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Longreach Oil & Gas Limited: Rig Contract

JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 08/12/13 -- Longreach Oil & Gas Limited (TSX VENTURE: LOI)


TSX-V: LOI

12th August 2013

                    LONGREACH OIL AND GAS LIMITED
      Rig Contract signed for upcoming Well Programme in 2013

LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the "Company" or"Longreach"),
an independent oil and gas company focused on Morocco, is
pleased to announce it has signed a contract with Saipem SpA ("Saipem")
for the provision of a drilling rig to drill two wells on its Sidi
Moktar Exploration Licence Area onshore Morocco. The contract has the
provision for Longreach to drill two additional optional wells.

The rig will be mobilised from Hassi Messaoud in Algeria with a planned
rig-up date, on location in Sidi Moktar, of mid October 2013. Drilling
will commence with the Koba 1 well.

The Koba prospect is a 4-way dip closure, targeting Lower Jurassic and
Triassic sandstones. Koba has been further de-risked by the recently
acquired seismic data and further extensive geological field studies,
as conducted by the Longreach technical team. The prospect was
initially evidenced by Longreach through careful reprocessing of
existing data, together with extensive geological and geophysical
studies.

The contracted rig is the Saipem Drillmec Mas 7000, a 2,000HP unit
built in 2007. Saipem and the rig have been contracted after a
rigorous tender process conducted by Longreach using best international
practices to ensure the timely delivery of a rig matching the Company's
requirements on HSE, technical performance and cost. Longreach has a
50% working interest and is Operator of the Sidi Moktar licences.

Commenting, Andrew Benitz, CEO of Longreach, said:"We are delighted to have
entered into a contract with Saipem for this
world-class drilling unit, the Saipem Drillmec Mas 7000, to drill
Longreach's well programme in Sidi Moktar. Saipem and the crew have
extensive regional experience drilling similar formations and we have
assembled a drilling operations crew which has working experience with
this rig. We expect to spud the first well on Koba in October.

Bringing the Saipem rig and other world-class service and equipment
providers into Morocco is a significant achievement for Longreach and a
new exploration milestone for the Kingdom of Morocco. Drilling Koba
will enable Longreach to test the new play concepts evidenced by
Longreach's extensive geophysical, geological and petrophysical studies
conducted over the previous several years in the Essaouira Basin.

Longreach is entering an exciting period of exploration in its operated
Sidi Moktar licence and also in its non-operated offshore licences."

                               -ENDS-



Longreach

Andrew Benitz CEO                      +44 20 3137 7756

Andrew McKee  VP Corporate Development  +1 416 722 4915

Pelham Bell Pottinger

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 planned rig-up date, the performance
characteristics of the Company's oil and gas properties and drilling
plans.

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 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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Email Contact
http://www.rns.com

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