LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (“Longreach”), an independent oil and gas company holding exploration and near term development licences in Morocco, is pleased to announce it has completed its 2D seismic programme on the operated Sidi Moktar Licence, onshore Morocco, on time and in budget.
520 km of seismic data were acquired in 47 lines over the portfolio of prospects and leads in fulfilment of the Licence commitment of 500km.
Priority lines, over Longreachs drill-ready targets, Koba and Kamar, have been processed by Key Seismic in Calgary using the processing sequence and parameters determined by Longreach during the extensive reprocessing project completed in 2012. The priority lines are being incorporated into the Companys interpretation to finalise the well locations for the 2013 drilling programme.
In addition, the survey was designed to high-grade and promote existing leads to prospect status.
The survey was conducted by Prospectiuni in compliance with the approved Environmental Impact Assessment to the highest international HSE standards.
Commenting, Andrew Benitz, CEO of Longreach, said:
“With this seismic programme complete, we are now looking ahead to drilling our first well on the Sidi Moktar Licence in the next few months. This is an extremely exciting time for the Company, with a well-funded multi well work programme ahead of it”.
For additional information, please contact:
|Andrew Benitz||Chief Executive Officer||+44 20 3137 7756|
Pelham Bell Pottinger
|Mark Antelme / Philip Dennis / Rollo Crichton-Stuart||+44 207 861 3232|
Additional information on Longreach Oil and Gas Limited can be found atwww.longreachoilandgas.com or through Longreachs investor relations agent.
Additional information on Longreach Oil and Gas Limited can also be found at www.sedar.com.
Special note regarding forwarding looking statements:
This press release contains forward-looking statements. These statements relate to future events or the Companys future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “project”, “potential”, “targeting”, “intend”, “could”, “might”, “continue” or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to the completion of evaluations and processing and interpretation of data, the performance characteristics of the Companys oil and gas properties, capital expenditure programs, drilling plans, and realization of the anticipated benefits of acquisitions.
Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk; geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture.
Although the forward-looking statements contained in this press release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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