OPL raises A$6.35 million for Tangiers Petroleum Limited ahead of AIM dual listing.

Tangiers Petroleum Limited has undertaken a private placement book build to raise approximately AUD$6.35 Million with OPL acting as joint book runner and Joint Broker in advance of Dual ASX/AIM.

The placement is to be used for:

• Advancing the company’s oil exploration programme in Morocco and Australia
• Meeting the costs of the company’s AIM listing; and
• General working capital

We are acting as UK brokers to the placement.

David Lenigas, Executive Chairman of LGO, commented, “We are delighted to have OPL on board as joint broker to LGO and we look forward to working closely together as we continue to develop our exciting range of projects in Spain, Trinidad and the US.”

Barney offers an expert insider view on some of the most controversial stories.  He says:

• Resource explorers are NOT going to drill popular beauty spots or mine under historic buildings in the UK:  World consumption of oil is over 80 million barrels a day. Stories about ‘a million barrels’ of oil being found in beauty spots or under historic buildings are scare stories as it would never be worth trying to recover such small amounts of oil. Also, in any new oil field, only 30% of the oil is recoverable at best and permission to drill would be unlikely to ever be granted in vaguely sensitive areas of the UK.
• Electric cars will not save the environment:  The internal combustion engine is still the most energy efficient way to power a car.  Electric cars are more environmentally friendly by comparison on an end user basis. However, the electricity they use is produced by power stations, over 90% of which combust hydrocarbons (predominantly gas and coal) or are nuclear powered in the UK. Therefore, it is highly disingenuous to say that electric cars are more environmentally friendly than traditional cars.
• Fracking for tight gas does not cause earthquakes or contaminate the water supply: Hydraulic fracking, which involves the fracturing of hydrocarbon bearing reservoirs deep below the earth’s surface using high-pressure liquid, has been blamed for causing earthquakes and contaminating the water supply. However, this is largely a scare story as oil and gas deposits are typically thousands of feet below the water table separated by layer upon layer of totally impermeable rock.  Additionally, the impact of highly controlled fracking of oil and gas bearing horizons is seismically insignificant and is unlikely to register to the human senses.

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Notes to Editors:
Old Park Lane Capital PLC have two separate but complementary divisions:

• Corporate broking and research
• Institutional and invitation only agency stockbroker

The corporate broking and research service is focused exclusively on natural resources. OPL analysts are specialists with unrivalled expertise in there sectors.  OPL offer a turnkey brokerage solution.

OPL has been engaged by the Canadian oil & gas exploration company as a consultant with a view to AiM listing within the next 12 to 18 months.

Simba Energy focuses on overlooked and underexplored basins in Africa and has secured Production Sharing Contracts (PSCs) in Kenya, the Republic of Guinea and Mali. Simba also holds a Hydrocarbon Reconnaissance Licence in Liberia and is in advanced negotiations for an additional PSC in Ghana.

This is an exciting new client win for OPL and it follows a flood of wins over the summer months which include Red Emperor Resources, Frontera Resources, Kangaroo Resources, TNG Limited, Noricum Gold and Altona Energy.
New clients have been attracted by Old Park Lane Capital’s impressive track record of raising substantial capital and the broker’s high quality research products.

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Notes to Editors:
Old Park Lane Capital PLC have two separate but complementary divisions:

• Corporate broking and research
• Institutional and invitation only agency stockbroker

The corporate broking and research service is focused exclusively on natural resources. OPL analysts are specialists with unrivalled expertise in there sectors.  OPL offer a turnkey brokerage solution.

Tangiers Petroleum is an ASX listed oil and gas exploration company with assets located in Morocco and Australia. The company is focused on the highly prospective Tarfaya Block offshore Morocco. In Australia, Tangiers’ assets include the potentially enormous Nova and Super Nova gas prospects located offshore Western Australia.

Mark Ceglinski, Chairman of Tangiers Petroleum said: “We are very pleased to have Old Park Lane act as a Joint Broker to Tangiers.  With Old Park Lane and Shore Capital Stockbrokers acting as joint brokers to our proposed AIM admission we have a highly experienced team who know the international oil and gas market and appreciated the quality and potential of Tangiers exploration portfolio.”

