Puntland Update - Shabeel North Spuds

6 June 2012


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


By e-lodgement

Puntland Update - Shabeel North Spuds

Range Resources Limited ("Range" or "the Company") is pleased to announce the
commencement of drilling operations on the Shabeel North well in Puntland,
Somalia, the second well in the current drilling campaign led by the Company's
Joint Venture Operator Horn Petroleum Corp. ("Horn" - TSXV:HRN).

The Shabeel North well is targeting Upper Cretaceous Jesomma sands which had
good oil and gas shows in the Shabeel well 3.5 kilometers to the south.
Petrophysical analysis of downhole electrical logs in the Shabeel well
indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an
average porosity of 18 to 20%. It is planned to bring the rig back to the
Shabeel location to test these sands to confirm their ability to flow oil once
the drilling of the Shabeel North well is completed. The planned TD of the
Shabeel North well is 2400 meters and drilling is expected to take 45 to 60
days to complete.

David Grellman, President and CEO of Horn stated "The Shabeel North well will
test the same reservoirs that appear to be oil bearing in the nearby Shabeel
well. We would expect similar or better reservoir thickness and quality as we
move deeper into the basin. The results of this well should help us confirm the
extent of the petroleum system in the basin and, if successful, would be
another step towards proving the economic potential of the basin."


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) of two exploration wells having spudded in July in 2011. The
    Company is focussing on a revised development strategy that will focus on
    low-cost, shallow appraisal drilling of the contingent resources around the
    Tkibuli-Shaori ("Tkibuli") coal 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
    completed the first exploration well (Shabeel-1) to a final depth of 3,470m
    having encountered a 12-20m zone of significant hydrocarbon pay in the
    Upper Cretaceous Jesomma Formation. The second well is due to spud in June
    2012 with targeting best estimate Prospective Resources (100% basis) across
    the two wells of 170-300 mmbbls. Site construction has been completed on
    the second well in readiness for the spudding of the Shabeel North 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 ResourcesInternational, 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.


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]
w: www.rangeresources.com.au