Longreach Oil & Gas Limited: Significant Drilling Campaign Commences

Longreach Oil & Gas Limited: Significant Drilling Campaign Commences 
JERSEY, CHANNEL ISLANDS -- (Marketwired) -- 10/28/13 --  Longreach
Oil & Gas (TSX VENTURE: LOI) 


 
 
TSX-V: LOI
 
28th October 2013
 
                  LONGREACH OIL AND GAS LIMITED
 
Significant Drilling Campaign Commences with Well Spud on Foum Draa and
Operational progress for Drilling on Sidi Moktar
 
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the "Company" or"Longreach"),
an independent oil and gas company focused on Morocco,
notes the Cairn Energy PLC ("Cairn") Operational Update published today
announcing that drilling on the FD II - Alpha-1 exploration well, on
the Foum Draa licence, offshore Morocco has commenced, using the Cajun
Express, a fifth generation semi-submersible drilling unit.
 
The Foum Draa licence is located in deep water in the Tarfaya basin,
directly West of Agadir. The FD II - Alpha-1 exploration well is
located in 1,500 metres of water approximately 120 kilometres offshore
Morocco. The well has a planned Total Depth of 5,500 metres TVDSS and
operations are anticipated to take approximately 60 days. The Alpha
prospect is a slope apron clastic fan of Cretaceous / Jurassic age.
 
Under the terms of the farm-out agreement Cairn acquired a 50% operated
interest in the licence from Longreach and each of its joint venture
partners in exchange for paying the first US$ 60 million of the
exploration well costs. Longreach retains a 2.5% interest in the Foum
Draa licence.
 
Sidi Moktar update
 
Longreach is also pleased to provide an update on the mobilisation of
the Saipem Drillmec Mas 7000, a 2,000HP unit built in 2007 for the
drilling of the Koba 1 well in its operated Sidi Moktar, onshore
licence area. The rig arrived at Agadir Port on 12th October and is now
on location and being assembled for a planned spud date for
mid-November.
 
Commenting, Andrew Benitz, CEO of Longreach, said:"The Foum Draa well
represents a significant opportunity for Longreach
and its investors, given the size of the target prospect. The start of
this well also kicks-off a wider drilling programme for Longreach in
the near and medium term. The programme consists of the drilling of two
sizable onshore prospects, starting with the imminent Koba 1 well,
operated by the Company, as well as a further significant offshore
well, where again Longreach benefits from a carry on the well".
 
                           -ENDS-
 
Longreach
 
Andrew Benitz CEO                      +44 20 3137 7756
 
Andrew McKee  VP Corporate Development +1 416 722 4915
 
Pelham Bell Pottinger
 
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 planned well depth, length of drilling operations,
drilling plans, planned spud date, expected success and benefits from
drilling programme, the performance characteristics of the company's
oil and gas properties and anticipated costs and risks associated with
the drilling programme. 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.
 
                    This information is provided by RNS
          The company news service from the London Stock Exchange
 
END

  
Contacts:
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Services
0044-207797-4400
rns@londonstockexchange.com
http://www.rns.com
 
 
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