from stregth to strength - announcement

12 April 2012


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


By e-lodgement


TRINIDAD UPDATE

Range Resources Limited ("Range" or "the Company") is pleased to announce its
initial 21 well program continues to make significant progress with three of
the Company rigs now fully operational. The QUN 119 / QUN 120 and QUN 122 wells
have all been successfully drilled and logged and are in the process of being
brought into production. QUN 121 now has a drilled surface hole and cemented
surface casing.

The QUN 119 well was successfully completed, targeting the Lower Forest
formation. Following the successful completion, the well achieved initial
production rates of 130 bopd with production now stabilised to circa 100 bopd
under natural pressure.

The QUN 120 well was drilled to target depth (TD) of approximately 2,475 ft
targeting the Lower Forest and Upper Cruse formations. The well is scheduled
for testing in several zones with indications of 39 feet of oil pay in the
Upper Cruse formation and 47 feet of additional pay in the Lower Forest
formation. The well is targeting 120 bopd from the several zones encountered.

The QUN 121 well has cemented surface casing and will be drilled with Rig 5
(the Company's third rig into operation) to a TD of approximately 950 ft
targeting the Lower Forest formation in the coming days.

The QUN 122 well was drilled to a TD of approximately 950 ft intersecting the
Lower Forest formation. Well logs have indicated approximately 90 ft of
resistive oil sands. Production testing is currently being performed with the
well showing initial production rates of up to approximately 50 bopd under
natural pressure.

Rig 2 has moved from the QUN 120 well to the QUN 124 location and is preparing
to commence drilling shortly. Rig 1 has moved to a new location, QUN 123. Both
the QUN 123 and 124 wells will be targeting the Lower Forest sands with a TD of
approximately 950 ft and 1,300 ft respectively.

The above activity should see the operations move over 1,000 bopd in the coming
weeks.

Key Developments Moving Forward

The Company's fourth rig (#8) is set to join operations during the month
(April) and will be targeting the Middle to Lower Cruse sands to a depth of
circa 6,500ft which have the potential to produce in the range of 150-300 bopd.
Rig 8 is also capable of drilling the deep Herrera formation targets.

The remaining two medium depth rigs are scheduled to be operational by mid
year. This will see the Company utilising all of its 6 rigs in the coming
months. Of note, a further 30 personnel have recently been hired as the Company
continues to accelerate its development program.

The Company's developmental drilling program on the Morne Diablo license will
continue to look to extend the existing trends that have been confirmed by the
current drilling program. Rig's 1, 2 and 5 will drill 10-12 Lower Forest wells
in response to the excellent flow rates being achieved from that section.
Completion of each individual well is anticipated to be between 2-3 weeks with
a target initial production rate from each of circa 50-100 bopd.

3D Seismic Reprocessing

Work is nearing completion on the Company's extensive reprocessing of its 3D
seismic database in Trinidad. State-of-the-art reprocessing by Houston-based
seismic experts Geotrace will improve Range's ability to identify and image
deeper drilling targets across its Morne Diablo and South Quarry acreage,
including the prolific Herrera Formation.

The Company believes that improved imaging of its 3D dataset will help define
existing targets (with volumetrics) and lead to additional prospects. This in
turn should result in lower dry hole costs and continued growth in reserves and
production, respectively. Once data reprocessing is completed, the Company's
technical team will begin by confirming its existing portfolio of deeper
drilling targets (expected in May / June) with the first deep Herrera well
scheduled for Q3.


Yours faithfully

Peter Landau
Executive Director