OPL is one of the UK’s leading natural resource focused brokers. The company is known for the quality of its research and the highly personal service it offers. This is one of a number of client wins for the company over the past few months that include Red Emperor Resources, Frontera Resources, Kangaroo Resources, TNG Limited, Noricum Gold, Simba Energy and Altona Energy.

Barney Gray, Head of Research at OPL said:

“We’re delighted to be working with Tangiers Petroleum. The company is a very welcome addition to our growing portfolio of ASX and AIM listed clients”

Barney Gray is available for expert comment.

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Notes to Editors:
Old Park Lane Capital PLC have two separate but complementary divisions:

• Corporate broking and research
• Institutional and invitation only agency stockbroker

The corporate broking and research service is focused exclusively on natural resources. OPL analysts are specialists with unrivalled expertise in there sectors.  OPL offer a turnkey brokerage solution.

Within the article he recommends people invest in silver.  He says:  “The white metal is much cheaper than gold by an order of magnitude with investors able to acquire an ounce of the precious metal for $36 currently compared to over $1700/oz for the yellow metal. Although silver has a reputation of riding along on gold’s coat tails with the two metals sharing an historical correlation, silver actually displays a fairly high degree of volatility, and potentially higher returns – Silver prices have doubled over the last 12 months for instance.

However, advocates of silver argue that the ratio has potential to fall further given the fundamental disconnect between this price-based ratio and the 10 to 1 ratio of annual silver production versus gold production. If the gold price holds steady, the implication is that silver has the potential to appreciate.

“In the short-term, silver is likely to follow gold’s lead with further bull runs possible due to the safe haven appeal of the metals if the global debt crisis spirals further out of control. Long term, silver has something that gold can’t claim – strong industrial demand. Aside from jewellery, silver has a host of industrial applications such as batteries, catalysts, photography, and medical technology. In fact, Industrial applications and photography represent over 50% of the current demand for silver. The rise of the middle classes in Asia looks set to fuel further growth in this area.

“Apart from holding physical silver (coins, bars etc), the easiest way for most investors to gain exposure would be to buy a physically-backed silver ETF (exchange traded fund) which aims to provide investors with a return equivalent to movements in the spot silver price. Alternatively, some investors may prefer to gain greater leverage by investing in silver equities – shares in silver mining companies. Due to the effect of production costs and operating margins, a 10% increase in the silver price may actually produce a 20% increase in profitability for example, which may then feed through to the share price. Fresnillo plc and Hochschild Mining are two of the main silver plays in the London market and worth a look for silver bulls.”

To view the article in full click here.

New clients have been attracted by Old Park Lane Capital’s impressive recent track record of raising substantial capital, including the oversubscribed placement of £20m for Range Resources to fund the acquisition of producing oilfields in Trinidad in April 2011.

Old Park Lane Capital has also developed a reputation for the quality of its research, which has been known to move markets.  As specialists, OPL employs some of the industry’s leading natural resource analysts who have in-depth understanding of their sectors, the risksand opportunities and how they can be realistically evaluated for potential investors.

Barney Gray, Director of Research at Old Park Lane Capital, explains the exponential success of the company; “We have been very busy, even during the holiday period and have picked up a lot of new clients. There is no shortage of companies looking for capital but it is a very competitive market.  We’re niche and can do the sort of hand holding that you won’t get with a larger company. We also have a really exceptional team in place that is delivering very impressive results.”

OPL will be in Perth, Australia in October to promote their ASX services and meet existing clients.

The new clients:

Red Emperor

An AIM/ASX dual listed oil and gas exploration company with interests in the Republic of Georgia and Puntland, Somalia. Red Emperor is currently funded to participate in an exciting drilling programme in both regions in 2011. OPL became Red Emperor’s UK broker when the company dual listed on AIM on 23 Jun.

Frontera Resources

Frontera has significant oil development and production assets in the Republic of Georgia. The company has recently completed a comprehensive corporate restructuring and new funds available to the company will be used to ramp up production aggressively over the next two years. OPL was appointed joint broker to Frontera in June.

Kangaroo Resources

Kangaroo Resources Ltd is an Indonesian coal producer listed on the Australian Stock Exchange. KRL has recently completed a transformational transaction with Indonesian conglomerate; Bayan Resources, where KRL acquired the Pakar thermal coal project. The alliance with Bayan will also leverage KRL’s portfolio of coking and thermal coal assets and clear a path to becoming a major producer. OPL has been appointed as a consultant to Kangaroo.

