News Feed Item

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

CALGARY, Alberta, January 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.

For further information:
For Further Information on Longreach Oil & Gas Limited:
Dennis A. Sharp, P. Eng., Executive Chairman & CEO
Neil Hamzaoui, Commercial Manager Tel: +44(0)203-137-7756

Additional information on Longreach Oil & Gas Limited can be found at http://www.longreachoilandgas.com or on SEDAR at http://www.sedar.com.

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
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.