SOURCE: Longreach Oil & Gas Limited

November 30, 2010 07:38 ET

Longreach Oil and Gas Limited Q3 Results

LONDON--(Marketwire - November 30, 2010) - LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas Company focused on North Africa, is pleased to announce its results for the three and nine month periods ended September 30, 2010. 

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. 

Highlights:

  • Financial:
    • Successful reverse takeover and listing on the TSX Venture Exchange in Canada
    • Raised Cdn.$3,500,277 through a private placement -- to progress operating activities
  • Operations:
    • 15 leads identified in Tarfaya onshore licence, post reprocessing of 2D seismic -- additional 500km infill seismic on key leads at advanced stage of planning
    • 500km of 2D seismic for Zag licence at advanced stage of planning and expected to commence shortly

Commenting, Bryan Benitz, Chairman and CEO of Longreach, said:

"During the period the Company successfully achieved a listing on the TSX Venture Exchange and raised approximately Cdn$3.5m; providing sufficient capital to fund the current planned work programme.

"Looking ahead, we are now well placed to make additional operational progress on our various licences in Morocco.

"Morocco is an exciting place to be exploring for hydrocarbons. The country is proving highly prospective, remains relatively under explored, has excellent fiscal terms and our licences are located on some of the best addresses."

About Longreach

Longreach holds varying interests in four exploration licenses in southern onshore and offshore Morocco, totalling approximately 11.8 million acres of exploration acreage, accounting for some 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.

The Tarfaya license represents the nearest term development opportunity. Multiple prospective structures have been identified based on current 2D seismic. The Company holds a 30% interest.

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. 

Additional information on Longreach Oil and Gas Limited can be found at www.longreachoilandgas.com or through Longreach's investor relations agent.

Additional information on Longreach Oil and Gas Limited can also be found at www.sedar.com

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.

Statements in this press release that are not historical facts may be considered "forward-looking statements." These forward-looking statements sometimes include words to the effect that management believes or expects a stated condition or result. All estimates and statements that describe Longreach's objectives, goals or future plans are forward-looking statements. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties and actual results could differ materially from those currently anticipated. These risks and uncertainties include, but are not limited to, changes in market conditions, law or government policy, operating conditions and costs, operating performance, demand for oil and gas and related products, price and exchange rate fluctuations, commercial negotiations or other technical and economic factors. Forward-looking statements are based on current expectations, estimates and projections of future production and capital spending as at the date of this press release and Longreach assumes no obligation to update or revise forward-looking statements to reflect new events or circumstances, except as required by law.

Contact Information

  • For Further Information:
    Longreach
    Bryan Benitz
    Chairman & CEO
    +44 20 3137 7756

    Pelham Bell Pottinger
    Mark Antelme
    Philip Dennis
    Jenny Renton
    +44 207 861 3232