Puntland Drilling Update

17 May 2012

The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000

By e-lodgement

PUNTLAND DRILLING UPDATE

Range Resources Limited announces that drilling on the Shabeel-1 well on the
Dharoor Block in Puntland, Somalia and has reached a total depth of 3,470
meters and has encountered metamorphic basement at a depth of 3,430 meters.
Drilling has been suspended for future testing.

In addition to the previously announced 12 to 20 meter zone of significant
hydrocarbon pay in the Upper Cretaceous Jesomma Formation, the well has
encountered additional potential net pay sands in the Jurassic Adigrat
Formation shows at a depth of 3,246 to 3,430 meters, several of which exhibited
oil and gas shows. Petrophysical analysis of the well log data indicates up to
3 meters of potential hydrocarbon pay in several thin sand units. They are not
considered to warrant testing at this time, but do further confirm the
existence of a working petroleum system.

The rig will now move to the Shabeel North location which is 3.5km north of the
current location with spudding scheduled for the first week of June 2012. The
primary objective of this well will be to evaluate the Upper Cretaceous Jesomma
Sands which appear to be oil bearing at the Shabeel location. Subsequent to the
drilling of this well, it is the intention of the Company to return to the
Shabeel well and test the Jesomma sands once the necessary testing equipment
has been mobilized into the country.

Keith Hill, President and CEO of Africa Oil (controlling Company of Operator
(60%), Horn Petroleum Corporation), commented, "We are very encouraged by the
results of the Shabeel well which appears to have confirmed oil bearing sands
in two zones. This has very positive implications for the prospectivity of the
basin. We look forward to the results of the Shabeel North well and to testing
the Jesomma sands to confirm the potential of the block."

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 Ambrian Limited(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) well drilled in Q4 2011. The Company is focusing on a revised
    development strategy that will focus on low-cost, shallow appraisal
    drilling of the contingent resources around the Tkibuli-Shaori ("Tkibuli")
    CBM deposit, which straddles the central sections of the Company's two
    blocks.
   
  * 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 been completed 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. 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.

The Contingent Resource estimate for CBM gas at the Tkibuli project is sourced
from the publically available references to a report by Advanced Resources
International's ("ARI") report in 2009: CMM and CBM development in the
Tkibuli-Shaori Region, Georgia. Advanced Resources International, Inc., 2009.
Prepared for GIG/Saknakhshiri and U.S. Trade and Development Agency.-
.globalmethane.org/documents/toolsres_coal_overview_ch13.pdf. Range's technical
consultants have not yet reviewed the details of ARI's resource estimate and
the reliability of this estimate and its compliance with the SPE reporting
guidelines or other standard is uncertain. Range and its JV partners will be
seeking to confirm this resource estimate, and seek to define reserves, through
its appraisal program and review of historical data during the next 12 months.

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.

Contingent Resources are those quantities of hydrocarbons which are estimated,
on a given date, to be potentially recoverable from known accumulations, but
which are not currently considered to be commercially recoverable.