TNG Limited

TNG is an Australian resource company focused on the exploration, evaluation and development of a multi-commodity resource portfolio in the Northern Territory and Western Australia. Its main focus is the evaluation and development of its 100%-owned Mount Peake Vanadium-Titanium-Iron Project, located 235km north-east of Alice Springs and close to existing infrastructure. OPL has been appointed as a consultant to TNG.

Noricum Gold

Noricum is an exploration and development company focused on the advancement of a number of gold assets in south-central Austria. The exploration assets currently comprise 518 exploration licences located across the Salzburg and Carinthia provinces of south and south-west Austria. Noricum recently commenced an aggressive exploration programme in the region. OPL has been appointed as joint broker to Noricum Gold.

Altona Energy

Altona is an AIM listed alternative energy company with operations in Southern Australia. The company’s core asset is a 49% interest in the Arckaringa Project which it holds through its wholly owned subsidiary, Arckaringa Energy Pty Ltd. The central aim of the Arckaringa Project is to convert a relatively low value coal deposit into both feedstock for higher value hydrocarbons and energy for power generation. OPL has been appointed as joint broker to Altona.

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Notes to Editors:
Old Park Lane Capital PLC have two separate but complementary divisions:

• Corporate broking and research
• Institutional and invitation only agency stockbroker

The corporate broking and research service is focused exclusively on natural resources. OPL analysts are specialists with unrivalled expertise in there sectors.  OPL offer a turnkey brokerage solution.

Highlights

Range has entered in to a Heads of Agreement to acquire the remaining 90% (previously held a 10% interest) ownership interest, through SOCA Petroleum, in holding and subsidiary companies which hold three production licences in producing onshore oilfields in Trinidad together with an associated local onshore drilling operation;

1. The acquisition complements Range’s existing portfolio of oil and gas production and development assets in Texas and exploration projects in Georgia and Puntland;
2. Trinidad has produced over 3 billion bbls to date and currently produces 100,000 bopd with both major and smaller operators active in the country. All locally produced onshore oil is acquired by the state owned petroleum refinery with logistics already established;
3. Independent geological and petroleum consulting experts Forrest Garb and Associates have assessed that the producing fields contain:

• Net Proved plus Probable Reserves (2P) of 4.8 million barrels of oil with further Possible Reserves of 2.1 million barrels.
• Undeveloped Prospective Resources (best estimate) of 20 million barrels of oil.

4. Current production is approximately 600 bopd with a planned work program expected to lift production to more than 4,000 bopd within 36 months on known reserves;
5. Planned production doesn’t take into account exploration upside with significant potential from the deeper `Herrera Formations’ which host substantial producing reserves on adjacent blocks;
6. 10 Herrera Formation Targets already mapped with extensive 3D Seismic existing on SOCA’s licences. The above Prospective Resources does not include any Herrera potential;
7. Acquisition comes with established drilling inventory, personnel and operations all in place on site;
8. Successful oversubscribed placement of GBP20m through the Company’s broker, Old Park Lane Capital to fund initial acquisition costs, with the Company looking at accepting GBP5m in over subscriptions due to demand; and
9. Current work programme now has Range participating for the rest of 2011 in 2 exploration wells in Puntland, 2 exploration wells in Georgia, at least 4 appraisal and development wells in Texas, and multiple production wells in Trinidad with at least 1 exploration well targeting the highly prospective deeper Herrera formation.

Australian-based oil and gas company Range Resources Limited (“Range” or “the Company”) has entered into a binding Heads of Agreement (“HOA”) to acquire through SOCA Petroleum (“SOCA”) its right to purchase a 100% interest in a Trinidad holding company whose two wholly owned subsidiaries hold production licences for three blocks in producing onshore oilfields in Trinidad (see Figure 1) together with a local drilling company.

The production acreage and operating wells cover the Morne Diablo, Beach Marcelle and South Quarry oilfields, with the total acreage covering 16,253 gross acres on the southern coast of onshore Trinidad. Current production from the fields is approximately 600 bopd, however Range believes a minimal work program could potentially lift production to more than 4,000 bopd within 36 months on the known reserves.

