JERSEY, CHANNEL ISLANDS--(Marketwired - May 28, 2013) - Longreach Oil & Gas Limited
(
TSX VENTURE: LOI
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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.
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28th May 2013 LONGREACH OIL AND GAS LIMITED
Q1 2013 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 March 31, 2013.
Highlights
Financial:
- Cash position as at March 31, 2013 of US$29.8m (US$34.2m as at
December 31, 2012)
- Working capital as at March 31, 2013 of US$29.1m (US$32.7m as at
December 31, 2012)
Operational Update:
- Sidi Moktar:
o Acquisition of 520 km of new 2D seismic data was completed in
February, allowing Longreach to finalise the well locations for the
2013 drilling programme over the Koba and Kamar drill prospects.
Interpretation work has begun to potentially high-grade existing
and additional leads to prospect status
o Tendering for drilling services is well advanced
o An updated independent assessment of the Company's prospective
resources on the Sidi Moktar licence, covering 12 prospects and
leads, was released in March resulting in a significant upgrade on
previous estimates
o Evaluation of technical and commercial bids following an
international tender process for a land rig is nearing completion
o Civil works for the preparation of the well sites have begun
- Foum Draa Offshore:
o A rig has been secured by licence operator Cairn Energy plc,
subject to necessary approvals, to begin operations on the Foum
Draa licence in H2 2013
- Sidi Moussa Offshore:
o Licence operator, Genel Energy plc, has signed a drilling rig
contract with Noble Corporation for its African offshore drilling
programme
Commenting, Andrew Benitz, CEO of Longreach, said:"In Sidi Moktar, we
continue to make solid progress on procurement and
logistics for the upcoming well programme and additional exploration
activities are advancing the Company's understanding of the licence.
We expect to make further operational updates during the current
quarter."
Outlook
Longreach expects to participate in the drilling of a number of wells
this year, which range from reasonably low risk to high impact
exploration. This work programme is fully 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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