Quarterly Report for Period Ending 30 September...

Range Resources Ltd          
                                                  ABN 88 002 522 009                             
                                                             
                                                  16 Southport Street                             
                                                  West Leederville, 6007          
                                                  Western Australia                             
                                                         
                                                  Tel: [phone]                             
                                                  Fax: [phone]            
                                                                               
                                                  [e-mail]         
                                                                               
                                                           
                                                    
31 October 2008


             QUARTERLY REPORT FOR PERIOD ENDING 30 September 2008              


The Board is pleased to provide the following commentary for Range Resources
Ltd ("Range" or the "Company") to be read in conjunction with the Appendix 5B
which is attached. The recently announced (29 October 2008) new management
team, rights issue and offshore opportunities are of great significance to
Range and the success of the Company moving forward (see summary below).


EXPLORATION UPDATE - Dharoor

Seismic operations are continuing in the Dharoor valley by Range's joint
venture partner Africa Oil. The survey is being undertaken over the prospective
part of the basin and will hopefully identify closures at the Jurassic and
Cretaceous level. Acquisition of a planned 2600 km of seismic data is
approximately 30% complete. Drilling at the planned Nogal valley sites is still
on `standby" with the security situation in the area to be reassessed in
conjunction with the proposed drilling program in the Dharoor valley. At this
stage, spudding of the first well by Africa Oil is scheduled for the first
quarter of 2009.


Offshore acreage

As recently announced, Range has entered into a Letter of Understanding
(Agreement) with a leading Chinese geophysical service provider. The Agreement
is in respect of completing a regional survey of offshore Puntland comprising
15,000 kilometres of 2-D seismic data on Puntland's offshore oil and gas areas.

Under the terms of the Agreement, the contractor has conditionally agreed to
finance 50% of the costs associated with the Seismic programme, by way of a
multi client tender programme for off shore Puntland. A seismic charter is
available at this stage to commence before the end of 2008. Led by the new
management team (see below), the Company is in discussions with a number of
parties regarding the joint venturing of Range's current 100% interest in
offshore Puntland, and the balance of the funding of the seismic programme.


Mineral Exploration

With current world markets, poor commodity prices and sentiment towards early
stage resource exploration projects, Range will look to farm out or dispose of
its Western Australian tenements (gold and nickel potential) on an immediate
basis.


Management

A summary of the management changes recently announced is set out below.

Mark Patterson - Executive Technical Consultant

Mr Patterson has over 25 years experience in the oil and gas industry. He was
Managing Partner of Calypso Energy LLC, an independent exploration and
development company and part of the Calypso Energy group of companies he
co-founded in 2000. He has occupied various positions of responsibility with
oil and gas companies including Offshore Exploration Manager, Exploration &
Development Manager for North America, General Country Manager , Offshore
Exploration Geophysicist and Engineering Geophysicist. Mr. Patterson and his
exploration teams are credited with the discovery of more than 85 million
barrels of oil and 300 billion cubic feet of natural gas.


Gregory Smith - Executive Consultant

Mr Gregory Smith has been involved in the resources business for in excess of
20 years. He has a wide breadth of senior management and executive experience,
having been associated with natural resource companies across the globe - coal
bed methane in Wyoming; onshore oil and gas in Guatemala and Colombia;
underground and open pit zinc mines in Canada; and corporate finance and
advisory services throughout much of the world.


Mr Pawan Sharma - Executive Consultant

Mr Pawan Sharma has considerable legal and corporate finance experience, having
been a lawyer at US law firm Debevoise & Plimpton and, most recently, a partner
in the corporate department of London law firm, Stephenson Harwood. Mr Sharma
has structured, led and advised on numerous debt and equity transactions,
mergers and acquisitions and other corporate transactions for both start-up and
FTSE 100 companies.