In addition to the holding company parent of two subsidiaries holding production licences for the onshore acreage, the proposed Range acquisition also includes a 100% interest in a wholly owned drilling company (located in Trinidad), which owns onshore drilling equipment and related facilities.

The Company is planning to use company-owned drilling rigs and equipment and, with cashflow from existing production supplemented by a well advanced financing facility (to be finalised) to fund its development and exploration program which aims to increase the production from 600 bopd to 4,000 bopd within 36 months from known reserves without taking into account any exploration upside.

In addition to the known reserves, significant potential exists in the deeper Herrera Formation (refer below). The Deeper Herrera Formation will be a primary target of future drilling using company-owned drilling rigs, which are capable of reaching the depth of these formations. Subject to the successful drill testing of this formation, the Company is ultimately targeting an increase in the production level to between 8,000 – 10,000 bopd.

Range’s Executive Director, Peter Landau commented today, “With the recent strength and growth in Range’s asset base and market capitalisation, the 100% acquisition represents an incredible opportunity to compliment Range’s asset base of good value exposure to early stage, low risk production / mature
exploration opportunities whilst retaining significant exposure to considerable measurable exploration upside.”

“Onshore Trinidad is a low cost, high operating margin environment with oil production sold at the wellhead and transported to the Pointe-a-Pierre Refinery, which has capacity for all additional planned production.”

“The Company believes that there is significant potential for value enhancement given the known management team and will target (subject to exploration success) an ultimate production profile of up to 10,000 bopd over the next 2-3 years ,” he added.

Consideration
Under the terms of the Agreement with SOCA Petroleum, Range will pay the following to acquire the remaining 90% interest in SOCA that it doesn’t already own:

1. The issue of 35,842,293 fully paid ordinary shares upon completion; and
2. The potential issue of two parcels of a further 17,921,146 fully paid ordinary shares upon production from the SOCA licences reaching 1,250 bopd and 2,500 bopd respectively.

To help provide funding for the cash component of the acquisition consideration, Range has received commitments to a placement of 117,647,059 shares at an issue price of GBP0.17 per share to raise GBP20 million. The placement was undertaken through the Company’s UK broker, Old Park Lane Capital, to a number of sophisticated and institutional investor. The placement was well oversubscribed and Company is looking at accepting up to GBP5m in over subscriptions due to demand.

The placement is scheduled to settle on 27 April 2011, other than 4,426,271 shares which are scheduled to settle on 10 May 2011.

Technical Overview of Trinidad assets to be acquired

Historical and current oil production is from the Forest and Cruse Formations which are shallow fluvio-deltaic reservoirs with current total estimated Proved plus Probable plus Possible Reserves (3P) (on SOCA’s and third parties’ licences) of 20 million barrels of oil (MMbo) (Forest A. Garb & Associates report1). Current production is approximately 600 bopd from the Morne Diablo, South Quarry and Beach Marcelle fields.

Significant potential exists in the Deeper Herrera Formation. The Deeper Herrera Formation is a Miocene-aged deepwater turbidite. Production is typically found in the northeast to southwest thrusted structures to the east and north of the subject acreage, where the Penal field has produced more than 60 MMbo to date. 3D Seismic was used to identify prospective drilling locations in the license area that have a further undiscovered oil potential of 100 MMbo.

The Deeper Herrera Formation will be a target of future drilling using company-owned drilling rigs, which have the capability to reach these formations.

An independent recoverable reserves assessment by Forrest A. Garb & Associates1 has provided the following certified Reserves and Resources for the 3 blocks (the report does not provide an assessment of the Deeper Herrera Formations referred to above).

Oil and Condensate
(MMbbl) (100%)

*Net Reserves (3P) take into account payment of government royalty and overriding revenue interests.

The planned forward development program encompasses replacement, infill and step-out wells and deeper horizon drilling on the licences, as the current
fields exploit only 5 percent of the available area.

Geological Background

Geologically, Trinidad lies on the South American tectonic plate and falls within the Orinoco Fold Belt which is a prolific oil producer in adjacent Venezuela some 14km to the southwest. The area is recognised as a world-class petroleum province with over 3 billion barrels of oil produced to date and current production in the order of 100,000 bopd.

