Shabeel North Drilling Update

18 July 2012

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

Sydney NSW 2000

Shabeel North Drilling Update

Range Resources Limited (ASX: RRS | AIM: RRL) is pleased to advise that the
Shabeel North well currently being drilled in Puntland by joint venture partner
and operator, Horn Petroleum Corp (TSX: HRN), is at a current depth of
1,967meters and has penetrated a 50 meter gross section of upper Jesomma sands
with oil shows. An open hole drill stem test is currently underway to determine
if this zone is oil or water bearing and should be concluded within the next 24
to 48 hours. Regardless of the result of this test, the well will continue to
drill to the base of the Jesomma sands to evaluate any additional lower Jesomma
potential pay zones.

Yours faithfully


Peter Landau

Executive Director

Contacts

Range Resources Limited

Peter Landau

Tel : [phone]

Em: [e-mail]

PPR(Australia)Tavistock Communications(London)

David Tasker Ed Portman/Paul Youens

Tel: [phone] Tel: + 44 (0) 20 7920 3150Em: [e-mail]
Em: [e-mail]

RFC Group Limited(Nominated Advisor) Old Park Lane Capital (Joint Broker)

Stuart Laing Michael Parnes

Tel: [phone] Tel: [phone]

Fox-Davies Capital LimitedGMP Securities Europe LLP (Joint Broker)

Daniel Fox-Davies / Oliver Stansfield Nick Morgan / Chris Beltgens Tel: +44 (0)
203 463 5000 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 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. The
    Company is focussing on a revised development strategy that will focus on
    low-cost, shallow appraisal drilling of the contingent resources around the
    Tkibuli-Shaori ("Tkibuli") coal deposit, which straddles the central
    sections of the Company's two blocks.
   
  * 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) has completed the first exploration well (Shabeel-1) to a
    final depth of
    3,470m having encountered a 12-20m zone of significant hydrocarbon pay in
    the Upper
    Cretaceous Jesomma Formation. The second well spud in early June 2012 and
    targeting best
    estimate Prospective Resources (100% basis) across the two wells of 170-300
    mmbbls.
   
  * 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. Independently assessed 3P
    reserves in place (on a 100% basis) of 228 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. The prospect
    has independently assessed 3P reserves in place (on a 100% basis) of
    3.3mmbbls of oil.
   
  * Range is earning a 65% (option to move to 75%) interest in the highly
    prospective PUT 6 and PUT 7 licences in Putamayo Basin in Southern
    Colombia. The Company will undertake a 350km2 3D seismic program across the
    two licences and drill one well per licence, as well as looking to re-enter
    a previously suspended well that had a significant historical reserve
    estimate.
   
All of the technical information, including information in relation to reserves
and resources, that is contained in this document, has been reviewed internally
by the Company's technical consultant, Mr Mark Patterson. Mr Patterson is a
geophysicist who is a suitably qualified person with over 25 years experience
in assessing hydrocarbon reserves and has reviewed the release and consents to
the inclusion of the technical information.

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.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.



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


London

Suite 1A, Prince's House, 38 Jermyn Street, London SW1 6DN

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Australia

Ground Floor, 1 Havelock Street, West Perth WA 6005, Australia

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