Not for distribution to United States wire services or dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
29 November 2013
LONGREACH OIL AND GAS LIMITED
Q3 2013 Results
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an independent oil and gas company focused on Morocco (“Longreach” or the “Company”), is pleased to announce its financial and operating results for the three month period ended September 30, 2013.
Highlights
Financial:
- Cash position as at September 30, 2013 of US$21.3m (US$34.2m as at December 31, 2012)
- Working capital as at September 30, 2013 of US$18.9m (US$32.7m as at December 31, 2012)
- Net outflows during the quarter primarily due to capital expenditure on the Sidi Moktar licence in the lead up to the Companys drilling programme
Operational Update:
- Sidi Moktar:
- Koba 1 well commenced drilling mid-November
- Drilling is progressing well
- Drill platform for Kamar well under construction
- Foum Draa Offshore:
- FD II Alpha-1 exploration well announced 28th October, with drilling underway
Commenting, Andrew Benitz, CEO of Longreach, said:
“The third quarter was spent preparing for Longreachs upcoming drilling programme and managing all tendering and procurement for the Koba well in-house. We are very pleased that drilling is now underway on Longreachs operated Sidi Moktar licence and on the offshore non-operated Foum Draa licence.”
-ENDS-
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 | |
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 timing of drilling results, the performance characteristics of the Companys oil and gas properties, capital expenditure programs, supply and demand for oil, gas and commodities, prices for oil and gas, 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.