.

Operations Update.


PUNTLAND UPDATE

Range Resources Limited ("Range" or "the Company") would like to announce an
update on the drilling of the Shabeel-1 exploration well in the Dharoor Valley
Block in onshore Puntland.

The Shabeel-1 exploration well spudded on January 17, 2012 and is currently at
a depth of 1,230 meters. Casing has been set in the well to a depth of 1,139m
and drilling of the 12 ¼ inch section continues as planned. Drilling of the
Shabeel-1 well is expected to be completed before the end of March and testing
equipment is currently being mobilized to the site. Assuming successful
drilling results, it is anticipated that testing results will be available
early in the second quarter of 2012. Upon completion of drilling the Shabeel-1
well, the rig will move to the Shabeel North-1 well, where 30 inch conductor
pipe is in place and a 50 meter pilot hole has already been drilled.

These two wells represent the first exploration wells to be drilled in the
country in over 20 years and will satisfy the first exploration period drilling
commitments as required under the Production Sharing Contracts for both the
Dharoor and Nugaal Blocks. In order to provide sufficient time to evaluate
drilling results, the Puntland Government has granted an extension of the first
exploration period expiry date 17 October 2012.

The Puntland Government and Dharoor Valley communities are fully supportive of
the drilling project and have ensured the Company that they will do all
necessary to allow the project to move forward safely and expeditiously.

GEORGIA UPDATE

Range would also like to announce that, due to the severe weather conditions
that have been experienced across Europe and Eastern Europe, the Joint Venture
has taken the decision to delay mobilisation of the drilling rig and ancillary
equipment to the Namakhvani well in Georgia to allow for more robust site
construction.

The poor weather experienced since site preparations first began has impeded
adequate ground and road preparations to permit the safe movement of heavy
equipment to the site. It was therefore decided to delay mobilisation until
conditions at the site are satisfactory. Whilst mobilisation has been delayed,
site preparation has continued, albeit, constrained in part by the weather
conditions. The Company anticipates that spudding will now take place in early
/ mid April 2012.

The Company would also like to announce that preparations have begun on the 2D
seismic program on Block V1b with the engagement of the Geological Institute of
Israel ("GII"), who performed the initial 410 km 2D seismic program in 2009. A
265 km 2D seismic program will be undertaken on Block VIb that will endeavour
to provide northern closure on the initial structures previously identified, as
well as looking at identifying possible unconventional targets. The program
will also include a seismic cross section over the recently drilled Mukhiani
Well to assist with the potential side track option as identified through the
earlier Vertical Seismic Profiling.

Recently appointed NTD Energy will be taking an active role in supervising the
seismic program all the way from acquisition to processing and interpretation.

TEXAS UPDATE

Range would also like to announce that it has drilled two additional appraisal
wells on North Chapman Ranch, the Smith #2 and the Albrecht wells. Both wells
have been successful drilled and logged with the Smith #2 having been completed
and fracture stimulated with testing imminent. The Albrecht well has been
logged with early indications suggesting a 100+ ft gross pay zone, with casing
now being prepared to be run prior to fracture stimulation and completion.
Together, these two wells are expected to move significant reserves into the
proved category, paving the way for future development.

Issue of Shares

Range Resources Ltd (the "Company") is pleased to announce the issue of the
following securities:

* 27,272,727 Ordinary Fully Paid Shares to be issued upon drawdown of £3m on
the Company's equity line of credit facility with First Columbus LLC

* 1,998,889 Ordinary Fully Paid Shares to be issued in lieu of corporate
advisory, consultancy and facilitation fees

Application will be made for the 29,271,616 new shares to be admitted to
trading on the ASX and AIM. Trading in the new shares is expected to commence
on or around 28 February 2012.

Following the issue of these securities the total number of securities on issue
are as follows:

2,121,766,648 Ordinary Fully Paid Shares (RRS)

855,166 Unlisted Options (£0.04, 30 June 2015)

7,058,824 Unlisted Options (£0.17p, 30 April 2016)

3,177,029 Unlisted Options (A$0.50, 30 June 2012)

20,890,958 Unlisted Options (A$0.1898, 30 September 2016)

15,000,000 Unlisted Options (£0.075p, 15 January 2017)

17,921,146 Class A Performance Shares

17,921,146 Class B Performance Shares

Hmmmmmm wonder how the market will take this. Ie no TT news, nothing on the Us launch.

The President of Puntland Abdirahman Mohamud Farole is at the meeting in London today, perhaps thats why the rns has been put out on Puntland incase of any slips.

Just seen that delayed whoooooper 1, 300,000 buy . Looks good

Looks good and down 6%? I'd hate to see bad!

RRL have a quite extraordinary number of shares, options in circulation and they just keep on increasing that number. Unless they have a strike at Puntland I can see the SP halving in no time. Why do they need a drawdown facility when Trinidad should be providing cash flow and profit?

And there in lies the rub - share price down 9.6%!

RRL being harshly treated this
morning on Georgia. Its all about
PUNTLAND and its on track.

"Drilling of the Shabeel-1 well is expected to be completed before the end of March and testing equipment is currently being mobilized to the site."

Just a thought, I know nothing of the way oilies work, but is it usual to go to the expense of mobilising testing equipment before it is known that there is oil present? Or do the company already know there is some goo there?

Range are not getting the news out, fot one reason or another. Leaves investors guessing are they holding news or infact having problems. Remember there are 300 staff employed for TT, a large wage bill. Peter L. needs to gear down and be more realistic with time frames. Not surprised whats happened this morning.

Recovering now.

Trouble with TT ptholden is a lot Of the wells are old and near to the end of life.
So Range should be drilling like f . No news so we do not know.

what I don't understand, this was an operations update, so why miss TT. could it be a delay due to the strike action bythe oil workers that was averted.

Hi pumben, I read on another site the strike did not affect the refineries the TT oil
was going too. 50% of me says the news is being kept back and 50% there is problems.

when you get to 65% on one or the other let me know.,.

Bb :-)) Just seems whats the word - strange.

Range have gone to a lot of trouble to withdraw 600 million shares and launch us in the states, for 12 pence . Again a not so brilliant rns put out (very odd) As this could have been a great RNS with all the news due included. I cannot believe Range as I said have gone to this trouble to give shares away at 12 pence. I cannot get my head around whats going on. We seem to tick along great until Mr L issues an RNS

Sold two thirds of my holding this morn. Held a million shares, Have kept 300,000.
Put the cash in XEL. Will return my investment when things become clear in Range as we seem in thick fog at the moment.

Oh! well I never thought I would hear you say that DC. Thought we were in pea soup last year!!!!! Fog at the moment. You still hold a considerable amount more than myself. Good luck with XEL.

No wonder you are following this one so closely, dc! £100,000 + in a tiddler like this.........????

Just watching other shares move, getting frustrating. Like I say still have a good holding here. Hi 3 monkies, you have not got rid of me . No good keep moaning about a share, move on as they say.