other                                         0               5
                                                                      
      Net Operating Cash Flows                 (1,976)         (2,927)
                                                                      
      Cash flows related to investing                                 
      activities                                                      
                                                                      
1.8   Payment for purchases of:                         
                                                                      
      (a)prospects                                             
                                                                      
      (b)equity investments                      (1,500)        (1,500)             
                                                                      
      (c) other fixed assets                       (7)            (49)      
                                                                      
1.9   Proceeds from sale of:                                          
                                                                      
      (a)prospects                                                    
                                                                      
      (b)equity investments                                           
                                                                      
      (c)other fixed assets                                           
                                                                      
1.10  Loans to other entities                        -            (14)
                                                                      
1.11  Loans repaid by other entities                6               6
                                                                      
1.12  Other (provide details if                        
      material)                                                       
                                                                      
      Puntland Mineral & Hydrocarbon           (2,151)        (16,699)             
      Rights                                                          
                                                                      
      Net investing cash flows                 (3,652)        (18,256)
                                                                      
1.13  Total operating and investing            (5,628)        (21,183)
      cash flows (carried forward)                                    



1.13  Total operating and investing           (5,628)        (21,183)
      cash flows (brought forward)                                   
                                                                     
      Cash flows related to financing                                
      activities                                                     
                                                                     
1.14  Proceeds from issues of shares,           8,049           8,424
      options, etc.                                                  
                                                                     
1.15  Proceeds from sale of forfeited                                
      shares                                                         
                                                                     
1.16  Proceeds from borrowings                      -               -
                                                                     
1.17  Repayment of borrowings                                        
                                                                     
1.18  Dividends paid                                                 
                                                                     
1.19  Costs associated with issue of            (299)           (349)
      shares (refer to note)                                         
                                                                     
      Net financing cash flows                  7,750           8,075
                                                                     
      Net increase (decrease) in cash           2,122        (13,108)
      held                                                           
                                                                     
1.20  Cash at beginning of quarter/             7,666          22,896
      year to date                                                   
                                                                     
1.21  Exchange rate adjustments to                                   
      item 1.20                                                      
                                                                     
1.22  Cash at end of quarter                    9,788           9,788



Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities

                                                      Current quarter
                                                                     
                                                               $A'000
                                                                     
1.23  Aggregate amount of payments to the parties                 415
      included in item 1.2 and 1.7                                   
                                                                     
1.24  Aggregate amount of loans to the parties                    Nil
      included in item 1.10                                          


      
1.25  Explanation necessary for an understanding of the transactions
                                                                     
      Payments of Directors Fees $195k                               
                                                                     
      Payments for Financial/Company Secretarial/Office Support      
      Services $220k                                                 
                                                                     

Non-cash financing and investing activities

2.1  Details of financing and investing transactions which have had a
     material effect on consolidated assets and liabilities but did  
     not involve cash flows                                          
                                                                     
     Settlement of Somirelco transaction, involving the receipt of 3 
     million Contact Uranium ordinary shares, being the second       
     tranche of shares under the terms of the agreement, bringing    
     Range's total shareholding in the Company to 8 million shares.  


2.2  Details of outlays made by other entities to establish or       
     increase their share in projects in which the reporting entity  
     has an interest                                                 
                                                                     
     N/A                                                             



Financing facilities available
(Add notes as necessary for an understanding of the position.)

                                      Amount available      Amount used
                                                                       
                                                $A'000           $A'000
                                                                       
3.1  Loan facilities                                 -                -
                                                                       
3.2  Credit standby arrangements                     -                -


Estimated cash outflows for next quarter

                                                                 $A'000
                                                                       
4.1  Exploration and evaluation                                   1,200
                                                                       
4.2  Development                                                      -
                                                                       
     Total                                                        1,200


Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated 
statement of cash flows) to the related items in the accounts is as follows.   

