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Red Emperor Resources NL

("Red Emperor" or "the Company")

Spudding of First Georgian well

Red Emperor Resources NL (ASX: RMP | AIM: RMP) is pleased to advise that the
first of two exploration wells to be drilled in Georgia this year has spudded
with drilling now under way.

Red Emperor's joint venture partner Range Resources Limited (ASX: RRS | AIM:
RRL) along with operator, Strait Oil and Gas ("Strait") have advised that the
Mukhiani 1 well in Georgia spudded yesterday. Mukhiani 1 is expected to take
approximately 55 days to drill and is targeting a prospect with a mean estimate
of undiscovered oil in place of 115 million barrels (with 23m bbls attributable
to Red Emperor's 20% interest).

Red Emperor's Director Greg Bandy commented, "this is a significant milestone
for Red Emperor as it is our maiden well and the first of 3 - 4 high impact
exploration wells expected to be drilled on the Company's projects this year.
After being admitted to AIM last month we are delighted to be able to provide
the market with significant news flow so soon after listing."

The drilling operations will run 24 hours with a team of between 40-50
personnel and is expected to take approximately 45-55 days with a target depth
of circa 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

P90 P50 P10 Mean

Gross (100%) 41.7 92.7 178.2 115.2

Net attributable to RMP (20%) 8.3 18.5 35.6 23.0

The geochemical helium survey undertaken by JV partner, Range Resources
confirmed the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

Following the successful completion of the Mukhiani 1 well, the rig will then
move on to spud the second exploration well as part of the two well highly
prospective drilling program in Georgia.

The Company will provide updates on a regular basis as to the progress of the
drilling of the Mukhiani well.

14 July 2011 Range Resources Ltd
ABN 88 002 522 009
www.rangeresources.com.au



SPUD OF MUKHIANI 1 WELL, GEORGIA

Highlights

* Successful spudding of Mukhiani 1 well in Georgia.

* The Mukhiani 1 well is the first of an anticipated 4-6 high impact
exploration wells to be drilled in 2011 across the Company's Georgian,
Puntland, Texan and Trinidadian exploration assets.

International oil and gas exploration, development and production company,
Range Resources Limited ("Range" or "the Company") along with its joint venture
partners, Strait Oil and Gas ("Strait") and Red Emperor Resources ("Red Emperor
") (ASX/AIM: RMP) is pleased to announce that it has spudded the Mukhiani 1
well in Georgia overnight. Mukhiani 1 is targeting a prospect with a mean
estimate of undiscovered oil in place of 115 million barrels (with 46 million
barrels attributable to Range's 40% interest).

Range Executive Director, Peter Landau commented, "This is a significant
milestone for Range as it is our maiden well spud as an operator and the
culmination of a significant amount of appraisal work completed by Strait's
operations team."

The drilling operations will run 24 hours with a team of between 40-50
personnel and is expected to take approximately 45-55 days with a target depth
of circa 3,500m.

The Mukhiani Well is targeting the Vani 3 prospect which has the following
estimated undiscovered stock tank oil-in-place ("STOIIP"):

Vani 3 Prospect - STOIIP (MMbbls)

P90 P50 P10 Mean

Gross (100%) 41.7 92.7 178.2 115.2

Net Attributable to Range (40%) 16.7 37.1 71.3 46.1


The recently completed geochemical helium survey undertaken by Range confirmed
the suitability of the first drill location with oil exploration and
development prospectivity complementing the earlier seismic work completed on
the target.

Following the successful completion of the Mukhiani 1 well, the rig will then
move on to spud the Company's second exploration well as part of the two well
highly prospective drilling program in Georgia.

The Company will provide updates on a regular basis as to the progress of the
drilling of the Mukhiani well.


Yours faithfully

Peter Landau
Executive Director

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excellent!

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Intersting, bring it on.

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Maybe some people don't want to wait or don't realise that there is possibly a lot more to come before 50 days, haven't got a clue why this does not move up instead of down, but as you said at least we have a roof over our heads. Here is to next week!!!!

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Another dreary dull day on the market:(

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