Range Confirms Commercial Oil And Gas Discovery In Texas / Puntland Parliamentary Approval Of Amended PSA's

Details Company Name: Range Resources Ticker: RRL Date Posted: Monday, 21st December 2009 Price: 4.1 (as of Friday, 18th December 2009)

Range Resources Limited (ASX: RRS; AIM: RRL) ("Range" or "the Company") is pleased to provide the following key updates in respect of:

• Testing confirms commercial discovery for Smith #1 Well in the North Chapman Ranch area, Texas; and
• Puntland Parliament passes the Amended PSA's for Dharoor and Nugaal Valleys following Government and Cabinet approval.

Smith #1 well, North Chapman Ranch

The Smith #1 was drilled and logged to a depth of 13,975' (4,260m).  Based on open-hole logs indicating approximately 120' (37m) of net pay thickness in three zones with no water, 4 ½" production casing was run to TD and cemented in place. After an interval of just 20' (6.2m) in one of the three zones was perforated, bottom-hole pressure was estimated to be approximately 11,650 psi.

The well was unloaded on a 6/64" choke until gas reached the surface, and subsequently opened to a 10/64" choke for 5 hours to clean the well up. Despite the small choke size, the average rate during this period was 2.4 million cubic feet of gas and 191 barrels of oil per day with no water. Final flowing casing pressure was 6,354 psi.

The well was shut in with a final measured casing pressure of over 9,000 psi. The Smith well remains shut in awaiting production facilities and pipeline connection.  Current plans are to perform additional testing of the well into the sales line and finish the completion at that time.  Further test data (including reservoir size and reserve figures) will be released once completion operations are finalized, with first production and sales expected to occur in January 2010.

The well partners (Range - 25%) have also purchased an additional 560 acres in the area bringing the total leased area in the prospect to 1,680 acres.

Well Details

Puntland Parliament Approves PSAs

As announced by Range Resources on 14 December 2009, the Cabinet of the Puntland Government approved the amended agreements modifying the terms of the existing Production Sharing Agreements ("PSAs")  made in respect of the Dharoor and Nugaal Valley Exploration Areas which was still subject to ratification by the Parliament of the Puntland State of Somalia ("the Parliament"). The Company is pleased to announce that the Parliament has formally approved and ratified these amended agreements paving the way for Africa Oil to now commence operations and drilling of the first exploration well in Puntland in over 16 years.

For and on behalf of the Board

Regards
Peter Landau
Executive Director