Longreach Oil & Gas Ltd -- Q2 2013 Interim Results

Longreach Oil & Gas Ltd -- Q2 2013 Interim Results 
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 08/27/13 --  Longreach
Oil & Gas Ltd (TSX VENTURE: LOI) 


 
 
Not for distribution to United States wire services or dissemination in
the United States. This news release does not constitute an offer to
sell or a solicitation of an offer to buy any of the securities in the
United States. The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
 
27th 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:
 
  o Saipem Drillmec Mas 7000 contracted for upcoming well programme
 
  o Koba drill platform now complete and long lead items are arriving
    on site
 
  o Drilling services are being contracted
 
  o Drilling to commence with Koba-1 Q4 2013
 
- Foum Draa Offshore:
 
  o 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:
 
  o 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-
 
For Further Information:
 
Longreach
Andrew Benitz                           CEO         +44 20 3137 7756
 
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 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 completion of evaluations and processing and
interpretation of data, the performance characteristics of the
Company's oil and gas properties, capital expenditure programs, supply
and demand for oil, gas and commodities, prices for oil and gas,
drilling plans, and realization of the anticipated benefits of
acquisitions.
 
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;
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.
 
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          The company news service from the London Stock Exchange
 
END

  
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