Trinidad & Texas Update

27 January 2012


The Manager
Company Announcements


By e-lodgement


TRINIDAD & TEXAS UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce the
following updates with respect to its operations in Trinidad and Texas.

Continued Success for Trinidad Operations

Range is pleased to announce continued drilling success as it ramps up its
reserves production drilling program on the Morne Diablo concession in onshore
Trinidad.

Following the successful logging and completion of the QUN118ST well, initial
production testing has seen the well producing at a rate of up to 102 bopd on a
5/32" choke under natural pressure from the shallow Forrest formation and has
stabilized at approximately 84 bopd.

The Company is extremely pleased with the initial production results of the
QUN118ST well as it follows on from the recently completed and producing
QUN116ST which is currently producing circa 30 bopd under natural pressure (at
the top of the target range of shallow 1000 ft wells of 15-30 bopd) with an aim
to put the well on pump, after further decline, to increase the production rate
to an estimated 50 bopd.

As previously announced, the QUN 117 well encountered both the Lower Forest and
Upper Cruse objectives, which we believe may extend eastward of the existing
wells, and confirmed the Company's predictions that the current well program
would extend existing fields. The Upper Cruse section was placed on production
with initial production rates of 81 bopd under natural pressure.  Like the
QUN 116ST well, this well will be optimized and likely be placed on pump and is
forecast to produce upwards of 50 bopd, whilst still maintaining the Lower
Forest zone potential which is planned to be exploited at a later date.

Rig 2 has moved to the QUN 119 location and is drilling ahead at 1,100 ft with
a TD of 2,400 ft and targeting the Upper Cruse and Lower Forest Sands. Well
logs have been taken over the Lower Forest interval and are indicating
approximately 280 ft of good oil sands with 100 ft of these sands
displaying higher quality potential for better than expected flow rates. These
results are extremely encouraging as indications are that the multi zone
producing trends previously encountered in the QUN 117 well appear to continue.

Rig 5 has been prepared to join the current operations and will be targeting
its first well, QUN 120 for the Lower Forest Sands in the coming weeks.

Rig 8 currently awaits regulatory inspection which is expected shortly and will
be targeting the deeper Middle and Lower Cruse formations, whilst Rig 1 has
been awaiting replacement drill string, expected to be received shortly, at
which point in time the Company will have four fully operational drilling rigs
rapidly advancing the Company's current drilling program on Morne Diablo.

Exploratory drilling for deeper targets is programmed for 2012, following
reprocessing and interpretation of the Company's 3D seismic database, which is
scheduled to be completed early / mid February.

Texas - North Chapman Ranch

The Company would also like to announce that the joint venture has run 9 5/8"
casing on the Albrecht #1 well and is drilling ahead at 11,302 ft, just above
the Anderson Formation, with a proposed target depth of 14,500 ft. If
productive, the Anderson Formation could add significant reserves to those of
the Howell Hight Formation, the primary field pay at North Chapman Ranch.

Completion work continued on the Smith #2 well with the perforation of the
lowest zone, or "E" sand. Immediately following perforation, 5,500 psi of
pressure was recorded at the surface, indicating virgin reservoir pressure at
the Albrecht location. The well is scheduled for fracture stimulation early
next month, along with first production and sales.

The Albrecht # 1 appraisal well marks another milestone in the Company's
onshore Texas drilling program, as if successful, it is anticipated to prove up
reserves in the South East portion of the North Chapman Ranch license area, and
support a re-classification of current Possible (P3) reserves into the Probable
(P2) and Proved (P1) categories.

Following on from the Albrecht #1 well, the joint venture has the option to
continue with the development of the field with a possible four-well program in
2012 under discussion among the joint venture partners.

Texas - East Texas Cotton Valley

On the East Texas Cotton Valley prospect, operator Crest Resources has received
approval from the partners for fracture stimulation of the Ross 3H Horizontal
Well, and is in the process of scheduling the frac work and subsequent testing
this quarter, which is expected to confirm commerciality of this shallow oil
field.

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 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) has
    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.

The information contained in this announcement with respect to the Goudron
Field in Trinidad has been reviewed and approved by Neil Ritson, Chief
Executive Officer and Director for Leni Gas & Oil Plc who has 35 years of
relevant experience in the oil industry. Mr. Ritson is a member of the Society
of Petroleum Engineers, an Active Member of the American Association of
Petroleum Geologists and is a Fellow of the Geological Society of London.

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.


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]


e: [e-mail]