Texas Discovery and Key Puntland Approval

21 December 2009

Company Announcements
Australian Securities Exchange
Exchange Plaza
2 The Esplanade
PERTH WA 6000


By E-lodgment

      RANGE CONFIRMS COMMERCIAL OIL AND GAS DISCOVERY IN TEXAS / PUNTLAND      
                    PARLIAMENTARY APPROVAL OF AMENDED PSA'S                    

Range Resources Limited (ASX: RRS; AIM: RRL) ("Range" or "the Company") is
pleased to provide the following key updates in respect of:

  * Testing confirms commercial discovery for Smith #1 Well in the North
    Chapman Ranch area, Texas; and
   
  * Puntland Parliament passes the Amended PSA's for Dharoor and Nugaal Valleys
    following Government and Cabinet approval.
   
Smith #1 well, North Chapman Ranch

The Smith #1 was drilled and logged to a depth of 13,975' (4,260m).  Based on
open-hole logs indicating approximately 120' (37m) of net pay thickness in
three zones with no water, 4 ½" production casing was run to TD and cemented in
place. After an interval of just 20' (6.2m) in one of the three zones was
perforated, bottom-hole pressure was estimated to be approximately 11,650 psi.

The well was unloaded on a 6/64" choke until gas reached the surface, and
subsequently opened to a 10/64" choke for 5 hours to clean the well up. 
Despite the small choke size, the average rate during this period was 2.4
million cubic feet of gas and 191 barrels of oil per day with no water. Final
flowing casing pressure was 6,354 psi.

The well was shut in with a final measured casing pressure of over 9,000 psi.
 The Smith well remains shut in awaiting production facilities and pipeline
connection.  Current plans are to perform additional testing of the well into
the sales line and finish the completion at that time.  Further test data
(including reservoir size and reserve figures) will be released once completion
operations are finalized, with first production and sales expected to occur in
January 2010.

The well partners (Range - 25%) have also purchased an additional 560 acres in
the area bringing the total leased area in the prospect to 1,680 acres.

Well Details

Name of well          Smith #1                    
                                                  
Spud date             4 September 2009            
                                                  
Total depth           13,975 ft (4,260m)          
                                                  
RRS working interest  25%                         

Puntland Parliament Approves PSAs

As announced by Range Resources on 14 December 2009, the Cabinet of the
Puntland Government approved the amended agreements modifying the terms of the
existing Production Sharing Agreements ("PSAs")  made in respect of the Dharoor
and Nugaal Valley Exploration Areas which was still subject to ratification by
the Parliament of the Puntland State of Somalia ("the Parliament"). The Company
is pleased to announce that the Parliament has formally approved and ratified
these amended agreements paving the way for Africa Oil to now commence
operations and drilling of the first exploration well in Puntland in over 16
years.

For and on behalf of the Board

Regards
Peter Landau
Executive Director

End

For further information please contact:

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

Australia                                     London
PPR                                           Conduit PR
David Tasker                                  Jonathan Charles
Tel: [phone]                        Tel: + 44 (0) 20 7429 6666
Em: [e-mail]                   Em: [e-mail]

Threadneedle Communications (regarding Georgia)
Laurence Read
Tel:  [phone]
Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)     Fox-Davies Capital (Broker)
Stuart Laing                                  Daniel Fox-Davies
Tel: [phone]                        Tel: [phone]

Background on North Chapman Ranch

Range holds a 25% working interest in the Smith #1 discovery well, which is
expected to trigger additional appraisal and development drilling with very
attractive economics, at a time when exploration and development costs in the
US remain relatively low. The references to gas flow rates have been provided
by the operator of the well, Crest Resources Inc., reviewed by Mark Patterson a
petroleum geologist director and partner of Texas Energy Advisers LLC (who act
as consultants to Range), who has over 25 years of relevant experience in the
oil & gas sector, and found to be consistent with the SPE Guidelines.