The Morne Diablo, South Quarry and Beach Marcelle licences are all within a complex thrust belt, with surface expression known as the Southern Range. The
Southern Range, which contains numerous oil seeps, stretches from west to east forming the south coast of the island. Fluvial-deltaic sediments, ranging to
tidal and wave-dominated, characterize the shallower producing zones in the Morne Diablo and South Quarry fields.

Due to growth faulting in the Beach Marcelle area, these sands are thicker and better developed there. The Pliocene-aged Cruse sands (orange layers in Figure
2), can be segmented into 3 different members. The Lower Cruse is productive in the area, but largely unexplored. Just above the Lower Cruse, the Middle Cruse
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is widespread, and is the main producer in this area. The Upper Cruse consists of nicely developed sands that offer the possibility of more localized production.

The Pliocene-aged Forest sands (pink layers) represent the shallowest targets. Forest sands are comprised of two main oil producing members. The Lower Forest
ranges from 250 to 300 meters deep, and the Shallow Forest ranges from 100 to 150 meters deep. These sands are ubiquitous, and are the shallowest most accessible targets. In the Beach Marcelle area, the Forest equivalent is called the Gros Morne formation, where the company is considering reactivation and
expansion of a waterflood to increase production. The deepwater turbidite Herrera Formation (green layers) is a prolific producer to the north, and is
the target of future exploration drilling on the existing licenses.

Most of the fields are simple four-way dip structural rollover anticlines with significant closure to create multiple oil entrapment horizons. In some areas
these anticlines show overturned reservoirs, thereby creating repeated reservoir intervals capable of trapping oil as shown in Figure 2.

Technical Team

The development of SOCA’s Trinidad Licences will be overseen by 3 key executives – 2 of whom already have assisted Range with its Texas interests and a key member of the current Trinidad management team.

Greg Smith (Chairman)

Greg Smith has over 20 years of experience encompassing investigation, analysis, conceptual planning, exploration, development, financing (equity and
debt), environmental aspects, governmental relations, high level negotiations, acquisitions, executive management and corporate governance within the minerals
and energy sectors. He has a wide breadth of senior management and executive experience, having been associated with natural resource companies across the
globe, including coal-bed methane in Wyoming; onshore oil and gas in Guatemala and Colombia; underground and open pit zinc mines in Canada; and corporate
finance and advisory services throughout the world.

Mark Patterson (Chief Executive Officer)

Mr. Patterson has over 25 years of experience in the oil and gas industry in both North and South America. During his 13 years with Maxus Energy Corporation
and its predecessor company Diamond Shamrock, he occupied positions of increasing responsibility including Offshore Exploration Manager, Exploration &
Development Manager for North America, and General Manager for Maxus Bolivia, Inc. Prior to joining Diamond Shamrock, Mr. Patterson worked as Offshore Exploration Geophysicist for Getty Oil Company and was Engineering Geophysicist for Fairfield Industries.

Texas Update

The Company is pleased to announce that drilling continues on the Ross 3H horizontal well at the East Cotton Valley Project in Texas. The curved portion
of the well, or the “build”, has been successfully drilled and cased. Drilling within the horizontal section continues, with good evidence of oil saturation
and reservoir quality present in the cuttings. The well has reached a total measured depth of approximately 6,800 ft (2,100m), with another 1,700 ft
(520m), or horizontal section remaining to be drilled.

If successful, the Ross 3H is expected to launch a horizontal development drilling program that could require more than 20 additional wells to produce
the oil reserves present.

The Company is also pleased to announce that its North Chapman Ranch Development continues with the successful fracture stimulation of the Smith #1
and Russell Bevly Unit #1 wells. Since frac jobs were initiated on the two wells, gross combined rates from the field have increased by more than 500%,
reaching 9.3 MMcf and 800 bbl of oil per day during the month of March. Range and its partners are also planning to spud a third well in the field. The
Albrecht #1 well is expected to spud in late Q2 / early Q3, with the possibility of a follow-up back to back well being discussed, subject to
success with the Albrecht.

Issue of Shares and Options

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

* 12,613,801 Ordinary Fully Paid Shares being issued upon exercise of listed options (A$0.05, 31 December 2011);

* 18,918,919 Ordinary Fully Paid Shares being issued upon drawdown of GBP 3,500,000 on the equity line of credit facility;

* 117,647,059 Ordinary Fully Paid Shares to be issued in a placement to sophisticated and institutional investors at GBP0.17; and

* 5,000,000 Ordinary Fully Paid Shares to be issued with regards to facilitation, corporate advisory and consultancy fees in lieu of cash settlement.

