Georgia Update – Site Construction Underway

23 January 2012


The Manager
Company Announcements


By e-lodgement

GEORGIA UPDATE - SITE CONSTRUCTION UNDERWAY

Range Resources Limited ("Range" or "the Company") is pleased to announce that
site construction has commenced in readiness for the spudding of the Company's
second exploration well in Georgia - the Namakhvani well which is the Kursebi 6
Prospect.   Targeted spudding date is early to mid Feb with a target depth of
circa 3,500m.

Given the unexpected geological sequences encountered with the first well,
Range engaged new independent technical consultants, NTD Energy, to perform a
fresh review of all of the seismic and geological data across the top 3 Kursebi
prospects previously identified.  The Kursebi 6 prospect was identified as the
most robust prospect with a more clearly defined structure and indications of a
significantly thicker Jurassic section, increasing chances of encountering more
reservoir and mature source rocks.

Below are the estimates of undiscovered stock tank oil initially in place
(STOIIP) for the prospect.

                                             STOIIP (Mmbbls)                   
                                                                               
                               P90          P50           P10          Mean    
                                                                               
K-6 Prospect - 100%            32.2         84.8         185.8         99.2    
                                                                               
Attributable to Range - 40%    12.9         33.9         74.3          39.7    
                                                                            

NTD Energy will assist in the management of the Company's drilling program for
the Namakhvani well along with the supervision of the proposed 2D seismic
program on block VIb. NTD Energy will also assist the Company in promoting and
developing the unconventional (shale) plays that may exist across the two
licence areas through the introduction of farm-in partners.

The Company will provide regular updates as to the progress of the drilling of
the second well.


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 spud
    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.

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 assumingtheir 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]