Q2 2013 Interim Results

  • Jul 29, 2021
  • PetroMaroc

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27 August 2013

LONGREACH OIL AND GAS LIMITED

Q2 2013 Interim Results

LONGREACH OIL AND GAS LIMITED (TSX-V:  LOI), an independent oil & gas company focused on Morocco (“Longreach” or the “Company”), is pleased to announce its financial and operating results for the three month period ended June 30, 2013.

Highlights

Financial:

Cash position as at June 30, 2013 of US$26.4m (US$29.8m as at March 31, 2013) 

Working capital as at June 30, 2013 of US$25.5m (US$29.1m as at March 31, 2013) 

Operational Update:

Sidi Moktar: 

Saipem Drillmec Mas 7000 contracted for upcoming well programme

Koba drill platform now complete and long lead items are arriving on site

Drilling services are being contracted

Drilling to commence with Koba-1 Q4 2013

Foum Draa Offshore: 

Drilling expected to commence in late September 2013, targeting an early Cretaceous/ late Jurassic apron fan sandstone prospect in a stratigraphic trap with significant prospective resource potential.

Sidi Moussa Offshore: 

Licence operator, Genel Energy plc, has signed a drilling rig contract with Noble Corporation for its African offshore drilling programme. Drilling is expected to commence in mid 2014.

Commercial Update:

The Board of Longreach has recommended a dual listing of the shares on the AIM Market of the London Stock Exchange in addition to its existing listing on the TSX-Ventures exchange, which is likely to occur later this year.

Commenting, Andrew Benitz, CEO of Longreach, said:

“Longreach has worked hard to be where we are today; with Saipem now contracted for the upcoming drilling programme on Sidi Moktar, we are in the final stages of what is an incredibly exciting time for Longreach and its shareholders. Having a dual listing will add another string to our bow and we are pleased to be announcing our intention to come to London’s AIM market.”

Outlook

Longreach expects to participate in the drilling of a number of wells during this year and into next year, which range from reasonably low risk to high impact exploration.  This work programme is well funded and if successful, has the potential to transform Longreach’s business.

-ENDS-