                                      Current quarter  Previous quarter

                                              $A'000           $A'000
                                   
                                              
                                                                     
5.1  Cash on hand and at bank                  2,042            1,090
                                                                     
5.2  Deposits at call                          7,746            6,576
                                                                     
5.3  Bank overdraft                                -                -
                                                                     
5.4  Other - Term Deposit                          -                -
                                                                     
     Total: cash at end of quarter             9,788            7,666
     (item 1.22)                                                     



Changes in interests in mining tenements

                       Tenement  Nature of interest Interest  Interest 
                       reference                    at        at end of
                                 (note (2))         beginning quarter  
                                                    of                 
                                                    quarter            
                                                                       
6.1  Interests in      Nil                                             
     mining tenements                                                  
     relinquished,                                                     
     reduced or lapsed                                                 
                                                                       
6.2  Interests in      Nil                                             
     mining tenements                                                  
     acquired or                                                       
     increased                                                         



Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                   Total number   Number      Issue price Amount paid up
                                  quoted      per         per security  
                                              security    (see note 3)  
                                              (see note   (cents)       
                                              3) (cents)                
                                                                        
7.1  Preference +  Nil                                                  
     securities                                                         
     (description)                                                      
                                                                        
7.2  Changes                                                            
     during                                                             
     quarter                                                            
                                                                        
     (a) Increases                                                      
     through                                                            
     issues                                                             
                                                                        
     (b) Decreases                                                      
     through                                                            
     returns of                                                         
     capital,                                                           
     buy-backs,                                                         
     redemptions                                                        
                                                                        
7.3  +Ordinary     195,440,024    195,440,024                           
     securities                                                         
                                                                        
7.4  Changes                                   
     during                                                             
     quarter                                          
                                                                        
     (a) Increases 18,194,451     18,194,451                                                     
     through                                                            
     issues                                                             
                                                                        
     (b) Decreases        Nil            Nil                                                     
     through                                                            
     returns of                                                         
     capital,                                                           
     buy-backs                                                          
                                                                        
7.5  +Convertible         Nil                                                  
     debt                                                               
     securities                                                         
     (description)                                                      
                                                                        
7.6  Changes                                                            
     during                                                             
     quarter                                                            
                                                                        
     (a) Increases                                                      
     through                                                            
     issues                                                             
                                                                        
     (b) Decreases                                                      
     through                                                            
     securities                                                         
     matured,                                                           
     converted                                                          
                                                                        
7.7  Options                                     Exercise
                                                    Price    Expiry Date           
                                               
                   9,575,654      9,575,654         $1.00   1 October 2010                             
                                               
                   54,855,872       -               $1.00   1 October 2008                       
                                                 
                   50,823,029       -               $1.00   1 October 2010                       
                                                            
                   2,952,029                        $0.50   30 June 2012                     
    
                                                                    
     Issued during 
7.8  quarter                                                            
                   9,575,654      9,575,654         $1.00   1 October 2010
                  
                  54,855,872        -               $1.00   1 October 2008

                                                                       
     Exercised     14,451         14,451            $1.00   1 October 2007
7.9  during                                                             
     quarter                                                            
       
                                                                 
7.10 Expired       69,164,756     69,164,756        $1.00   1 October 2007
     during                                                             
     quarter                                                            
                                                                        
7.11 Debentures    Nil                                                  
                                                                        
     (totals only)                                                      
                                                                        
7.12 Unsecured     Nil                                                  
     notes(totals                                                       
     only)                                                              
                                                                        
7.13 Partly Paid   5,000,000      Nil         60 cents    30 cents      
     Shares                                                             


Note: Application was made to the ASX to have 3,750,000 Partly Paid Shares
quoted on 27 December 2008. As at 31 December 2007 the shares had not been
allotted by the Company's share registry.



Compliance statement

1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards 
acceptable to ASX (see note 4).


2 This statement does give a true and fair view of the matters disclosed.


____________________

Peter Landau
Executive Director
31 January 2008


Notes

1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect 
on its cash position. An entity wanting to disclose additional information 
is encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect 
of interests in mining tenements acquired, exercised or lapsed during the 
reporting period. If the entity is involved in a joint venture agreement and 
there are conditions precedent which will change its percentage interest in 
a mining tenement, it should disclose the change of percentage interest and 
conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities. The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address 
a topic, the Australian standard on that topic (if any) must be complied with.

                                                                               
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