Annual Report

30 September 2011


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


Via e-lodgement

ANNUAL REPORT

Set out below is a summary of the Company's full year annual accounts for the
year ended 30 June 2011 as extracted from the annual report, being:

  * Statement of Comprehensive Income;
   
  * Statement of Financial Position;
   
  * Statement of Changes in Equity; and
   
  * Statement of Cashflow.
   
A copy of the full Annual Report is available on the company's website 
www.rangeresources.com.au and also the Australian Securities Exchange website 
www.asx.com.au (ASX code: RRS).

For and on behalf of the Board


Regards


Peter Landau
Executive Director



                CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME                   
                                                                                 
                              FOR THE YEAR ENDED                                 
                                                                                 
                                 30 JUNE 2011                                    
                                                                                 
                                                  Note         Consolidated      
                                                                                 
                                                             2011        2010    
                                                                                 
                                                              $            $     
                                                                                 
Revenue from continuing operations                                               
                                                                                 
Revenue from continuing operations                 3        3,074,492     581,102
                                                                                 
Other income                                       3          400,017     138,332
                                                                                 
Expenses from continuing operations                                              
                                                                                 
Operating costs                                    4      (1,439,653)   (237,643)
                                                                                 
Finance costs                                      4         (55,595)    (75,769)
                                                                                 
Depreciation expense                               4        (195,839)    (49,407)
                                                                                 
Directors fees                                     6        (474,996)   (409,996)
                                                                                 
Directors share based payment                    6 & 27             - (1,380,000)
                                                                                 
Corporate management services                               (995,000)   (700,000)
                                                                                 
Consultants                                               (5,020,998) (3,542,487)
                                                                                 
Foreign exchange loss                                       (752,057)   (337,600)
                                                                                 
Marketing and public relations                              (256,741)   (550,431)
                                                                                 
Costs associated with AIM listing                           (167,454)   (181,775)
                                                                                 
Travel expenditure                                        (1,227,326)   (397,377)
                                                                                 
Loss on sale of available for sale assets                    (55,500)           -
                                                                                 
Impairment for available for sale assets                            - (1,097,624)
                                                                                 
Acquisition option extension fees                         (7,217,387)           -
                                                                                 
Other expenses                                     4      (1,122,848)   (597,911)
                                                                                 
Loss before income tax expense from continuing           (15,506,885) (8,838,586)
operations                                                                       
                                                                                 
Income tax expense                                 5                -           -
                                                                                 
Loss for the year attributable to equity                 (15,506,885) (8,838,586)
holders of Range Resources Limited                                               
                                                                                 
Other comprehensive income                                                       
                                                                                 
Revaluation of available for sale assets                          295      12,250
                                                                                 
Other comprehensive income for the year, net of                   295      12,250
tax                                                                              
                                                                                 
Total comprehensive loss attributable to equity          (15,506,590) (8,826,336)
holders of Range Resources Limited                                               
                                                                                 
Overall operations                                                               
                                                                                 
EPS from continuing operations:                                                  
                                                                                 
Basic loss per share (cents per share)           8            (1.18)        (1.4)
                                                                                 
Diluted loss per share (cents per share)                         n/a          n/a
                                                                                 
The Company's potential ordinary shares were not considered dilutive (refer      
Note 8).                                                                         

The above consolidated statement of comprehensive income should be read in
conjunction with the accompanying notes.



                 CONSOLIDATED STATEMENT OF FINANCIAL POSITION                  
                                                                               
                                     AS AT                                     
                                                                               
                                 30 JUNE 2011                                  
                                                                               
                                               Note         Consolidated       
                                                                               
                                                          2011         2010    
                                                                               
                                                           $            $      
                                                                               
ASSETS                                                                         
                                                                               
CURRENT ASSETS                                                                 
                                                                               
Cash and cash equivalents                        9      17,359,870    7,398,470
                                                                               
Trade and other receivables                     10       3,002,395    2,038,997
                                                                               
Other current assets                            11         309,013      200,000
                                                                               
TOTAL CURRENT ASSETS                                    20,671,278    9,637,467
                                                                               
NON-CURRENT ASSETS                                                             
                                                                               
Financial assets available for sale             12         912,342      420,147
                                                                               
Property, plant and equipment                   14          19,883       24,837
                                                                               
Exploration & Evaluation Expenditure            15      87,809,879   83,848,855
                                                                               
Development Assets                              16       6,140,208    3,359,401
                                                                               
Prepayments for Investments                     17      54,426,730   13,811,660
                                                                               
Investments in Associates                       18       5,891,595            -
                                                                               
Non-Current Receivable                          19      12,122,177            -
                                                                               
TOTAL NON-CURRENT ASSETS                               167,322,814  101,464,900
                                                                               
TOTAL ASSETS                                           187,994,092  111,102,367
                                                                               
CURRENT LIABILITIES                                                            
                                                                               
Trade and other payables                        20       1,419,646    1,587,397
                                                                               
Provision                                                   11,645        6,211
                                                                               
TOTAL LIABILITIES                                        1,431,291    1,593,608
                                                                               
NET ASSETS                                             186,562,801  109,508,759
                                                                               
EQUITY                                                                         
                                                                               
Contributed equity                              21     227,671,125  137,327,825
                                                                               
Reserves                                        22      18,708,387   16,490,760
                                                                               
Accumulated losses                                    (59,816,711) (44,309,826)
                                                                               
TOTAL EQUITY                                           186,562,801  109,508,759

The above consolidated statement of financial position should be read in
conjunction with the accompanying notes.



