Quarterly Activities and Cashflow Report

Range Resources Ltd                 
                                             ABN 88 002 522 009
                           
                                Ground Floor, 1 Havelock Street
                                               West Perth, 6005
                                              Western Australia

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29 October 2010


            QUARTERLY REPORT FOR PERIOD ENDING 30 SEPTEMBER 2010                


Issued Capital    1,165 M*     ASX Code RRS       Closing price $0.096*
                               AIM Code RRL       Closing Price £0.059 *

Market Cap A$112m*

* as at 30 September 2010


Gross Production for the Quarter

Gas 177k mcf          Range Interest - 42k mcf
Oil 12,849 bbls       Range Interest - 3,037 bbls

The Board of Range Resources Limited ("Range" or "the Company") is pleased to
provide the following commentary to be read in conjunction with the Appendix 5B
which is attached.


Georgia

Following the successful acquisition of 410km of seismic at the end of March
2010, the seismic processing and interpretation of the data has been completed
by industry leaders Spectrum (processing) and the RPS Group (interpretation).

During this process, regional field mapping was completed over the entire two
block area on a 1:100,000 scale which was followed up by state of the art
remote sensing applications and satellite imaging by Fugro-NPA which were
integrated with all available historical Soviet era data to produce a refined
surface geology map of the two blocks. Detailed geological and structural
mapping along all seismic profiles have been completed with 75% of the terrain
between the seismic profiles having been mapped in detail with the primary
focus on the most prospective areas.

The results of the above have identified a total of 58 potential drilling
targets across the two license areas, with a comprehensive map of the initial
identified potential hydrocarbon bearing structures having been prepared.

These 58 targets have been refined down to the most prospective 6 specific
targets with the Company awaiting the final report from RPS, which will provide
an assessment of the potential recoverable volumes of these targets.

The Company is extremely excited about the identified prospects and is eagerly
awaiting the final report from RPS, which is anticipated to be received in the
coming weeks.

As previously reported, in support of the identification of drill targets,
initial logistics planning has commenced. The six initial identified drilling
target locations have been surveyed and a logistics review in relation to local
infrastructure and local contractors for site services having been prepared.

Figure 1 - Identified Drilling Prospect Location (note access to railway /
power)

Figure 2 - Central Geological Cross-section of One Identified Drilling Prospect

In conjunction with the site surveys on the prospective drilling target
locations, a drilling plan has been developed which has included:

  * Identification of materials and service suppliers for the drilling program;
   
  * Initial design of well / well heads with associated structures for storage,
    access and transport; and
   
  * Design of engineering items for the drilling programme
   
Tender documents have been circulated to identified contractors to supply /
operate drilling rigs and associated engineering services with a shortlist of
suitable candidates having been established and suitability audit performed on
these potential contractors.

Following the receipt of the report from RPS and the assessment of the
drillable targets, the Company will elect to either:

  * progress the targets at the current 50:50 equity basis with its partner
    Strait Oil and Gas (UK) Limited; or
   
  * look to finalise arrangements with potential farm-in partners to joint fund
    a drilling program - however the Company at this stage would look to
    maintain a minimum 40% interest in the two licenses
   
Should the Company elect to drill the targets on the current 50:50 equity
basis, given the extent of the well logistics and planning that has been
performed in parallel to the seismic processing and interpretation, following
receipt of the RPS report and Budget approval, site preparation work can
commence shortly thereafter in conjunction with the finalisation of the
drilling contractor with mobilisation expected December 2010 / January 2011.
The Company has sufficient funds to complete the first well as operator.

The minimum requirements of Phase III of the PSA involves the drilling of one
well in each licence block by April 2012.



Texas - North Chapman Ranch

Less than seven weeks after production casing was set in the well and the
drilling rig released, the Russell Bevly was turned to sales at approximately
1,000 Mcf of natural gas and 90 bbl of oil per day with approximately 8,000 psi
flowing tubing pressure on a 6/64" choke from just one of four identified pay
zones. The first zone placed in production represents just 11 ft. of perforated
Howell Hight formation within total net pay thickness of approximately 130
feet.

This well has continued to perform above expectations under natural flowing
pressure and has averaged circa 1.4mmcf and 100bbls per day from just the 11 ft
thick first zone from first production to date of this report, which is
extremely pleasing to the Company.

