Results of Georgian Helium Survey

08 February 2011

Australian Securities Exchange
Level 4, 20 Bridge Street
SYDNEY NSW 2000

Via e-lodgement

                        GEORGIAN HELIUM SURVEY RESULTS                         

HIGHLIGHTS

  * Helium Survey by Actual Geology indicates active oil & gas presence in the
    first 2 drill targets (as identified following the RPS Seismic Report) with
    the survey identifying priority zones which are most likely to contain
    potentially productive systems
   
  * The productive zones, which have been distinguished at the Mukhiani and
    Kursebi areas (see below), are suitable targets for exploration and, if
    successful, development drilling.
   
  * Range and its joint venture partners will move immediately to conclude the
    drilling contract and logistics (a rig is under option) with mobilisation
    expected in March with the objective of spudding of the first well early
    April
   
Range Resources Limited ("Range" or "the Company") (ASX: RRS / AIM: RRL) along
with its Georgian Partners, Strait Oil & Gas Limited ("Strait") and Red Emperor
Resources NL ("Red Emperor") (ASX: RMP) is pleased to announced that it has
received the results from the Helium Survey across three prospects in Block VIa
and Block VIb completed by Actual Geology International ("AGI").

Helium Survey

A surface helium survey was carried out at three areas (Mukhiani, Kursebi and
Sachkhere - 10km2 for each survey) on prospecting blocks VIa and VIb using a
100*100 meter grid. It is important to realise that the 10km2 grid used only
covered a portion of each of the main structures identified by the RPS Group -
the 10km2 grid was used to evaluate proposed drill locations within these
structures.

A detailed helium survey was then carried out at contrasted helium anomalies,
which had been discovered, using a 25*25 meter grid. Maps were compiled zoning
the area by levels of helium concentration in surface and sub-soil gas, by
overall concentrations, by respective helium anomalies in surface and sub-soil
gas, as well as maps of helium variations at measurement points and areal
helium variations. Maps of prospective oil and gas presence were compiled,
showing zones with high gas saturation and zones with enhanced fractured
reservoirs, as well as prospective territories and priority locations for
construction of prospecting wells.

AGI reported that the helium survey work at the Mukhiani, Kursebi and Sachkhere
has:

  * established the presence of a stated helium flow in the earth's gas
    exhalation, based on contrasting, compact and areal helium anomalies, i.e.
    active oil & gas presence has been discovered and confirmed at the Mukhiani
    and Kursebi
   
Zones at the Mukhiani and Kursebi areas, which are recommended for exploration
and potentially development drilling for oil, can be qualified as being likely
to be oil & gas bearing by four principal criteria:

1. heightened levels of helium content, intensive helium flow;

2. significant positive helium anomalies;

3. contrasting helium variations;

4. high anomaly levels are simultaneously associated with various geological
elements.

  * established the environment of hydrocarbons at the area and localized the
    most mobile reserves;
   
  * identified distribution structure of reservoirs with enhanced vertical
    permeability and high gas factor;
   
  * defined and localized zones of tension and compression, and drainage
    systems, discovered zones with reservoirs characterized by enhanced
    permeability, hydrodynamic connectivity, efficient drainage (zones that
    should be the basis for future development work);
   
  * identified non-prospective and high-risk territories; and
   
  * enabled construction of maps of oil & gas prospects at the Mukhiani,
    Kursebi and Sachkhere areas with 1:10,000 scale, which geometrize the
    contours of compact and prospective pools for future development, and
    recommended coordinate points for priority construction of search and
    development wells. Maps of zones where detailing work was carried out (1:
    5,000) define and localize priority points for drilling, based on 1:2,500
    detailing work.
   
The productive zones, which have been distinguished at the Mukhiani and Kursebi
areas, are suitable targets for exploration and potential development drilling,
and well testing should provide the Clients with delineation and growth of
active reserves high flow rates at launch, and considerable accrued production.

Main result at the Mukhiani area

A total of 7 (seven) significant systems of positive helium anomalies have been
prepared for verification in the south-eastern, central-eastern,
central-western and south-western parts of the work territory. The anomalies
have high levels of helium content, intensive helium flow, contrasting helium
variations, and high anomaly levels are simultaneously associated with various
geological elements. The results provide a basis for proceeding with oil
exploration and potential development drilling, closure of discovered anomaly
zones, and geometrization of the geological targets, which have been
discovered. The coordinates of 8 (eight) priority wells are presented in Figure
2 and shows recommended coordinates of zones for detailed 3D seismic work.
Wells should have depth of about 2,500m, reaching the porphyritic series (J2bj)

Main result at the Kursebi territory

A total of 7 (seven) significant systems of positive helium anomalies have been
prepared for verification in the south-eastern, central-eastern, central,
central-western and northern parts of the work territory. The anomalies have
high levels of helium content, intensive helium flow, contrasting helium
variations, and high anomaly levels are simultaneously associated with various
geological elements. The results provide a basis for proceeding with gas
exploration and potential development drilling, closure of discovered anomaly
zones, and geometrization of the geological targets, which have been
discovered. The coordinates of 2 (two) priority wells (dependent on results
obtained at wells at the Mukhiani area) are presented in Figure 3. The purpose
of drilling is discovery of gas pools. The wells should have depth of about
800m, reaching the porphyritic series (J2bj).

Main result at Sachkhere area

One significant positive helium anomaly in the south-western part of the
territory has been prepared for further actions. The anomaly has a high level
of helium content, intensive helium flow, contrasting helium variations, and
high anomaly levels are simultaneously associated with various geological
elements. The results provide a basis for proceeding with work to close and
geometrize the discovered feature.

Rig Mobilisation

Following on from the successful results of the Helium survey, Range's and its
Georgian partners are looking to finalise the awarding of a rig contract in the
coming weeks, with expected mobilisation to commence late February / early
March with a target spud date in April.

About Actual Geology International

AGI has completed major field projects for Gazprom, Lukoil, Rosneft, Rusneft
and other leading oil & gas companies. The technology applied by AGI uses
qualities of helium gas emanating from deep layers of the earth towards the
earth's surface. Helium is 10 times more soluble in oil pools, and 150 times
more soluble in natural gas pools than in strata water, so abnormally high
concentrations of helium gas (helium anomalies) in sub-soil air can indicate
presence of oil & gas deposits in underlying formations.  The technology uses
onsite sampling equipment to measure helium concentrations in shallow
bore-holes (less than 1.5m) on a regular grid, and analyzes the results to
produce a map of "sweet spots" for oil & gas drilling.

The surveys can be implemented both at new areas with no geological data and at
areas where detailed seismic exploration work has already been carried out.
Survey results at new areas ensure that seismic work will focus on zones with
best prospects for oil & gas presence. At areas where seismic exploration
results are already available, helium surveying is used to assess probability
of oil & gas presence in known seismic structures.

actualgeology.com/clients.phtml

For and on behalf of the Board

Regards

Peter Landau
Executive Director

Contacts

Range Resources
Peter Landau
Tel : [phone]
Em: [e-mail]

Australia                                                         London

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RFC Corporate Finance (Nominated Advisor)                         Old Park Lane Capital (Broker)
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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 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 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 plans
    to drill two wells (TSXV:AOI) - 45% Operator, in 2011.
   
  * 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
    2.045 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 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").

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


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