|By Marketwired .||
|April 29, 2013 02:01 AM EDT||
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 04/29/13 -- Longreach Oil & Gas Limited (TSX VENTURE: LOI)
29th April 2013 LONGREACH OIL AND GAS LIMITED Q4 and Year End 2012 Results LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company focused on Morocco ("Longreach" or the "Company"), is pleased to announce its financial and operating results for the fourth quarter and the 12 months to December 31, 2012. Today the Company filed its annual financial statements for the year ended December 31, 2012 together with the Management's Discussion and Analysis in respect of the Company's financial results for the year ended December 31, 2012. Highlights Financial: * Cash position as at December 31, 2012 of US$34.2m (US$10.5m as at December 31, 2011; US$6.2m as at September 30, 2012) * Working capital as at December 31, 2012 of US$32.6m (US$7.4m as at December 31, 2011; US$5.0m as at September 30, 2012) * Completed business combination between Longreach and APIC Petroleum Corporation ("APIC"), concurrent with a subscription receipt financing raising US$30m Operational Update: * Sidi Moktar: o 520 km of new 2D seismic data acquired and processed, allowing Longreach to finalise the well locations for the 2013 drilling programme over the Koba and Kamar drill prospects and potentially high-grade existing and additional leads to prospect status o An updated independent assessment of the Company's prospective resources on the Sidi Moktar licence, covering 12 prospects and leads, was released in March resulting in a significant upgrade on previous estimates o Long lead items have been ordered ahead of drilling the Koba and Kamar prospects this year o Evaluation of technical and commercial bids following an international tender process for a land rig is underway and nearing completion o Civil works for the preparation of the well sites are scheduled to commence in May 2013 * Foum Draa Offshore: o A rig has been secured. , subject to necessary approvals, to begin operations on the Foum Draa licence in H2 2013. Commenting, Andrew Benitz, CEO of Longreach, said:"2012 was a transformational year for the Company. It set the foundations for the current planned work programme, which is fully funded and has the potential to create significant value for shareholders. Morocco also attracted significant additional interest in 2012 and is today considered one of the most prospective and exciting places to operate. As such we look forward to the remainder of this year with excitement and confidence." Results Statement Over the course of 2012, Longreach has transformed itself into a Company with a strong and balanced set of assets, ranging from near term development potential to high impact exploration, supported by a solid financial platform. As a result, in the year ahead Longreach has in place a strong work programme that is fully funded and has the potential to create significant shareholder value. Operational Update Sidi Moktar Onshore (Net Working Interest 50%) Longreach has a 50% operating interest in the onshore Sidi Moktar exploration licence ("Sidi Moktar"). Sidi Moktar is comprised of three blocks (Sidi Moktar West, Sidi Moktar South and Sidi Moktar North) totalling 4,711 square kilometres, which covers the majority of the hydrocarbon basin of Essaouira, located in central onshore Morocco. The blocks surround the producing Meskala field which is operated by ONHYM, the Moroccan state energy company (Morocco's major producing field). Four fields within Sidi Moktar have historically produced 30.5 Bcf of gas from Jurassic aged reservoirs. The licence has a significant amount of historical exploration data available to Longreach, including 6,172km of 2D Seismic and 43 exploration & development wells. Longreach has interpreted over 4,500km of existing 2D seismic data and has completed the reprocessing of 1,750km of the existing data. 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. Subsequently, a portfolio of 12 prospects and leads has been mapped. The neighbouring Meskala field is currently producing from the Triassic. During the period, the Company completed the acquisition of 520 km of new 2D seismic data over the portfolio of prospects and leads in fulfilment of the Licence commitment of 500km. Priority lines, over Longreach's drill-ready targets, Koba and Kamar, have been processed and incorporated into the Company's interpretation and the well locations have been identified for the 2013 drilling programme. On March 11, 2013, Longreach announced an updated independent assessment of the Company's prospective resources on the Sidi Moktar licence which has been completed by Gaffney, Cline & Associates ("Gaffney, Cline", or "GCA") in accordance with NI 51-101 requirements using the COGE Handbook. GCA confirmed that Longreach's thorough reinterpretation of the seismic and other data has resulted in a new model for the structural evolution of the Sidi Moktar area and concurs with Longreach's interpretation that the anticlines are more likely formed by inversion of Permo-Triassic half grabens and that there is potential for hydrocarbon bearing clastic reservoirs to be found below the historical hydrocarbon discoveries. GCA's independent assessment attributes gross prospective resource estimates of 349 Bcf of gas and 21 MMbbl of condensate (Best estimates) for the Koba prospect with a Geological Chance of Success of 22% and 78 Bcf of gas and 5 MMbbl of condensate for the Kamar prospect with a Geological Chance of Success of 18%. Post year end, Longreach also entered into a co-operation agreement with another operator in Morocco to help facilitate the procurement of a rig for a joint drilling programme. Evaluation of technical and commercial bids following an international tender process for a land rig is underway. As a result, Longreach expects the spudding of the well to evaluate the Koba prospect to take place in Q3 this year. Long lead items for the drilling of the Koba and Kamar prospects have been ordered, including well heads, Christmas trees, casing and tubing. Works to prepare the site for drilling are scheduled to commence in May. Sidi Moussa Offshore (Net Working Interest 1.5%) and Foum Draa Offshore (Net Working Interest 2.5%) In September 2009, Longreach agreed to terms to earn a 7.5% net interest in the Sidi Moussa & Foum Draa offshore licences. Located directly west of Agadir, the licences cover an area of approximately 12,714 square kilometers (3.14 million acres). On August 28, 2012, Longreach entered into a farm-out agreement with Cairn Energy PLC ("Cairn") whereby Cairn, through its subsidiary Capricorn Exploration and Development Company Limited, acquired a 50% operated equity interest in the Foum Draa Offshore licence pro rata from Longreach and each of its joint venture partners. The Foum Draa farm-out to Cairn has been approved by Moroccan authorities and is now