It is anticipated that, similar to the Company's first well (Smith #1), the
Russell Bevly well will flow naturally for a number of months before it is shut
in and a completion rig moved into place. Once the completion rig is in place,
the well will be fracture stimulated and additional pay zones added to boost
the flow rate. Hydraulically fracturing the reservoirs creates additional
permeability paths from the reservoir to the well bore, increasing production
rates from the various pay zones, which in turn accelerates payout while
improving reserve recovery and overall economics.

Gross production from the Smith #1 Well for the September 2010 quarter was 132k
mcf of gas and 9,345 bbls of oil. However, recent production logs acquired by
the Operator indicate that only the upper of the two perforated zones is
contributing to the current production, which implies that two of the three pay
zones in the Smith #1 well are still virtually untapped and represent
additional potential rate. It is anticipated that whilst the completion rig is
moved into place on the Russell Bevly, it will also be moved to the Smith #1
well, where all remaining pay zones will be placed into production.

As stated previously, this will not result in any reduction in forecast total
revenue being received by the Company, rather a longer payback period and an
extended individual well life, however, given the short term decline rates of
these wells and the multi-well development of the field, it is not considered
to be a significant hindrance to the Company, especially given the better than
forecast performance from the Russel Bevly well.


Revised Reserve Report

Also during the quarter, Independent Petroleum Engineers, Lonquist & Co LLC ("
Lonquist") prepared a revised reserve report on the North Chapman Ranch field
in Nueces County, Texas, following the successful drilling and completion of
the Russell-Bevly #1 appraisal well. As previously reported, the Russell-Bevly
well confirmed the Company's structural and stratigraphic models and
established additional Proved oil and gas reserves across the northwest flank
of the closure.

After integration of data obtained from the Russell-Bevly #1, and as shown in
the tables below, oil, natural gas, and natural gas liquids reserves net to the
Company's interest, are detailed below.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves (100% basis) from the North Chapman Ranch
Field:

Category                 Natural Gas  Oil (Mmbbls)  Natural Gas 
                            (Bcf)                     Liquids   
                                                      (Mmbbls)    
                                                                
Proved (P1)                  62.4         4.8           4.5     
                                                                
Probable (P2)                34.6         2.7           2.5     
                                                                
Possible (P3)               142.5         10.9         10.3     
                                                                
Total Reserves              239.5         18.4         17.3     

Set out below is Range's attributable interest in the gross recoverable
reserves on 25% of the Smith #1 well and on 20% of the remaining wells assuming
the exercise of certain clawback provisions by joint venture partners occurs
following the success of the Smith #1 and Russell-Bevly wells:

Category                 Natural Gas  Oil (Mmbbls)  Natural Gas 
                            (Bcf)                     Liquids   
                                                      (Mmbbls)    
                                                                
Proved (P1)                  12.7         1.0           0.9     
                                                                
Probable (P2)                6.9          0.5           0.5     
                                                                
Possible (P3)                28.5         2.2           2.1     
                                                                
Total Reserves               48.1         3.7           3.5     

Based on the reserve numbers cited above, Lonquist's estimated net undiscounted
cash flow value to Range, along with PW10 discounted cash flow (at a 10%
discount rate) using the same commodity price deck as used in the May 2010
report, following reductions for royalties, opex, capex, production taxes etc
are as follows:

Reserve                                          Undiscounted     PW10   
                                                      US$          US$     
Category                                                                   
                                                                           
Proved (P1)                                          100m          69m     
                                                                           
Probable (P2)                                         60m          37m     
                                                                           
Possible (P3)                                        252m          142m    
                                                                           
Estimated Future Cashflow (Range's net interest)     $412m        $248m    

Changes to reserve estimates at North Chapman Ranch include a significant
movement of Probable Reserves into the Proved category, as well as new reserves
established by the Russell-Bevly #1.

Plans for the next well at North Chapman Ranch are currently being finalised
with Range and its joint venture partners with spudding expected December 2010
/ January 2011.


Texas - East Cotton Valley

Building on its success at North Chapman Ranch, during the previous quarter,
Range acquired a 13.56% interest in approximately 1,570 gross acres
encompassing a recent oil discovery located in Red River County, Texas, for
total leasehold acquisition costs of $US254,000.

