Commencement of Georgian Drilling Project

3 May 2011

The Manager

Company Announcements

Australian Securities Exchange Limited

Level 6, 20 Bridge Street

SYDNEY NSW 2000

By e-lodgement

GEORGIAN DRILLING CONFIRMS EARLY JUNE SPUD DATE

Highlights

  * Mobilisation of Georgian Exploration program commences with spudding
    confirmed early June 2011; and
   
  * The Mukhiani 1 well (targeting approximately +115m bbls of mean oil in
    place) is the first of an anticipated 4-6 high impact exploration wells to
    be drilled in 2011 across the Company's Georgian, Puntland and Trinidad
    exploration assets.
   
International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") along with its joint venture
partners, Strait Oil and Gas ("Strait") and Red Emperor Resources ("Red Emperor
") (ASX: RMP) is pleased to announce that it has secured a ship to transport
the exploration drilling rig from the UK to Georgia, thus triggering the
commencement of the Company's two exploration well drilling program in Georgia.


Site preparation is well underway with all site work and earth works complete
with supervisors from Edeco and First Drill due on site to supervise the final
stages of construction in readiness for the arrival of the rig.


Figure 1 & 2 - Mukhiani Well site location on the Vani 3 Prospect

The Mukhiani Well is targeting the Vani 3 prospect which has the following
potential STOIIP:

Vani 3 Prospect - STOIIP* (MMbbls)                                  
                                                                    
      P90               P50              P10              Mean      
                                                                    
      41.7             92.7             178.2            115.2      

*STOIIP shown here assumes that the Vani 3 Prospect contains 3 stacked
reservoirs based on current stratigraphic understanding. Any given well may
encounter 1, 2, or 3 such potential reservoirs depending on the degree of
relative uplift and/or erosion at any given Prospect location.

The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.


Yours faithfully

Peter Landau
Executive Director

Contacts

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

Australia                                     London
PPR                                           Tavistock Communications
David Tasker                                  Ed Portman / Paul Youens
Tel: [phone]                        Tel: [phone]
Em: [e-mail]                   Em: [e-mail]

RFC Corporate Finance (Nominated Advisor)     Old Park Lane Capital (Broker)
Stuart Laing                                  Michael Parnes
Tel: [phone]                        Tel: [phone]

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 an estimated
    2.045 billion barrels of oil-in-place.
   
  * In Trinidad Range has entered into a HOA to acquire a 100% interest in
    holding companies with three onshore production licenses and fully
    operational drilling subsidiary. Independently assessed gross recoverable
    3P reserves in place of 6.9MMbls.
   
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 have 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").

Forward Looking Statements

Certain statements contained in this announcement, including information as to
the future financial or operating performance of Range Resources Limited and
its projects, are forward–looking statements. Such forward–looking statements:

  * are necessarily based upon a number of estimates and assumptions that,
    while considered reasonable by Range Resources Limited, are inherently
    subject to significant technical, business, economic, competitive,
    political and social uncertainties and contingencies;
   
  * involve known and unknown risks and uncertainties that could cause actual
    events or results to differ materially from estimated or anticipated events
    or results reflected in such forward–looking statements; and
   
  * may include, among other things, statements regarding targets, estimates
    and assumptions in respect of production and prices operating costs
    production prices, and results, capital expenditures, reserves and
    resources and anticipated flow rates, and are or may be based on
    assumptions and estimates related to future technical, economic, market,
    political, social and other conditions.
   
Range Resources Limited disclaims any intent or obligation to update publicly
any forward–looking statements, whether as a result of new information, future
events or results or otherwise.

The words "believe", "expect", "anticipate", "indicate", "contemplate",
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will",
"schedule" and similar expressions identify forward–looking statements.

All forward–looking statements made in this presentation are qualified by the
foregoing cautionary statements. Investors are cautioned that forward–looking
statements are not guarantees of future performance and accordingly investors
are cautioned not to put undue reliance on forward–looking statements due to
the inherent uncertainty therein