Mr Fawaz Mourad - New Board Appointment

Mr Mourad has over 25 years of expertise in the oil and gas industry in Africa
and the Middle East and has assisted with major seismic acquisition exercises
in the Eastern Mediterranean. In recent years, Fawaz has been heavily involved
in business development in North Africa and the Middle East. Mr Mourad is a
director of Lake Energy Services and AFIL (Al Fardouss International) which is
a representative for Norway based PGS-Marine, Petroleum Geoservices, out of
Norway.


Political Situation

Puntland and greater Somalia have featured prominently in world news over the
quarter with a significant increase in piracy and kidnapping incidents. It is
difficult to assess the ultimate impact on Range's activities in Puntland but a
few general observations can be made:

  * Clearly the current security situation is inadequate to protect the number
    of ships travelling through the Gulf of Aden. A number of security
    initiatives are being proposed by various governments, world organisations,
    ship owners and insurers. The Puntland government and his excellency
    President Hersi are heavily involved in discussing proposed security
    options which adds, in Range's opinion, significant diplomatic credibility
    and recognition to Puntland.
   
  * A focussed effort (as proposed by the European Economic Community) on
    combating piracy will hopefully provide further assistance and benefits to
    Puntland through joint security initiatives which may ultimately provide
    greater stability to the region in the medium term.
   
  * There has been an increased risk of terrorist activity with the al shebab
    movement being identified as having a greater operating presence in both
    Puntland and Somaliland. The situation is being monitored with the Puntland
    Government looking at a number of efforts to address the problem with the
    main issue being lack of resources and funding to implement the strategies
    that the Government has developed.

   
Government Release - 20 August 2008

In response to reports that the Transitional Federal Government ("TFG") of
Somalia had, during the quarter, signed an agreement with two foreign firms
said to be paving the way for a joint venture company that would explore
Somalia's natural resources, the Puntland Government stated:

"The Puntland Government remains fully committed to its existing agreement with
Africa Oil Company and Range Resources, covering concessions in the Dharoor and
Nogal Valley of Puntland, the concessions agreements covering those areas
remain in effect and are supported by the full force of the laws of Puntland.
Although the legality of the reported agreement is far from certain, this
prompt statement by the Puntland Government is intended to dispel
uncertainty-surrounding control of natural resources in Puntland. The Puntland
Government will fiercely protect its rights in order to preserve ownership of
its natural resources for the people of Puntland" 20 August 2008.

As clearly defined in a Puntland Government Policy Statement (puntlandgovt.com)
of 19 March, 2008, "Until such time an all inclusive federal constitution is
effected and state governments, convinced with the sharing power and resources,
are instituted, Puntland's support of the TFG should not be interpreted in any
manner that Puntland is part of the TFG - Puntland shall remain independent for
its laws, policies and interests."


Rights Issue

Summary details of the Company's proposed rights issue were announced on 29
October 2008. Full details will be provided shortly.


Contacts:

Australia                             UK                                   
Range Resources Ltd.                  Range Resources Ltd.                                                        
Robert Hyndes                         Peter Landau          
[phone]                       [phone]                                                    
[e-mail]           [e-mail]                                       
                                                                           
                                            
RFC Corporate Finance                 Fox-Davies Capital                                                          
(Nominated Advisor)                   (Broker)
Stuart Laing                          Daniel Fox-Davies                                                 
[phone]                      [phone]              
                                                                           
                                                
                                                                           
                                              
                                                                           
                                           

                                  Appendix 5B                                  

                  Mining exploration entity quarterly report                   

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.


Name of entity                                                           
                                                                         
RANGE RESOURCES LIMITED                                                  
                                                                         

ABN                                           Quarter ended ("current    
                                              quarter")                  
                                                                         
88 002 522 009                                30 SEPTEMBER 2008          


Consolidated statement of cash flows

Cash flows related to operating             Current quarter       Year to date
activities                                                                    
                                                     $A'000         (3 months)
                                                                              
                                                                        $A'000
                                                                              
1.1   Receipts from product sales and                                         
      related debtors                                                         
                                                                              
1.2   Payments for                                                  
                                                                              
      (a) exploration and evaluation                  (536)              (536)   
                                                                              