The East Texas Cotton Valley oil accumulation was discovered in March of 2008
with the drilling of a vertical well to approximately 5,500 ft. The initial
well encountered more than 100 ft. of gross oil pay at approximately 5,300 ft
and was immediately placed into production. A horizontal appraisal well spudded
in December of 2008 encountered good quality reservoir in a lateral section
approximately 1,500 ft. long, but was badly damaged during completion.

Development of the shallow oil reservoir in the Cotton Valley formation is
expected to begin during November 2010 with the drilling of a horizontal
appraisal well, Morris 3H, expected to encounter good quality Cotton Valley
sandstones along a horizontal well path approximately 2,500 ft. long. The well
is projected to pass within 500 ft. of the Morris 2H well, the first horizontal
well drilled in the project area. The Morris 2H encountered good quality Cotton
Valley reservoir rock and oil saturation, but was badly damaged during
completion. If successful, the Morris 3H could trigger a horizontal development
drilling program of 20-25 wells,  each of which could recover more than 225,000
barrels of oil at an expected completed well cost of approximately $US1.6
million (Range 13%).

Figure 3 - County Map of the State of Texas


Puntland

Range's Joint Venture Partner and operator in Puntland, Africa Oil Corp ("
Africa Oil" TSX: AOC) has recently announced in a presentation that the
spudding of the first well in Dharoor is now not likely until mid 2011. Whilst
obviously disappointing to the Company, Africa Oil have met with the Puntland
Government to secure an extension to the PSA (expected shortly) and are
currently evaluating second tier drilling contractors with an aim to secure a
more cost effective drilling for the first well. Updates on the awarding of the
drilling contract and extension of the PSA's will be made when available.


Trinidad

During the quarter the Company announced it had entered into a binding Heads of
Agreement ("HOA") through SOCA Petroleum ("SOCA") to acquire its rights to a 10
percent interest in companies whose wholly owned subsidiaries hold production
licences for three blocks in producing onshore oilfields in Trinidad (see
Figure 1) and a major local drilling company.

The production acreage and operating wells cover the Morne Diablo, Beach
Marcelle and South Quarry oilfields, with the total acreage covering 16,253
gross acres on the southern coast onshore Trinidad. Current production from the
fields is 700 bopd, however Range believes a minimal work program could lift
production to more than 3,500 bopd within 36 months on the known reserves.

In addition to the two subsidiaries holding production licences for the onshore
acreage, the proposed Range acquisition also includes a 10 percent interest in
the parent of a wholly owned drilling company (located in Trinidad), which owns
five onshore drill rigs, three production rigs, one swab rig and a full
workshop and pipe yard, storage tanks and facilities.

Importantly, Range will be carried through initial development expenditure. The
company is planning to use company-owned drilling rigs and equipment and, with
cashflow from existing production, is expected to be self-sufficient (other
than a significant initial working capital injection of which Range will be
carried) in its forward program which aims to increase the production from 700
bopd to 3,500 bopd within 36 months from known reserves without taking into
account any exploration upside.

In addition to the known reserves, significant potential exists in the deeper
Herrera Formation (refer below). The Deeper Herrera Formation will be a primary
target of future drilling using company-owned drilling rigs, which are capable
of reaching the depth of these formations. Subject to the successful drill
testing of this formation, the Company is ultimately targeting an increase in
the production level to between 800 - 1,000 bopd attributable to Range.

Under the terms of the HOA, Range is required to pay two instalments:

  * US$2m upon execution of definitive agreements (already paid); and
   
  * US$2.25m upon formal completion of the acquisition.
   
Historical and current oil production is from the Forest and Cruse Formations
which are shallow fluvio-deltaic reservoirs with Proved plus Probable plus
Possible Reserves (3P) of 20 million barrels of oil (MMbo) (Forest A. Garb &
Associates report1). Current production is approximately 700 bopd from the
Morne Diablo, South Quarry and Beach Marcelle fields.

Figure 4 - Location of License areas - onshore Trinidad

Significant potential exists in the deeper Herrera Formation. The Herrera
Formation is a Miocene-aged deepwater turbidite. Production is typically found
in the northeast to southwest thrusted structures to the east and north of the
subject acreage, where the Penal field has produced more than 60 MMbo to date.
3D Seismic was used to identify prospective drilling locations in the license
area that have a further undiscovered oil potential of 100 MMbo.

