JERSEY, CHANNEL ISLANDS--(Marketwire - December 13, 2010) - LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company focused on North Africa, is pleased to announce the appointment of Jay Bhattacherjee as Vice President Operations.
Jay has extensive technical and financial experience within the international oil and gas sector, having previously spent a number of years at Scotia Waterous, a global leader in oil and gas M&A. Amongst other projects while at Scotia Waterous, Jay co-lead the $400 million divestment of Devon Energy's assets in Egypt and its $3.5 billion divestment of assets in West Africa.
Prior to Scotia Waterous, Jay was a reservoir engineer at Apache Oil & Gas Ltd in Canada, where he was instrumental in the development of its unconventional assets that saw gas production increase from 14 to 120 mmscfd.
Jay trained as a Chemical Engineer with a Minor in Petroleum Engineering at the University of Calgary, Canada.
Commenting, Bryan Benitz, Chief Executive Officer of the Company, said:
"We are delighted Jay has joined Longreach. He has extensive experience directly relevant to what the Company is trying to achieve and I am sure will make a very significant contribution to the development of our assets and the wider company over the coming years. Longreach is a young company but the assets we have gained in Morocco present significant opportunities and an exciting future."
Jay Bhattacherjee added:
"The attraction for me to Longreach is it is a dynamic Company that has gained a first mover advantage and has a significant asset base in a part of the world that is not only highly prospective but will, I believe, become a world class hydrocarbon basin."
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.
Or Longreach's investor relations agent:
| Pelham Bell Pottinger | |
| Mark Antelme / Philip Dennis | +44 207 861 3232 |
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