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Longreach Oil & Gas announces Seismic Acquisition

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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