Quarterly Activities and Cashflow Report

ABN 88 002 522 009
                           
 Level 3, 1 Havelock Street
                           
           West Perth, 6005
                           
          Western Australia
                           
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30 July 2010

                QUARTERLY REPORT FOR PERIOD ENDING 30 JUNE 2010                

Issued Capital 1,027 M*                                        ASX Code RRS Closing price $0.085*

                                                               AIM Code RRL Closing Price £0.053 *

Market Cap A$87m *

* as at 30 June 2010

Gross Production for the Quarter

Gas 100k mcf - Range 25%

Oil 7,608 bbls - Range 25%

The Board is pleased to provide the following commentary to be read in
conjunction with the Appendix 5B which is summarised below - a full version of
the Appendix 5B is available on the Company's website.

Puntland

During the quarter, the joint venture partner to Range Resources Limited's ("
Range" or "the Company") in Puntland, Africa Oil Corp ("Africa Oil"):

 a. continued its efforts to finalise terms with international drilling related
    contractors willing to participate in the proposed drilling program in
    Puntland (Somalia); and
   
 b. announced the farm-out of a 10% interest in the joint venture to ASX listed
    entity, Red Emperor Resources ("Red Emperor" ASX: RMP)). Under the terms of
    the Letter of Intent, Red Emperor will earn a 10% interest in both the
    Dharoor and Nugaal Valley Blocks. Red Emperor may, at its own discretion,
    exercise a right to increase its participating interest by an additional
    10% in each of the Dharoor and Nugaal Blocks. Red Emperor must advise
    Africa Oil on or before 31 August 2010 if they wish to exercise this
    option.
   
Texas - North Chapman Ranch

Smith #1

Following the commencement of production on sales from the Smith #1 discovery
well in the prior quarter, gross production from the Smith Well for the June
2010 quarter was 100k mcf of gas and 7,608 bbls of oil prior to the Smith well
being shut in for Fracture Stimulation.

Also during the quarter, independent certification by Independent Petroleum
Engineers, Lonquist & Co LLC ("Lonquist") confirmed the North Chapman Ranch
field contains significant oil and gas reserves.

Range, through its technical consultants Texas Energy Advisors LLC, engaged
Lonquist to compile geological, geophysical and engineering data and provide an
Independent Reserves Report and Valuation for the project.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the North Chapman Ranch Field:

Category                 Natural Gas  Oil (mmbbls)  Natural Gas 
                            (Bcf)                     Liquids   
                                                     (mmbbls)   
                                                                
Proved (P1)                  33.3         2.5           2.4     
                                                                
Probable (P2)                31.8         2.4           2.3     
                                                                
Possible (P3)               150.4         11.1         10.8     
                                                                
Total Reserves              215.5         16.0         15.5     

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 well:

Category                 Natural Gas  Oil (mmbbls)  Natural Gas 
                            (Bcf)                     Liquids   
                                                     (mmbbls)   
                                                                
Proved (P1)                  8.3          0.6           0.6     
                                                                
Probable (P2)                6.4          0.5           0.5     
                                                                
Possible (P3)                30.1         2.2           2.1     
                                                                
Total Reserves               44.8         3.3           3.2     

The planned multi-well program is anticipated to move Possible (P3) Reserves
into the Probable (P2) and Proved (P1) Reserve categories.

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) based on Nymex forward strip prices reported on 31 December
2009, following reductions for royalties, opex, capex, production taxes etc are
as follows:

Reserve                                          Undiscounted    PW10 US$  
                                                      US$                  
Category                                                                   
                                                                           
Proved (P1)                                           52m          36m     
                                                                           
Probable (P2)                                         53m          37m     
                                                                           
Possible (P3)                                        258m          153m    
                                                                           
Estimated Future Cashflow (Range's net interest)     363m          226m    

Smith Fracture Stimulation

The artificial fracture stimulation of the Smith #1 well has been completed
with the operator now slowly opening the choke diameter to ensure the
performance of the well is optimised following the successful stimulation of
the well. During this process and following on from experience on previous
wells drilled in the area, it has become evident to the Operator that higher
flow rates may jeopardise the integrity of the well thus the Operator has taken
the prudent approach (at this stage) of limiting the production flow rates to
max 4Mmcf per day and 320 bbls per day. This will not result in any reduction
in forecast 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.

