|By Marketwired .||
|November 27, 2012 02:07 AM EST||
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 11/27/12 --
27 November 2012 LONGREACH OIL AND GAS LIMITED Seismic Acquisition Ahead of 1st Well in H1 2013 LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) ("Longreach"), an independent oil and gas company holding exploration and near term development licences in Morocco, is pleased to announce the start of its 500 km 2D seismic programme ahead of plans to drill its first well on the Sidi Moktar permit onshore Morocco in H1 next year. The survey will cover the slated drill targets of Koba and Kamar, to further de-risk and optimise the drilling location for these prospects, as well as to help convert a number of other identified leads into drillable prospects. Prospectiuni SA ("Prospectiuni"), which has extensive seismic acquisition experience in Morocco, has been contracted to deploy its advanced technology Vibroseis cable-less crew to acquire the data. This survey is part of the fulfilment of licence obligations. The 2D seismic survey is expected to take 2 months, with processing being undertaken in parallel with data acquisition. This approach will provide new data in a timely manner for Longreach to confirm its well locations for its 2013 well programme. In preparation for its 2013 drill campaign, Longreach is also launching international tenders for a rig to drill two wells and to procure the associated long-lead items. Commenting, Bryan Benitz, Chairman and CEO of Longreach, said: "This is one of the final stepping stones to drilling our first well. The Company expects to be fully funded for its current multi-well programme for next year, where the aim is to target a relatively low risk prospect, which if successful, will allow to get into early production to generate near-term cash flow. This will provide additional foundations for the Company's medium term plan for Morocco, where we plan to drill and bring on stream a combination of high impact and near-term producing assets." Longreach had interpreted over 4,500km of existing 2D seismic data on Sidi Moktar and has now completed the reprocessing of 1,750km with Key Seismic Solutions Ltd ("Key Seismic") in Calgary. Key Seismic has provided cutting-edge in-house seismic processing technologies which, under Longreach's careful guidance, have yielded a significantly enhanced image of the prospective Triassic section in the subsurface. This enhanced image was achieved through the judicious use of Key Seismic's proprietary multiple attenuation and pre-stack time migration software. The removal of multiple reflections and the imaging of the dipping Triassic rocks, correlated into the nearby gas-producing Meskala field, has transformed the prospectivity of the Triassic section of some large structures. Longreach has also completed a comprehensive petrophysical analysis of the neighbouring wells to better understand the reservoir and seal potential of the entire Triassic stratigraphic section. This study has confirmed the required reservoir and seal properties of the prospective Triassic reservoir units in this proven hydrocarbon basin. -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 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, 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. This information is provided by RNS The company news service from the London Stock Exchange END
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