complete. Cairn paid its equity interest share of past costs, being US$1.5 million (US$150,000 net to Longreach) and will pay the first US$60 million towards drilling of the commitment well required under the terms of the First Extension Period of the Foum Draa Licence (including in relation to the ONHYM 25% carried interest). Longreach's net interest in the Foum Draa exploration license is now 2.5%. On August 23, 2012, Longreach also entered into a farm-out agreement with Genel Energy plc ("Genel") whereby Genel acquired a 60% operated equity interest in the Sidi Moussa Offshore licence pro rata from Longreach and each of its joint venture partners. The Sidi Moussa farm-out to Genel has been approved by Moroccan authorities and is now complete. Genel will pay its equity interest share of past costs, being US$1.5 million (US$150,000 net to Longreach) and will pay the first US$50 million towards drilling of the commitment well required under the terms of the First Extension Period of the Sidi Moussa Licence (including in relation to the ONHYM 25% carried interest). Longreach's net interest in the Sidi Moussa exploration licence has now been reduced from 7.5% to 1.5% as a result of the approval received from the Moroccan Energy Ministry. Tarfaya Onshore (Net Working Interest 22.5%) A total of 608 km of 2D seismic was acquired during 2011 focusing on Triassic and Jurassic leads in the North East of the licence Processing and interpretation of this new seismic is now complete. Further geological and geophysical work studies are now being conducted on the licence, ahead of a planned well programme for Q1 2014. Zag Basin Onshore (Net Working Interest 22.5%) The acquisition of 1,674 km of 2D seismic began during late 2011, largely on the eastern part of the licence area. This was completed in January 2012 and is the first seismic data ever acquired on the licence. Processing is now complete and interpretation is on-going. Further geological and geophysical work studies will be carried out during the remainder of 2013. To date, no resources estimates on this licence area have been completed. Outlook Longreach is today based on solid financial and technical foundations that can be utilised as a spring board to make significant operational progress and in turn potentially create exceptional shareholder value both in the relative near and longer term. We are looking forward to the drilling of a number of wells this year, which range from reasonably low risk to high impact exploration. This work programme is fully funded and, if successful, has the potential to again transform Longreach's business going forward. We look forward to 2013 with great excitement and renewed confidence in the future of Longreach. -ENDS- 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 Analogous Information Although the Company believes that production on the Meskala field, which is adjacent to the Sidi Moktar licences, may indicate that production is possible from the Koba structure, no assurance can be given by the Company that commercial production on any of the Sidi Moktar exploration licences will be achieved, or as to the levels of production that may be possible on any of the Sidi Moktar exploration licences if production is achieved. Special Note Regarding Estimates The unrisked prospective resources described above have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity. The prospective gas and condensate resources in the GCA report indicate exploration opportunities and quantify the development potential in the event a commercial discovery is made and should not be construed as reserves or contingent resources. The prospective resources set out in the tables above are those undiscovered, highly speculative gas and condensate resources estimated beyond gas and condensate reserves or contingent gas and condensate resources where geological and geophysical data suggest the potential for discovery of petroleum but where the level of proof is insufficient for classification as reserves or contingent resources. The unrisked prospective gas and condensate resources are the range of volumes that GCA estimates could reasonably be expected to be recovered in the event of discovery and development of these resources. Definitions The following terminology, consistent with the COGE Handbook and guidance from Canadian securities regulatory authorities, was used to prepare the disclosure relating to the prospective gas and condensate resources above."Best Estimate" (Best) is considered to be the best estimate of the quantity of resources that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. Those resources that fall within the best estimate have a 50% confidence level that the actual quantities recovered will equal or exceed the estimate."Low Estimate" (Low) is considered to be a conservative estimate of the quantity of resources that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. Those resources at the low end of the estimate range have the highest degree of certainty - a 90% confidence level - that the actual quantities recovered will equal or exceed the estimate."High Estimate" (High) is considered to be an optimistic estimate of the quantity of resources that will actually be recovered. It is unlikely that the actual remaining quantities of resources recovered will meet or exceed the high estimate. Those resources at the high end of the estimate range have a lower degree of certainty - a 10% confidence level - that the actual quantities recovered will equal or exceed the estimate. 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
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 28, 2017 12:00 PM EDT Reads: 1,342
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 28, 2017 11:45 AM EDT Reads: 1,334
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 28, 2017 11:30 AM EDT Reads: 2,484
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 28, 2017 11:30 AM EDT Reads: 2,039
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 28, 2017 11:30 AM EDT Reads: 1,725
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 28, 2017 11:15 AM EDT Reads: 683
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
Apr. 28, 2017 11:00 AM EDT Reads: 2,017
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 28, 2017 11:00 AM EDT Reads: 675
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Apr. 28, 2017 11:00 AM EDT Reads: 2,241
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Apr. 28, 2017 11:00 AM EDT Reads: 489
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 28, 2017 10:30 AM EDT Reads: 843
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 28, 2017 10:30 AM EDT Reads: 962
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Apr. 28, 2017 09:58 AM EDT Reads: 150
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
Apr. 28, 2017 09:45 AM EDT Reads: 620
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 28, 2017 09:45 AM EDT Reads: 816