JERSEY, CHANNEL ISLANDS--(Marketwired - Dec 31, 2013) - Longreach Oil & Gas Limited (TSX VENTURE: LOI)
TSX-V: LOI
31st December 2013
LONGREACH OIL AND GAS LIMITED
Koba-1 Well Reaches TD
LONGREACH OIL AND GAS LIMITED (LOI.V) ("Longreach"), an
independent oil and gas company holding exploration licences in
Morocco,is pleased to announce that the Koba-1 exploration well, in
its operated licence area in the Essaouira Basin, onshore Morocco, has
reached TD and has encountered a potential Lower Liassic sandstone
reservoir with gas shows.
The well has been drilled to a Total Depth (TD) of 3100m. The Lower
Liassic sandstone was encountered very close to the expected depth and
has a gross interval of approximately 45 metres showing reservoir
potential. Over this section, gas shows of over 10% were encountered
with heavier hydrocarbon components of over C5+.
After logging the Lower Liassic section, the well was drilled to TD to
continue the exploration of the second target of the prognosed Triassic
sandstones. No further potential reservoir sections or significant
shows were encountered beneath the Lower Liassic.
The Koba structure is the first prospect to be drilled as part of
Longreach's exploration well programme. A portfolio of leads and
prospects have been identified and, following the results of Koba-1,
the outlook for further prospectivity will be reviewed.
Longreach has a 50% operated interest in the Sidi Moktar licence area
covering 2,683 square kilometres. Longreach is partnered by ONHYM and
MPE (25% carried interest each).
Commenting today, Dennis Sharp, Executive Chairman, said:"This is a
positive start to our operated exploration campaign in the
Essaouira Basin, onshore Morocco, which is most encouraging. The
Company is currently evaluating all of the available data in order to
determine the testing program for the well. We look forward to gaining
a fuller understanding of the result of the Koba well."
Longreach is working closely with ONHYM, as a committed long-term
partner, to unlock the hydrocarbon potential of the region.
For Further Information:
Longreach
Jonathan Morley-Kirk CFO +44 153 462 6818
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
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, 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 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, statements with respect to continued drilling of
the Koba-1 well, the review of Longreach's other leads and prospects
and the testing of the Koba-1 well and appraisal of the potential
reservoir section so far encountered.
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, 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; 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