Range Resources drops back a little after going into orbit this week

Range Resources (RRL) went to 24p intraday yesterday and even at todays price of 20.5p, they are up nearly a third on the week. RRL came off the boil by 7% today (and was a lot lower earlier) after the company issued an RNS with a letter they sent to the ASX exchange in response to the share price increase earlier in the week. It is amazing to think that the 52 week low was 3p and at the end of 2010 the shares were 6p. The market capitalisation is now £285 million. Any piece of news seems to send RRL up over 10%. Disapointed not to have been in on the ride back in early February, but even for me a little on the higher risk side. C'est la vie! See below:

4th March 2011 
 
 
The Manager 
Company Announcements 
Australian Securities Exchange Limited 
Level 6, 20 Bridge Street 
Sydney NSW 2000 
 
 
By e-lodgement 
 
RE: PRICE QUERY 
 
I refer to your letter dated 3 March 2011 in relation to the recent change in 
price of the Company's securities and respond as follows in line with the 
numbers of your letter. 
 
 1. The Company is not aware of any information concerning it, that has not 
    been announced and which, if known, could be an explanation for recent 
    trading in the securities of the Company; 
 
 2. Not applicable; 
 
 3. Range recently announced a number of key milestones for the Company across 
    its development and exploration assets, including; 
 
    - the securing of the drilling rig for its Georgian exploration program; 
 
    - anticipated mobilisation of the Georgian drilling rig expected March 
      2011, and planned spudding in April 2011; 
 
    - commencement of drilling at the East Texas Cotton Valley Project; and 
 
    - successful fracture stimulation of the lower two zones on the Russell 
      Bevly well, with the upper two zones to follow later in March 2011. 
 
It is anticipated that further updates on the Company's activities will be made 
with respect of its assets over the coming weeks as events occur, as indicated 
in the recent announcements from the Company. 
 
The Company also notes that its Executive Directors have been in London on a 
promotional visit, further increasing the awareness and activities of Range to 
a wide range of the London investment community, at a time of increased 
activity across the Company's portfolio of assets. 
 
Since the release of the announcements referred above, the share price has 
increased significantly (with volume) on its AIM traded shares (with ASX 
following). 
 
 4. The Company confirms that it is in compliance with the ASX Listing Rules. 
 
 
Yours faithfully 
 
Peter Landau 
Executive Director 
Contacts