Russell Bevly

As part of the North Chapman Ranch Joint Venture's multi-well program in Texas,
the Russell Bevly #1 appraisal well was spudded as announced on 11 May 2010.

After drilling to a revised Total Depth of 14,225' (4,337m), the operator
concluded open hole logging operations that indicated the presence of
approximately 130 ft. of net oil and gas pay in the Howell Hight formation.
This exceeded the net pay thickness of the Smith #1 discovery well and
identified a new, potentially productive interval. The well was equipped with 4
1/2" production casing and currently awaits completion and installation of
surface infrastructure in readiness for first sales late August / early
September.

The Russell Bevly #1 confirms the Company's structural and stratigraphic models
across the north western flank of the field, which formed the basis of the
recently released reserve report (see Lonquist above). Once completed for
production, the well is expected to add significant Proven Reserves,
production, and cash flow to Range's Texas operations.


Figure 1: Precision #37 rig drilling ahead on Russell Bevly #1 Well

It is anticipated that the multi-well program will continue on North Chapman
Ranch with the third well anticipated to spud Q4 2010.

Texas - East Cotton Valley

Building on its success at North Chapman Ranch, during the 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.


Figure 1: County Map of the State of Texas

In conjunction with the acquisition of the Company's interest in East Cotton
Valley, Range, through its technical consultants Texas Energy Advisors LLC,
engaged Lonquist to compile geological, geophysical and engineering data and
provide an Independent Reserves Report and Valuation for the prospect.

Lonquist's independent reserves report has estimated the following gross
commercially recoverable reserves from the East Texas Cotton Valley Prospect:

Category                                 Oil (mmbbls) 
                                                      
Proved (P1)                                  1.5      
                                                      
Probable (P2)                                1.2      
                                                      
Possible (P3)                                2.7      
                                                      
Total Reserves                               5.4      

Set out below is Range's attributable interest in the gross recoverable
reserves on 13.56% of the East Texas Cotton Valley Prospect:

Category                                 Oil (mmbbls) 
                                                      
Proved (P1)                                  0.20     
                                                      
Probable (P2)                                0.16     
                                                      
Possible (P3)                                0.36     
                                                      
Total Reserves                               0.72     

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) based on Nymex forward strip prices reported on 31 December
2009, following reductions for royalties, opex, capex, production taxes etc are
as follows:

Reserve                                          Undiscounted    PW10 US$  
                                                      US$                  
Category                                                                   
                                                                           
Proved (P1)                                          8.5m          5.4m    
                                                                           
Probable (P2)                                        7.0m          4.4m    
                                                                           
Possible (P3)                                        14.7m         8.1m    
                                                                           
Estimated Future Cashflow (Range's net interest)     30.2m        17.9m    

Development of the shallow oil reservoir in the Cotton Valley formation is
expected to begin during Q3 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%).

Georgia

Following the successful acquisition of 410km of seismic at the end of March
2010, seismic processing and interpretation commenced during the quarter.

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 by Fugro-NPA which were integrated with all available historical
Soviet era data to produce a refined surface geology map of the two blocks
which will then be used to focus the mapping follow-up programme. 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.

Ultra-high resolution, multi-spectra imagery is being used in areas of higher
potential to refine the regional geology with several 3-D cross sections
currently under construction which integrate all available surface and
sub-surface data and historical drilling.

Exhaustive searches of all possible archives have successfully turned up
critically important historical well data which has provided invaluable direct
well ties with new seismic data.

It is forecast that final interpretations and identification of potential
drilling targets will be completed during Q3 2010.

In support of the identification of drill targets during 3Q 2010, initial
logistics planning has commenced with regards to the development of anticipated
drilling programs. As previously announced, assuming the successful
identification of drillable targets, already indicated in three areas of the
Blocks, 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 attract potential farm-in partners to joint fund a drilling
    program.
   
The minimum requirements of Phase III of the PSA involves the drilling of one
well in each licence block by April 2012.


Figure 2 - Seismic Vehicle

Subsequent to quarter end

Subsequent to quarter end 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; 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 3. 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.

