18 April 2012The ManagerCompany AnnouncementsAustralian...

18 April 2012


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


By e-lodgement


MARKET UPDATE

Range Resources Limited ("Range" or the "Company") is aware of negative
statements and commentary being circulated in respect of progress with the
Shabeel-1 well currently being drilled in Puntland by the Company's Joint
Venture Operator, Horn Petroleum Corp. ("Horn"). The Company wishes to confirm
that the well has not yet reached depths targeting the primary reservoir and
refers investors to the drilling update released to the market on 12 April
2012.

The forward plan on the well is to drill ahead (currently at 2953 metres) to
the originally planned depth of 3800 metres to evaluate the primary and
secondary reservoir targets (which to date have not been reached) in the Lower
Cretaceous and Jurassic intervals equivalent to the main productive section
seen in the analogous fields in Yemen. A testing program including the zones of
interest seen to date and any deeper potential pay zones identified will be
agreed with partners at that time. Upon completion of the well, the Joint
Venture plans to move the rig to the Shabeel North location where construction
is nearing completion for the second well.

The Company will provide a more detailed update on the progress of drilling in
Puntland in conjunction with its Joint Venture partners as the well progresses.

Yours faithfully


Peter Landau
Executive Director

Contacts

Range Resources Limited
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: [email protected]