                        STATEMENTS OF CHANGES IN EQUITY                        

                              FOR THE YEAR ENDED                               

                                 30 JUNE 2011                                  

Consolidated      Note Contributed Share-based   Option    Available  Accumulated     Total    
                         Equity      Payment    Premium    for Sale      Losses      Equity    
                                     Reserve    Reserve   Investment                           
                                                          Revaluation                          
                                                            Reserve                            
                                                                                               
                            $           $          $           $           $            $      
                                                                                               
Balance at 30          104,063,285     467,769 11,811,411           - (35,471,090)  80,871,225 
June 2009                                                                                      
                                                                                               
Revaluation in                   -           -          -      12,250            -      12,250 
investments                                                                                    
                                                                                               
Loss attributable                -           -          -           -  (8,838,586) (8,838,586) 
to members of the                                                                              
company                                                                                        
                                                                                               
Total                            -           -          -      12,250  (8,838,586) (8,826,336) 
comprehensive                                                                                  
income and                                                                                     
expense for the                                                                                
year                                                                                           
                                                                                               
Transactions with                                                                              
owners in their                                                                                
capacity as                                                                                    
owners:                                                                                        
                                                                                               
Issue of share     21   34,904,421           -          -           -            -  34,904,421 
capital                                                                                        
                                                                                               
Exercise of        21      380,032           -          -           -            -     380,032 
options                                                                                        
                                                                                               
Issue costs        21  (2,019,913)           -          -           -            - (2,019,913) 
                                                                                               
Cost of                          -   4,199,330          -           -            -   4,199,330 
share-based                                                                                    
payment                                                                                        
                                                                                               
Balance at 30          137,327,825   4,667,099 11,811,411      12,250 (44,309,826)  109,508,759
June 2010                                                                                      
                                                                                               
Revaluation in                   -           -          -         295            - 295         
investments                                                                                    
                                                                                               
Loss attributable                -           -          -           - (15,506,885) (15,506,885)
to members of the                                                                              
company                                                                                        
                                                                                               
Total                            -           -          -     295     (15,506,885) (15,506,590)
comprehensive                                                                                  
income and                                                                                     
expense for the                                                                                
year                                                                                           
                                                                                               
Transactions with                                                                              
owners in their                                                                                
capacity as                                                                                    
owners:                                                                                        
                                                                                               
Issue of share     21   81,705,992           -          -           -            -   81,705,992
capital                                                                                        
                                                                                               
Exercise of        21   13,612,661           -          -           -            -   13,612,661
options                                                                                        
                                                                                               
Issue costs        21  (4,975,353)           -          -           -            -  (4,975,353)
                                                                                               
Cost of                          -   2,217,332          -           -            -    2,217,332
share-based                                                                                    
payment                                                                                        
                                                                                               
Balance at 30          227,671,125   6,884,431 11,811,411      12,545 (59,816,711)  186,562,801
June 2011                                                                                      



    The above consolidated statement of changes in equity should be read in    
                   conjunction with the accompanying notes..                   

                            STATEMENT OF CASH FLOWS                            
                                                                               
                                FOR YEAR ENDED                                 
                                                                               
                                 30 JUNE 2011                                  
                                                                               
                                             Note          Consolidated        
                                                                               
                                                        2011          2010     
                                                                               
                                                          $             $      
                                                                               
CASH FLOWS FROM OPERATING ACTIVITIES                                           
                                                                               
Receipts from customers                                 2,098,870       513,678
                                                                               
Payments to suppliers and employees                   (7,445,160)   (4,227,015)
                                                                               
Interest received                                         399,930        18,407
                                                                               
Interest & other finance costs                           (46,717)      (72,943)
                                                                               
Net cash outflow from operating activities    26      (4,993,077)   (3,767,873)
                                                                               
CASH FLOWS FROM INVESTING ACTIVITIES                                           
                                                                               
Payment for property, plant & equipment                         -       (5,842)
                                                                               
Payment for available for sale financial                (830,865)             -
assets                                                                         
                                                                               
Payment for development assets                        (1,162,644)   (3,371,814)
                                                                               
Payment for investments                              (63,425,758)  (10,282,357)
                                                                               
Payments for exploration and evaluation               (6,714,573)   (3,718,227)
assets                                                                         
                                                                               
Loans to external parties                                       -     (193,185)
                                                                               
Net cash outflow from investing activities           (72,133,840)  (17,571,425)
                                                                               
CASH FLOWS FROM FINANCING ACTIVITIES                                           
                                                                               
Proceeds from issue of equity                          90,534,113    28,264,974
                                                                               
Payment of equity issue costs                         (3,445,796)   (1,543,625)
                                                                               
Proceeds from borrowings                                        -     1,600,000
                                                                               
Net cash inflow from financing activities              87,088,317    28,321,350
                                                                               
Net increase / (decrease) in cash and cash              9,961,400     6,982,053
equivalents                                                                    
                                                                               
Cash and cash equivalents at beginning of               7,398,470       416,417
financial year                                                                 
                                                                               
Cash and cash equivalents at end of            9       17,359,870     7,398,470
financial year                                                                 

 The above consolidated statement of cash flows should be read in conjunction  
                         with the accompanying notes.