by Jamie Ashcroft
In the first half of next year the company will drill its first two wells on the 50% owned Sidi Moktar permit
Longreach Oil & Gas(CVE:LOI) is embarking on an exciting period with a multi-well drill programme set to get underway next year.
In its third quarter results this morning the Morocco focused explorer revealed it had ended September with C$6.2mln in cash (and C$5mln of working capital), and that a subsequently agreed deal to merge with APIC Petroleum will bring in a further C$30mln.
With this additional backing the firm is proceeding with an important work programme.
In the first half of next year the company will drill its first two wells on the 50% owned Sidi Moktar permit, onshore Morocco.
Meanwhile, further wells will also be drilled on the group’s other partnered projects.
“We are delighted with progress made to date as the company enters an exciting high impact multi-well programme,” said chief executive Bryan Benitz. “The business combination with APIC will leave us well-funded to complete our drilling plans on Sidi Moktar.”
Well planning is now underway and a rig tender is being lined up.
“Following the farm-downs on the off-shore blocks Foum Draa and Sidi Moussa to Cairn and Genel respectively, we have added a further string to our bow with 4 high impact exploration wells being drilled next year.
“The company offers investors high impact exploration in what is one of the most interesting regions for oil & gas prospects in the world.”
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