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Longreach Oil and Gas Ltd
www.longreachoilandgas.com
Longreach Oil & Gas (TSX-V: LOI) is an independent oil and gas exploration company, with significant exploration acreage, managed by a team with excellent technical, commercial and financial skills. Our strategy includes a regional focus within North Africa. In Morocco we enjoy fiscal conditions that are recognised to be amongst the most favourable worldwide. Longreach is incorporated in Jersey, Channel Islands.
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Longreach Oil & Gas: Report highlights potential of Foum Draa and Sidi Moussa licences
8:13 am by Giles Gwinnett
Longreach owns a 7.5 per cent interest in these prospects and leadsLongreach Oil & Gas (CVE:LOI) told investors today that new resource estimates for its licences off the coast of Morocco showed “significant” potential.
It comes after Netherland, Sewell & Associates Inc (NSAI) estimated unrisked prospective resources for 14 identified prospects and eight additional leads in the Foum Draa and Sidi Moussa licences.Longreach owns a 7.5 per cent interest in these prospects and leads.The figures show, in the best estimate case, gross oil of 2138.8 million barrels, 1008.5 billion cubic feet of gas.This translates to an interest for Longreach of 160.4 million barrels of oil in the best case and 75.6 billion cubic feet of gas.Longreach added that a dataroom, which was already attracting significant interest, was opened last month before starting a drill campaign and will remain open until May 4 this year.May 18 has been set as a date for receiving note of interests from prospective farminees, with final bids to be received by June 15 this year.Chairman and chief executive of Longreach, Bryan Benitz said: “Management believes that these unrisked prospective resource estimates reinforce the excellent work that technical operators, Serica Energy have done on these licences over the past two years and demonstrate the significant potential these licences have. Benitz highlighted that the largest identified prospect – Apricot, was a stratigraphic pinch out play concept with dual target potential. “NSAI’s report states the best estimate of unrisked prospective resources to be 584 million barrels and 350 billion cubic feet for this dual target prospect, which management believes is significant in its own right,” he said.San Leon Energy (LON:SLE) this morning noted the statement from Longreach. It owns a 42.5 per cent net operated interest in these licences.
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