      (b) development                                     -                    
                                                                              
      (c) production                                      -               
                                                                              
      (d) administration                              (786)              (786)          
                                                                              
1.3   Dividends received                                  -                   
                                                                              
1.4   Interest and other items of a                      39                 39
      similar nature received                                                 
                                                                              
1.5   Interest and other costs of                         -                  -
      finance paid                                                            
                                                                              
1.6   Income taxes paid                                   -                  -
                                                                              
1.7   Other (provide details if                           -                  -
      material)                                                               
                                                                              
      Net Operating Cash Flows                      (1,283)            (1,283)


                                                                              
      Cash flows related to investing                                         
      activities                                                              
                                                                              
1.8   Payment for purchases of:                           
                                                                              
      (a) prospects                                       -                  -
                                                                              
      (b) equity investments                              -                  -
                                                                              
      (c) other fixed assets                          (149)              (149)                        
                                                                              
1.9   Proceeds from sale of:                              
                                                                              
      (a) prospects                                       -                  -
                                                                              
      (b) equity investments                              -                  -
                                                                              
      (c) other fixed assets                              -                  -                    
                                                                              
1.10  Loans to other entities                             -                  -
                                                                              
1.11  Loans repaid by other entities                      -                  -
                                                                              
1.12  Other (provide details if                           -                  -
      material)                                                               
                                                                              
      Net investing cash flows                        (149)              (149)
                                                                              
1.13  Total operating and investing cash            (1,432)            (1,432)
      flows (carried forward)                                                 

1.13  Total operating and investing cash            (1,432)            (1,432)
      flows (brought forward)                                                 


                                                                              
      Cash flows related to financing                                         
      activities                                                              
                                                                              
1.14  Proceeds from issues of shares,                     1                  1
      options, etc.                                                           
                                                                              
1.15  Proceeds from sale of forfeited                     -                  -
      shares                                                                  
                                                                              
1.16  Proceeds from borrowings                            -                  -
                                                                              
1.17  Repayment of borrowings                             -                  -
                                                                              
1.18  Dividends paid                                      -                  -
                                                                              
1.19  Costs associated with issue of                      -                  -
      shares                                                                  
                                                                              
      Net financing cash flows                            1                  1
                                                                              
      Net increase (decrease) in cash               (1,431)            (1,431)
      held                                                                    
                                                                              
1.20  Cash at beginning of quarter/year               4,138              4,138
      to date                                                                 
                                                                              
1.21  Exchange rate adjustments to item                   3                  3
      1.20                                                                    
                                                                              
1.22  Cash at end of quarter                          2,710              2,710



Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related
entities

                                                              Current quarter
                                                                             
                                                                       $A'000
                                                                             
1.23   Aggregate amount of payments to the parties                        243
       included in item 1.2                                                  
                                                                             
1.24   Aggregate amount of loans to the parties included                  Nil
       in item 1.10                                                          
                                                                             
1.25   Explanation necessary for an understanding of the transactions        
                                                                             
       Payments of Directors Fees $141k                                      
                                                                             
       Reimbursement of Directors Travel and business related expenses $102k 



Non-cash financing and investing activities

2.1   Details of financing and investing transactions which have had a       
      material effect on consolidated assets and liabilities but did not     
      involve cash flows                                                     
                                                                             
      N/A                                                                    

2.2   Details of outlays made by other entities to establish or increase     
      their share in projects in which the reporting entity has an interest  
                                                                             
      N/A                                                                    



Financing facilities available

Add notes as necessary for an understanding of the position.

