20 March 2012The ManagerCompany AnnouncementsAustralian...

20 March 2012

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

By e-lodgement

PUNTLAND OFFSHORE

Range Resources Limited ("Range" or "the Company") is pleased to announce that
it has entered into an Agreement with the Puntland Government with respect to
obtaining a 100% working interest in the highly prospective Nugaal Basin
Offshore Block (see below). The Block is an extension of the onshore Nugaal
Region which has the potential for deltaic deposits from the Nugaal Valley
drainage system and comprises over 10,000km.

The Company will commit to a 2D seismic program within the first three years,
with further 3D seismic and an exploration well to follow in the second three
year period. The Agreement is subject to a formal PSA being entered into and
all necessary regulatory approvals. Commercial terms will be similar to the
current on-shore PSAs.

As part of the entering into the Nugaal Offshore PSA, Range has committed
US$5m, for the tarmac sealing of an Airport Runway in Puntland at the
Government's direction.

It is Ranges intention to offer a participation interest to its joint venture
partner, Red Emperor Resources NL (ASX:RMP) on terms to be agreed.

CURRENT PUNTLAND WELL

The Shabeel-1 well on the Dharoor Block in Puntland, Somalia is currently at a
depth of 2,384m and drilling ahead. It is expected that casing will be run at
approximately 2400-2700m as dictated by the next electrical logging run. Target
depth remains at approximately 3800m.

COLUMBIA OPPORTUNITY

The Company is also pleased to announce that it is has secured a 65% farm-in
opportunity (350m of 3D seismic and 2 new wells) on two highly prospective
licenses in the on shore Putamayo basin in Southern Columbia. The finalisation
of the farm-in agreement is subject to regulatory approvals with full details
to be provided upon regulatory sign offs being obtained.

Following approaches from various parties in relation to its Texas project
interests, the Company is considering the potential sale of these interests
following the P1 and P2 reserve upgrade expected to be completed in April 2012.
In the event that such a sale is undertaken, the Company will consider several
capital management alternatives for the sale proceeds, including a return of
capital and an on-market share buyback.

STRATEGIC PLACEMENT

The Company is also pleased to announce a strategic institutional placement of
150m shares at £0.125 each to raise £18.75m. Importantly 100m of the shares
have been placed to a major US and European fund management group, with
considerable expertise in the oil and gas sector. Admission of the shares on
AIM is expected to be Tuesday, 27 March 2012 with Range's shares on issue then
being 2,271,766,648.

Range Managing Director Peter Landau commented; "Today's announcement is
significant in that we have demonstrated the next development path forward for
Range. A successful first well in Puntland will trigger increased interest in
the whole Puntland region and Range believes it has secured the most
prospective offshore block following previous work undertaken by Range in 2009
and 2010 which included a review of historical seismic and well data."

The proposed Columbian farm-in will see Range move into a highly prospective,
producing precinct in Southern Columbia and provide a very unique exploration
and production proposition when combined with our major Trinidad operations. .'

Yours faithfully

Peter Landau
Executive Director