JERSEY, CHANNEL ISLANDS--(Marketwired - Nov 29, 2013) -
TSX-V: LOI
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29th 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 Company's
drilling programme
Operational Update:
* Sidi Moktar:
o Koba - 1 well commenced drilling mid-November
o Drilling is progressing well
o Drill platform for Kamar well under construction
* Foum Draa Offshore:
o 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 Longreach's 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 Longreach's operated Sidi Moktar
licence and on the offshore non-operated Foum Draa licence."
For Further Information:
Longreach
Andrew Benitz 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 timing of drilling results, 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;
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.
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