The Deeper Herrera Formation will be a target of future drilling using
company-owned drilling rigs, which have the capability to reach these
formations.

An independent recoverable reserves assessment by Forrest A. Garb & Associates
has provided the following certified Reserves and Resources for the 3 blocks.
The Trinidad transaction is scheduled to be completed during Q4 2010.

                                         Oil and       Attributable to  
                                        Condensate       Range (10%)      
                                      (MMbbl)(100%)                      
                                                                       
Proved Reserves                            2.6              0.26       
                                                                       
Probable Reserves                          2.2              0.22       
                                                                       
Possible Reserves                          2.1              0.21       
                                                                       
Total Reserves (3P)                        6.9              0.69       
                                                                       
Prospective Resources (Undeveloped)*       20                2.0       
                                                                     
* Does not include any Herrera formation targets.


Corporate

During the quarter, the Company successfully completed a placement to
sophisticated and institutional investors from both Australia and the UK that
raised an additional $2.3m on the same terms as the $10m raised in the previous
quarter.

The Company was pleased with raising circa $4.9m through the exercise of 98m
$0.05 options. These funds were used to fund the Company's Puntland, Texan and
Georgian interests along with the Trinidad acquisition announced during the
quarter.



Appendix 5B Summary - Consolidated Statement of Cashflow

                                                Current Quarter    Year to date
                                                         $A'000     (12 months)
                                                                         A$'000
                                                                               
Cashflows related to operating activities                                      
                                                                               
Receipts from product sales and related                     424             424
debtors                                                                        
                                                                               
Payments for:                                                                  
                                                                               
  * exploration and evaluation                          (5,306)         (5,306)
                                                                               
  * development                                           (345)           (345)
                                                                               
  * production                                            (225)           (225)
                                                                               
  * administration                                        (976)           (976)
                                                                               
Dividends received                                            -               -
                                                                               
Interest and other items or a similar nature                 69              69
received                                                                       
                                                                               
Interest and other costs of finance paid                   (88)            (88)
                                                                               
Income taxes paid                                             -               -
                                                                               
Other                                                         -               -
                                                                               
                        Net operating cashflow          (6,447)         (6,447)
                                                                               
Cashflows related to investing activities                                      
                                                                               
Payments for the purchase of:                                                  
                                                                               
  * prospects                                                 -               -
                                                                               
  * equity instruments                                        -               -
                                                                               
  * other fixed assets                                        -               -
                                                                               
Proceeds from the sale of:                                                     
                                                                               
  * prospects                                                 -               -
                                                                               
  * equity instruments                                        -               -
                                                                               
  * other fixed assets                                        -               -
                                                                               
Loans to other entities                                       -               -
                                                                               
Loans repaid by other entities                                -               -
                                                                               
Other                                                         -               -
                                                                               
                       Net investing cashflows                -               -
                                                                               
Cashflows related to financing activities                                      
                                                                               
Proceeds from issue of shares, options etc.               7,166           7,166
                                                                               
Proceeds from sale of forfeited shares                        -               -
                                                                               
Proceeds from borrowings                                      -               -
                                                                               
Repayment of borrowings                                       -               -
                                                                               
Dividends paid                                                -               -
                                                                               
Costs associated with issue of shares (refer              (319)           (319)
to note)                                                                       
                                                                               
                       Net financing cashflows            6,847           6,847
                                                                               
        Net increase / (decrease) in cash held              400             400
                                                                               
Cash at the beginning of the quarter / year to            7,398           7,398
date                                                                           
                                                                               
Exchange rate adjustments                                     -               -
                                                                               
CASH AT THE END OF THE QUARTER                            7,798           7,798



By order of the Board


Peter Landau
Executive Director


Contacts

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

Australia                                       London
PPR                                             Conduit PR
David Tasker                                    Jonathan Charles
Tel: [phone]                          Tel: + 44 (0) 20 7429 6611
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 13.56% 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) - 55% Operator, in 2010.
   
  * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore
    blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has
    recently completed a 410km 2D seismic program.
   
  * In Trinidad Range has entered into a HOA to acquire a 10% interest in
    holding companies with three onshore production licenses. Independently
    assessed gross recoverable P2 reserves in place of 4.8MMbls.

   
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 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.

The reserves estimate for the North Chapman Ranch Project and East Texas Cotton
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 as well as in the full Lonquist report on the Range website.