Welcome!

News Feed Item

Longreach Oil & Gas: Significant Natural Gas Occurrence at Koba-1 well in Morocco

CALGARY, Jan. 23, 2014 /PRNewswire/ - LONGREACH OIL AND GAS LIMITED  (TSX-V: LOI) ("Longreach" or the "Company"), an independent oil and gas company holding numerous exploration licenses in Morocco, is pleased to announce that the Company encountered a significant natural gas occurrence in the Koba-1 well.  Longreach has a 50% operated interest in the Sidi Moktar license area covering 2,683 square kilometres.  Longreach is partnered by ONHYM and MPE (25% carried interest each).

On December 31, 2013, the Company announced that the Koba well had been drilled to a total depth of 3,100 metres and had encountered a gross interval of approximately 45 metres with reservoir potential. Over this section, gas shows of over 10% were encountered throughout the interval with heavier hydrocarbon components of over C5+. The Koba-1 well has now been logged and suspended.

The Koba structure is the first prospect to be drilled as part of Longreach's exploration program. A portfolio of leads and prospects has been identified and, following the results of Koba-1, the Company intends to determine the extent of this natural gas occurrence by further drilling.

Additional Technical Comments

As mentioned in our earlier release of December 31, 2013, the Koba-1 well encountered approximately 45 metres of good quality Lower Liassic Jurassic gas charged reservoir commencing at 1830 metres. This assessment has been made on the basis of visual examination of chip samples and side wall cores and from the amount of gas which entered the mud column while drilling and which was recorded by the gas chromatograph. The second drilling objective in the Triassic was not encountered in the section penetrated.

The Lower Liassic reservoir zone is normally overpressured (4500psi) as anticipated from nearby wells and the mud weight was adjusted to effectively handle that pressure. However, at 1873 metres the well experienced a significant influx of salt water at an abnormally high pressure of 6000psi. No other well in this area has encountered such high formation pressures at this depth. In order to control the well, which started flowing, the mud weight was steadily increased to 2.3SG before the well was stabilised enough to continue logging.  Logging operations had to be halted a number of times in order to run back in the hole and recirculate in an attempt to stabilize the flow.  Consequently the Lower Liassic reservoir zone was open to the heavy mud and abnormally high pressures for an extended period of time which resulted in damage to the well bore and significant invasion of the drilling mud into the Lower Liassic reservoir formation.

A normal series of logs were acquired and an MDT tool was deployed in an attempt to obtain reservoir formation pressures and collect gas samples. However, the logs and the MDT tool were not quantitatively effective due to the mud invasion and rugose nature of the wellbore. No gas samples were collected and only a limited number of pressures were obtained.  Twenty side wall cores were collected confirming excellent reservoir quality.

As a result of the significant damage to the reservoir zone, Longreach is unable to reliably quantify the effective porosity, gas saturation or gas composition values for the Lower Liassic reservoir zone. At this time we do not believe that the high pressure water the Koba-1 well encountered is a gas water contact due to the significant differences in pressure between the gas and water-bearing zones.  However, the Koba-1 well has proved that good quality, gas charged reservoir rocks are present thereby confirming the resource potential of the Longreach Sidi Moktar License. We continue to review the data and refine the timing of our follow-up drilling and testing program.

About Longreach

Longreach Oil and Gas is an independent Canadian oil and gas company focused on its significant land position in Morocco.  The Company has a 50% operated interest in the Sidi Moktar license area covering 2,683 square kilometres and is working closely with ONHYM as a committed long-term partner to unlock the hydrocarbon potential of the region.  Morocco offers a politically stable environment to work within and has extremely favourable fiscal terms to energy producers.  Longreach Oil and Gas is a public company listed on the TSX Venture Exchange under the symbol "LOI".

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 Company's future operations.

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.


SOURCE Longreach Oil and Gas Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The Internet of Things 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, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
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, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...