Range Resources Limited has made a strategic investment in Tangiers Petroleum Limited. Tangiers is an ASX listed exploration company which has a portfolio of two potentially world class oil and gas projects located in Morocco and Australia.

Tangiers Moroccan assets include the highly prospective offshore Tarfaya block. Netherland, Sewell & Associates conducted an independent review of the first four prospects on this block and concluded a best estimate prospective resource of approximately 870 Million Barrels (652 Million Barrels attributable to Tangiers), and a high estimate of almost 5 Billion Barrels (almost 3.75 Billion Barrels attributable to Tangiers).

Tangiers has since mapped numerous other prospects in Tarfaya which will significantly add to the existing prospective resource estimates. Tangiers holds 75% equity in Tarfaya and intends to farm down its interests in the near term. It is anticipated that a 3D campaign and two wells will be drilled in 2012.

In Australia Tangiers holds a 90% interest in the significant Nova and Super Nova gas prospects located offshore Northern Australia. These structures are extremely large with a physical closure of approximately 240KM2 each. Initial volumetrics indicate a P90 (low) estimate of the total undiscovered unrisked gas-in-place of 70 Tcf (63 Tcf attributable to Tangiers) for the combined structures. These structures are located near an existing and proposed LNG terminal in Darwin in what is regarded as a growing global gas and LNG hub.

Tangiers expects to acquire further seismic and drill two wells in Australia in 2012.

Due to strong European investor interest Tangiers is planning to dual list on the AIM market during 2011. RFC Corporate Finance has recently been appointed as the company's Nomad and planning is well underway. Range has subscribed for 5 million shares at AUD $0.40 for a placement of AUD$2m, representing 5.7% of Tangiers expanded issued share capital.

Peter Landau, executive director of Range commented: "Tangiers has an outstanding portfolio of extremely high impact assets. Any farm out and/or drilling success will lead to a very material uplift in value. Range's equity exposure to Tangiers offshore portfolio is a nice add on for the Company."

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