                                         Oil and      Attributable to  
                                     Condensate (MMb  Range (10%)      
                                        bl)(100%)                      
                                                                       
Proved Reserves                            2.6              0.26       
                                                                       
ProbableReserves                           2.2              0.22       
                                                                       
PossibleReserves                           2.1              0.21       
                                                                       
Total Reserves (3P)                        6.9              0.69       
                                                                       
Prospective Resources (Undeveloped)        20                2.0       

Corporate

During the quarter, the Company successfully completed a placement to
sophisticated and institutional investors from both Australia and the UK during
the quarter that raised $10m with funds to be used to fund the Company's
Puntland, Texan and Georgian interests along with the Trinidad acquisition
announced subsequent to quarter end.

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                      89              89
debtors *                                                                      
                                                                               
Payments for:                                                                  
                                                                               
  * exploration and evaluation                          (4,487)        (17,371)
                                                                               
  * development                                               -               -
                                                                               
  * production                                             (36)            (36)
                                                                               
  * administration                                        (653)         (3,721)
                                                                               
Dividends received                                            -               -
                                                                               
Interest and other items or a similar nature                  9              19
received                                                                       
                                                                               
Interest and other costs of finance paid                   (25)           (100)
                                                                               
Income taxes paid                                             -               -
                                                                               
Other                                                         -               -
                                                                               
                        Net operating cashflow          (5,103)        (21,120)
                                                                               
Cashflows related to investing activities                                      
                                                                               
Payments for the purchase of:                                                  
                                                                               
  * prospects                                                 -               -
                                                                               
  * equity instruments                                        -               -
                                                                               
  * other fixed assets                                        -             (6)
                                                                               
Proceeds from the sale of:                                                     
                                                                               
  * prospects                                                 -               -
                                                                               
  * equity instruments                                        -               -
                                                                               
  * other fixed assets                                        -               -
                                                                               
Loans to other entities                                       -           (293)
                                                                               
Loans repaid by other entities                              100             100
                                                                               
Other                                                         -               -
                                                                               
                       Net investing cashflows              100           (199)
                                                                               
Cashflows related to financing activities                                      
                                                                               
Proceeds from issue of shares, options etc.               8,800          28,275
                                                                               
Proceeds from sale of forfeited shares                        -               -
                                                                               
Proceeds from borrowings                                      -               -
                                                                               
Repayment of borrowings                                       -               -
                                                                               
Dividends paid                                                -               -
                                                                               
Costs associated with issue of shares (refer              (618)         (1,574)
to note)                                                                       
                                                                               
                       Net financing cashflows            8,182          28,301
                                                                               
        Net increase / (decrease) in cash held            3,179           6,982
                                                                               
Cash at the beginning of the quarter / year to            4,219             416
date                                                                           
                                                                               
Exchange rate adjustments                                     -               -
                                                                               
CASH AT THE END OF THE QUARTER                            7,398           7,398

* Relates to cash receipts from February 2010 sales only - March to May 2010
cash receipts from sales received post quarter end

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 6666
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 215 Bcf of natural gas, 16 mmbbls of oil
    and 15 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) - 65% 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 binding Heads of Agreement 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 and a major local
    drilling company. 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.
   
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.

Forward Looking Statements

Certain statements contained in this announcement, including information as to
the future financial or operating performance of Range Resources Limited and
its projects, are forward–looking statements. Such forward–looking statements:

  * are necessarily based upon a number of estimates and assumptions that,
    while consideredreasonable by Range Resources Limited, are inherently
    subject to significant technical, business, economic, competitive,
    political and social uncertainties and contingencies;
   
  * involve known and unknown risks and uncertainties that could cause actual
    events or results to differ materially from estimated or anticipated events
    or results reflected in such forward–looking statements; and
   
  * may include, among other things, statements regarding targets, estimates
    and assumptions in respect of production and prices operating costs
    production prices, and results, capital expenditures, reserves and
    resources and anticipated flow rates, and are or may be based on
    assumptions and estimates related to future technical, economic, market,
    political, social and other conditions.
   
Range Resources Limited disclaims any intent or obligation to update publicly
any forward–looking statements, whether as a result of new information, future
events or results or otherwise.

The words "believe", "expect", "anticipate", "indicate", "contemplate",
"target", "plan", "intends", "continue", "budget", "estimate", "may", "will",
"schedule" and similar expressions identify forward–looking statements.

All forward–looking statements made in this presentation are qualified by the
foregoing cautionary statements. Investors are cautioned that forward–looking
statements are not guarantees of future performance and accordingly investors
are cautioned not to put undue reliance on forward–looking statements due to
the inherent uncertainty therein