Issue of Equity

Range Resources Ltd. Raises £4.0 million                    

Range Resources Ltd. (AIM Code: 'RRL' ASX Code: 'RRS') ("Range" or "the
Company") is pleased to announce that it has conditionally placed 18,180,000
new ordinary shares ("New Ordinary Shares") at an issue price of 22 pence each
("Placing Price") through London-based broker Fox-Davies Capital Limited. The
Placing targeted existing and new shareholders in order to broaden the
Company's shareholder base and enhance liquidity following the admission of its
shares to trading on the AIM market of the London Stock Exchange on 23 October
2007.

The Placing will raise gross proceeds of £3,999,600 and is conditional, inter
alia, upon admission to trading on AIM of the New Ordinary Shares. Application
is being made for the New Ordinary Shares to be admitted to AIM and it is
expected that admission of 12,543,545 of the New Ordinary Shares will be
effective on 31 October 2007 with the remaining 5,636,455 New Ordinary Shares
to be admitted on 14 November 2007. The allotment of the shares is being split
in order to comply with ASX Listing Rule 7.1 which limits the amount of shares
issued in any 12 month period (subject to certain exceptions).

Funds raised will be used to fund ongoing exploration costs in Puntland and
working capital.



MICHAEL POVEY
Managing Director



For enquiries, please contact:

Range Resources Ltd.          RFC Corporate Finance    Fox-Davies Capital      
                                                                               
                              (Nominated Adviser)      (Broker)                
                                                                               
Peter Landau                  Stuart Laing             Daniel Fox-Davies       
                                                                               
+ 61 8 9488 5200              [phone]          [phone]     
                                                                               
www.rangeresources.com.au