JERSEY, CHANNEL ISLANDS--(Marketwire - May 22, 2012) -
May 22, 2012
LONGREACH OIL AND GAS LIMITED
Q1 Results
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company
focused on Morocco ("Longreach" or the "Company"), is pleased to
announce it results for the three month period ended March 31, 2012.
Highlights
Financial:
* Cash position as at March 31, 2012 of CND$9.0m (CND$10.5m as at
December 31, 2011)
* Working capital as at March 31, 2012 of CND$6.8m (CND$7.4m as at
December 31, 2011)
Operational:
* Sidi Moktar:
o Longreach is in the process of completing extensive seismic
reinterpretation studies to better delineate leads and prospects,
incorporating the results of a pilot seismic reprocessing
programme. The results will be used to determine strategy for
further reprocessing and seismic acquisition parameters to
further high grade leads and prospects.
* Foum Draa / Sidi Moussa:
o The farm-out process remains underway with a view to seeking an
industry partner for the drill phase on both licences.
* Tarfaya licence:
o Processing and interpretation of the new 608 km 2D seismic is
currently underway and nearing completion.
* Zag Basin Onshore:
o The shooting of 1,674 km of 2D seismic, largely on the eastern
part of the licence area, was completed in January 2012. The
data is currently being processed and interpretation is expected
to be completed this year.
Management:
* Ronald Lansdell was appointed Vice President Exploration and a
member of the Board of Directors of Longreach (the "Board") on
May 14, 2012.
* Dr Mehdi Ali was appointed as an advisor to the Board on
May 14, 2012.
* Today (the "Grant Date") Longreach issued 500,000 options to new
and existing management and members of the Board at an exercise price
of CND$0.60.
o As a result of today's option issuance, the total number of
options issued and outstanding is unchanged from December 31,
2011 at 1,700,000 options, as 500,000 options were forfeited by
a previous optionholder subsequent to December 31, 2011 in
connection with his departure from the Company.
o The options issued today will vest in equal thirds upon the
first, second and third anniversary of the Grant Date. Subject
to shareholder approval of Longreach's stock option plan, these
options will expire five years from the Grant Date.
Commenting, Bryan Benitz, Chairman and CEO of Longreach, said:"Longreach
continues to make solid progress on the extensive work
programmes it has in place across all its licences in Morocco, for
which it remains well funded. Looking ahead, we expect to see an
acceleration in activity with further seismic work, data interpretation
and the identification of drill targets. As a result, we have
strengthened our management team, with Ronald Lansdell joining as Vice
President Exploration, and Dr Mehdi Ali joining as an advisor to the
Board. We look forward to the future with confidence."
-ENDS-
For Further Information:
Longreach
Bryan Benitz Chairman & CEO +44 20 3137 7756
Pelham Bell Pottinger
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 Longreach's investor relations
agent.
Additional information on Longreach Oil and Gas Limited can also be
found at www.sedar.com
Special Note Regarding Forwarding Looking Statements:
This press release contains forward-looking statements. These
statements relate to future events or the Company's 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 performance characteristics of the
Company's 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,
including 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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