Longreach Oil and Gas Limited notifies contractor to mobilize rig for Kamar well at Sidi Moktar and announces proposed interim

 Longreach Oil and Gas Limited notifies contractor to mobilize rig for Kamar  well at Sidi Moktar and announces proposed interim financing  /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE  U.S./  SAINT HELIER, Jersey, March 3, 2014 /CNW/ - LONGREACH OIL AND GAS LIMITED  (TSXV: LOI) (the "Company" or "Longreach") is pleased to announce that it has  given notice to its contractor Saipem SpA to mobilize the Drillmec Mas 7000  rig to the Kamar well location for the purpose of drilling a second well as a  follow up to its Koba-1 well at its operated Sidi Moktar onshore license area  in Morocco.  The Company intends to complete an interim debenture financing of between  Cdn$10 - Cdn$15 million with a number of qualified investors, the proceeds of  which will be used for the ongoing development of the Kamar well and for  general corporate purposes.  It is expected that the debentures will bear  interest at a rate of 10% per annum and will mature two years from closing and  will otherwise have terms and conditions customary for transactions of this  nature.  It is expected that purchasers of debentures will also receive  non-transferable bonus warrants to purchase ordinary shares of the Company for  two years from closing (subject to adjustment) with an exercise price of at  least Cdn$0.30.  Insiders may participate in the proposed debenture financing,  subject to the availability of applicable related party transaction  exemptions.  The proposed financing remains subject to execution of definitive  documentation and approval of the TSX Venture Exchange.  If the proposed financing is completed, the Company intends to repay the  debentures with the proceeds of a subsequent public or private offering of  equity securities, which may include a rights offering to all shareholders of  the Company.  About Longreach  Longreach 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 is a public company listed on the TSX Venture Exchange  under the symbol "LOI".  Additional information about the Company can be found at  www.longreachoilandgas.com and under the Company's SEDAR profile at  www.sedar.com.  Special Note Regarding Forward Looking Statements  This press release contains forward-looking statements.  Such forward-looking  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 regarding the drilling of  the a second well at the Company's operated Sidi Moktar onshore license area  in Morocco; the completion of the proposed interim debenture financing and the  expected terms and conditions thereof; the participation of insiders of the  Company in such interim financing; and a potential subsequent equity financing  if the interim financing is completed.  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;  executing the  proposed interim debenture financing or potential subsequent equity offering  on terms which the Company is willing or able to offer; 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 factors and  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.  Material factors and assumptions which  management of the Company has considered in connection with making the  forward-looking statements in this press release include that the Company will  be able to raise adequate proceeds and complete the interim financing on terms  acceptable to the Company and that the Company will be able to complete a  subsequent equity offering on terms acceptable to the Company.  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 the 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 news release does not constitute an offer to sell or a solicitation of an  offer to buy any securities of Longreach in any jurisdiction in which such  offer, solicitation or sale would be unlawful.  The securities referred to  herein have not been and will not be registered under the United States  Securities Act of 1933 (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 (as defined in the U.S. Securities Act) unless registered under the  U.S. Securities Act and applicable state securities laws, or an exemption from  such registration is available.    SOURCE  Longreach Oil and Gas Limited   Martin Arch Chief Financial Officer and Secretary Tel: +44 203 137 7756  march@longreachoilandgas.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/03/c8591.html  CO: Longreach Oil and Gas Limited NI: OIL LOAN MNA  
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