                                            Amount available        Amount used
                                                                               
                                                      $A'000             $A'000
                                                                               
3.1   Loan facilities                                      -                  -
                                                                               
3.2   Credit standby arrangements                          -                  -



Estimated cash outflows for next quarter

                                                                         $A'000
                                                                               
4.1   Exploration and evaluation                                            500
                                                                               
4.2   Development                                                              
                                                                               
      Total                                                                 500



Reconciliation of cash

Reconciliation of cash at the end of the   Current quarter   Previous quarter
quarter (as shown in the consolidated                                        
statement of cash flows) to the related             $A'000             $A'000
items in the accounts is as follows.                                         
                                                                             
5.1   Cash on hand and at bank                       2,710              4,138
                                                                             
5.2   Deposits at call                                   -                  -
                                                                             
5.3   Bank overdraft                                     -                  -
                                                                             
5.4   Other (provide details)                            -                  -
                                                                             
      Total: cash at end of quarter                  2,710              4,138
      (item 1.22)                                                            



Changes in interests in mining tenements

                         Tenement   Nature of interest    Interest  Interest 
                         reference                        at        at end of
                                                          beginning quarter  
                                                          of                 
                                                          quarter            
                                                                             
6.1  Interests in mining M77/748*   100%, (held through        100%       Nil
     tenements                      Clara Resources Pty                      
     relinquished,                  Ltd)                   
     reduced or lapsed                                                       
                         P77/276*   100% (held through         100%       Nil              
                                    Clara Resources Pty                      
                                    Ltd)                                     
                                                                             
6.2  Interests in mining P77/3598*  100% (held through          Nil      100%
     tenements acquired             Clara Resources Pty                      
     or increased                   Ltd)                                     

* Note M77/748 and P77/2766 lapsed on 12/8/2008 but revision application P77/
3598 was granted on 13/8/08.



Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights
together with prices and dates.

                                Total        Number      Issue price    Amount paid 
                                number       quoted      per security   up per      
                                                                       security (  
                                                                           
7.1    Preference +               Nil                                      
       securities                                                          
       (description)                                                       
                                                                           
7.2    Changes during                                                      
       quarter                                                             
                                                                           
       (a) Increases                                                       
       through issues                                                      
                                                                           
       (b) Decreases                                                       
       through returns of                                                  
       capital,                                                            
       buy-backs,                                                          
       redemptions                                                         
                                                                           
7.3    +Ordinary          194,304,944  194,304,944                          
       securities                                                          
                                                                           
7.4    Changes during             
       quarter                                                             
                                                            
       (a) Increases              920          920         $1.00        $1.00                                         
       through issues                                                      
                                                                           
       (b) Decreases              Nil          Nil                                         
       through returns of                                                  
       capital, buy-backs                                                  
                                                                           
7.5    +Convertible debt          Nil                                      
       securities                                                          
       (description)                                                       
                                                                           
7.6    Changes during                                                      
       quarter                                                             
                                                                           
       (a) Increases                                                       
       through issues                                                      
                                                                           
       (b) Decreases                                                       
       through securities                                                  
       matured, converted                                                  
                                                                           
7.7    Options                                   Exercise price      Expiry date
       (description and                                                
       conversion factor)                         
                           63,723,901            -        $1.00   1 October 2008
                                                                       
                           60,401,186   60,401,186        $1.00   1 October 2010   
                                                               
                            2,952,029            -        $0.50     30 June 2012
                                                                          
7.8    Issued during                                                       
       quarter                                                             
                                                                           
7.9    Exercised during                                                    
       quarter                                                             
                                                                           
7.10   Expired during                                                      
       quarter                                                             
                                                                           
7.11   Debentures                                                          
       (totals only)                                                                    
                                                              
                                                                           
7.12   Unsecured notes                                                     
       (totals only)                                                       
                                                                           
       Partly Paid         4,925,000*           Nil        60 cents     30 cents

  * The Board will shortly convene a meeting of shareholders to obtain the
    necessary resolutions for a selective reduction and cancellation of these
    Partly Paid shares. 
   
Compliance statement

1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).

2 This statement does give a true and fair view of the matters disclosed.

Sign here: Date: 31 October 2008

([DEL:Director:DEL]/Company secretary)

Print name: Susan Hunter


Notes

1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the
reporting period. If the entity is involved in a joint venture agreement and
there are conditions precedent which will change its percentage interest in a
mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with