Not for distribution to United States wire services or dissemination in 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. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
27 August 2013
LONGREACH OIL AND GAS LIMITED
Q2 2013 Interim 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 June 30, 2013.
- Cash position as at June 30, 2013 of US$26.4m (US$29.8m as at March 31, 2013)
- Working capital as at June 30, 2013 of US$25.5m (US$29.1m as at March 31, 2013)
- Sidi Moktar:
- Saipem Drillmec Mas 7000 contracted for upcoming well programme
- Koba drill platform now complete and long lead items are arriving on site
- Drilling services are being contracted
- Drilling to commence with Koba-1 Q4 2013
- Foum Draa Offshore:
- Drilling expected to commence in late September 2013, targeting an early Cretaceous/ late Jurassic apron fan sandstone prospect in a stratigraphic trap with significant prospective resource potential.
- Sidi Moussa Offshore:
- Licence operator, Genel Energy plc, has signed a drilling rig contract with Noble Corporation for its African offshore drilling programme. Drilling is expected to commence in mid 2014.
- The Board of Longreach has recommended a dual listing of the shares on the AIM Market of the London Stock Exchange in addition to its existing listing on the TSX-Ventures exchange, which is likely to occur later this year.
Commenting, Andrew Benitz, CEO of Longreach, said:
“Longreach has worked hard to be where we are today; with Saipem now contracted for the upcoming drilling programme on Sidi Moktar, we are in the final stages of what is an incredibly exciting time for Longreach and its shareholders. Having a dual listing will add another string to our bow and we are pleased to be announcing our intention to come to Londons AIM market.”
Longreach expects to participate in the drilling of a number of wells during this year and into next year, which range from reasonably low risk to high impact exploration. This work programme is well funded and if successful, has the potential to transform Longreachs business.
For additional information, please contact:
|Andrew Benitz||Chief Executive Officer||+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 Longreachs 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 Companys 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 Companys 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.