Rights Issue Prospectus

19 January 2010


Companies Announcement Office
Australian Stock Exchange Limited
20 Bond Street
SYDNEY NSW 2000


Via E-lodgement

COMPANY UPDATE

Rights Issue

As referred to in its announcement dated 5 January, 2010, Range Resources
Limited (Range or the Company) is undertaking a one (1) for four (4)
non-renounceable entitlement issue (Rights Issue), which will raise a gross
amount of approximately $7.0 million.

Range is pleased to advise that it has appointed Max Capital Pty Ltd (AFSL:
264772) (Max) as underwriter to the Rights Issue.

The Rights Issue will be fully underwritten by Max, with the terms and
conditions of the underwriting arrangements to be customary for transactions of
this nature and subject to an underwriting agreement.

Further details are provided in the Rights Issue prospectus, which can be found
on the Company's website. Appendix 3B to follow.

Key dates are as follows:-

Timetable and Important Dates*

Lodgement of Prospectus with ASIC                               19 January 2010
                                                                    
Notice sent to Shareholders                                     21 January 2010
                                                                               
Ex Date                                                         22 January 2010
                                                                               
Record Date for determining Shareholder entitlements            29 January 2010
                                                                               
Prospectus despatched to Shareholders                           1 February 2010
                                                                               
Closing Date of Offer                                          15 February 2010
                                                                               
Securities quoted on a deferred settlement basis               16 February 2010
                                                                               
Notify ASX of under-subscriptions                              18 February 2010
                                                                               
Despatch date/Shares entered into Shareholders' security       23 February 2010
holdings                                                                       

* These dates are determined based upon the current expectations of the
Directors and may be changed with 6 Business Days prior notice.


Appointment of Broker

In addition Range Resources Limited is pleased to announce the appointment of 
Old Park Lane Capital plc ("OPL") as broker to the Company.

OPL is a specialist stockbroking firm focusing on institutional and
ultra-high-net worth clients in the UK and with a strong natural resources 
expertise. (www.oldplc.com).

Mr. Peter Landau commented:

"We are delighted to appoint Old Park Lane as brokers as part of our ongoing
strategy to develop and broaden our existing base of institutional and ultra-
high-net-worth shareholders in the UK". 

"The Company's assets are rapidly developing and we see the UK, alongside
Australia, forming part of our long term shareholder base as we move ahead."

For and on behalf of the board

PETER LANDAU
Executive Director


For further information please contact:

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 Plc
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.

  * 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 is
    undertaking a 350km 2D seismic program.
   
  * Range holds a 25% interest in 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 production
    commencing Jan/Feb 2010.