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

1,604,916,462       Ordinary Fully Paid Shares (RRS)

207,131,125         Listed Options (RRSO) (A$0.05, 31 December 2011)

855,166             Unlisted Options (GBP0.04, 30 June 2015)

60,000,000          Unlisted Directors Options (A$0.10, 31 Dec 2011)

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

Range has applied for admission of the new shares to trading on the ASX and AIM markets. All of the shares are expected to be admitted to trading on AIM on or
around 27 April 2011, other than 4,426,471 of the placement shares which are expected to be admitted to trading on AIM on or around 10 May 2011.

For and on behalf of the Board
Peter Landau
Executive Director

Contacts
Range Resources
Peter Landau
Tel : +61 (8) 8 9488 5220
Em: plandau@rangeresources.com.auUU

Old Park Lane Capital Plc in its capacity as sole broker to the company acted for Range Resources in the placing as sole book runner

Old Park Lane Capital Background

Old Park Lane Capital (“OPL”) is the definitive natural resources focused broker. Defined by a highly personal service, they serve institutional and high net worth dealing clients with outstanding efficiency and discretion. OPL’s core expertise centers on natural resource focused AIM and international dual listings, fundraisings and equities trading. For more information go to oldplc.com.

Range Background

Range Resources is a dual listed (ASX: RRS; AIM: RRL) oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia,
the Republic of Georgia and Texas, USA.

* Range holds a 25% interest in the initial Smith #1 well and 20% interest in further wells on the North Chapman Ranch project, Texas. The project area
encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has
resulted in a commercial discovery with independently assessed gross recoverable reserves in place of 240 Bcf of natural gas, 18 mmbbls of oil
and 17 mmbbls of natural gas liquids.

* Range holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas, USA, with the prospect’s project area encompasses approximately 1,570 acres encompassing a recent oil discovery. Independently assessed gross recoverable reserves in place of 5.4 Mmbbls of oil.

* In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells (TSXV:AOI) – 45% Operator, in 2011.

* In the Republic of Georgia, Range holds a 40% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range has recently completed a 410km 2D seismic program with independent consultants RPS Energy identifying 68 potential structures containing and estimated 2.045 billion barrels of oil-in-place.

* In Trinidad Range has entered into a HOA to acquire a 100% interest in holding companies with three onshore production licenses and fully operational drilling subsidiary. Independently assessed gross recoverable 3P reserves in place of 6.9MMbls.

The reserves estimate for the North Chapman Ranch Project and East Texas Cotton Valley has been formulated by Lonquist & Co LLC who are Petroleum Consultants
based in the United States with offices in Houston and Austin. Lonquist provides specific engineering services to the oil and gas exploration and production industry, and consults on all aspects of petroleum geology and engineering for both domestic and international projects and companies. Lonquist & Co LLC have consented in writing to the reference to them in this announcement and to the estimates of oil, natural gas and natural gas liquids provided. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”). The SPE Reserve definitions can be found on the SPE website at spe.org.

The reserves estimates for the 3 Trinidad blocks referred above have been formulated by Forrest A. Garb & Associates, Inc. (FGA). FGA is an international petroleum engineering and geologic consulting firm staffed by experienced engineers and geologists. Collectively FGA staff have more than a century of world-wide experience. FGA have consented in writing to the reference to them in this announcement and to the estimates of oil and natural gas liquids provided. The definitions for oil and gas reserves are in accordance with SEC Regulation S-X.

RPS Group is an International Petroleum Consulting Firm with offices worldwide,
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who specialise in the evaluation of resources, and have consented to the information with regards to the Company’s Georgian interests in the form and context that they appear. These estimates were formulated in accordance with the guidelines of the Society of Petroleum Engineers (“SPE”).

Forward Looking Statements

Certain statements contained in this announcement, including information as to the future financial or operating performance of Range Resources Limited and its projects, are forward-looking statements. Such forward-looking statements:

* are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Range Resources Limited, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;

* involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements; and

* may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices operating costs production prices, and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.

Range Resources Limited disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.

All forward-looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.

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