JERSEY, CHANNEL ISLANDS--(Marketwire - February 1, 2011) - LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company focused on Morocco, is pleased to announce the appointment of Jonathan Morley-Kirk as a Non-Executive Director and as Chairman of the Audit Committee.
Mr Morley-Kirk is a Fellow of the Institute of Chartered Accountants in England and Wales specialising in emerging market investments and management. He is also a Fellow of the Chartered Securities and Investment Institute and a member of the Society of Trust and Estate Practitioners.
Mr Morley-Kirk is currently also a Non-Executive Director for Dimension Resources PLC, a mining focused natural resources company, and Petrokamchatka PLC, an oil company with assets in Kamchatka in the far east of Russia.
Previously, Mr Morley-Kirk served as a Director on a range of public and private companies. Jonathan was Chairman of Fox-Davies Capital Limited from 2003 to 2008, a UK based investment bank that specialises in financing junior natural resources companies.
Mr. Morley-Kirk's appointment is subject to review and approval by the TSXV in accordance with its policies.
Commenting, Bryan Benitz, Chief Executive Officer of the Company, said:
"We are delighted Jonathan has joined Longreach as a Non-Executive Director. He has extensive experience within the sector and a proven track-record serving as a Director and Chairman of a number of highly diverse public companies."
About Longreach
Longreach holds varying interests in 4 exploration licenses in southern onshore and offshore Morocco, totalling approximately 11.8 million acres of exploration acreage, accounting for approximately 15% of the country's total license area.
Longreach's Zag license is located in the Zag-Tindouf Basin Complex in southern Morocco, and is on trend with what are believed to be significant gas discoveries in Algeria. The Company holds a 30% interest in the Zag license.
The Tarfaya license represents the Company's nearest term development opportunity. Multiple prospective structures have been identified based on current 2D seismic and a further seismic programme is planned for Q4 this year.
The Company holds a 10% interest in each of the offshore Sidi Moussa and Foum Draa licenses. Multiple prospects have been identified on each license, nine of which have resource potential greater than 50 million barrels. Seismic reprocessing is currently underway.
Additional information on Longreach Oil and Gas Limited can be found at www.sedar.com
Statements in this press release regarding Longreach's businesses which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as statements regarding opportunities available to Longreach and the prospectivity or potential of areas under license. Since forward-looking statements address future events and conditions, by their very nature they involve numerous assumptions, inherent risks and uncertainties, both general and specific, including the risk that predictions and other forward-looking statements may not prove to be accurate. Do not rely on forward-looking statements, as a number of important factors, many of which are beyond Longreach's control, could cause actual results to differ materially from those currently anticipated in such statements.
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.
Contact Information:
For Further Information:
Longreach
Bryan Benitz
Chairman & CEO
+44 20 3137 7756
Or Longreach's investor relations agent:
Pelham Bell Pottinger
Mark Antelme
Philip Dennis
+44 207 861 3232