Welcome!

News Feed Item

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

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, will shares the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, will show how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningfu...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, will discuss how leveraging the Industrial Interne...
Artificial Intelligence has the potential to massively disrupt IoT. In his session at 18th Cloud Expo, AJ Abdallat, CEO of Beyond AI, will discuss what the five main drivers are in Artificial Intelligence that could shape the future of the Internet of Things. AJ Abdallat is CEO of Beyond AI. He has over 20 years of management experience in the fields of artificial intelligence, sensors, instruments, devices and software for telecommunications, life sciences, environmental monitoring, process...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
Increasing IoT connectivity is forcing enterprises to find elegant solutions to organize and visualize all incoming data from these connected devices with re-configurable dashboard widgets to effectively allow rapid decision-making for everything from immediate actions in tactical situations to strategic analysis and reporting. In his session at 18th Cloud Expo, Shikhir Singh, Senior Developer Relations Manager at Sencha, will discuss how to create HTML5 dashboards that interact with IoT devic...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body? In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...