LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the “Company” or “Longreach”), an independent oil and gas company focused on Morocco, is pleased to announce that the drilling of the Koba-1 well on the Sidi Moktar licence, onshore Morocco has now commenced, using the Saipem Drillmec Mas 7000 rig.
The Sidi Moktar licence is located in the Essaouira basin, onshore Morocco. The Koba-1 well has a planned Total Depth of 2,700m and operations are anticipated to take approximately 50 days. The Koba prospect is targeting Lower Liassic and Upper Triassic clastic reservoirs.
Commenting, Andrew Benitz, CEO of Longreach, said:
“We are delighted to announce the spudding of the Koba-1 well. The commencement of drilling marks a key step in Longreachs operations in the Sidi Moktar permit. Longreach has carried out an extensive work programme of geophysical, geological and related studies to define and de-risk the portfolio of leads and prospects from which Koba has been selected as the prime candidate for drilling.
We thank our partners, ONHYM and MPE for their active support leading to the drilling of this well and we also thank the local communities and officials for their full co-operation.”
Longreach is operator with a 50% interest, alongside ONHYM and MPE, each with a 25% carried interest.
For additional information, please contact:
| Andrew Benitz | Chief Executive Officer | +44 20 3137 7756 |
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Pelham Bell Pottinger |
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| Mark Antelme / Philip Dennis / Rollo Crichton-Stuart | +44 207 861 3232 | |
Additional information on Longreach Oil and Gas Limited can be found at www.longreachoilandgas.com or through Longreachs investor relations agent.
Additional information on Longreach Oil and Gas Limited can also be found at www.sedar.com.
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 Companys future operations.
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, including 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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