News.gnom.es
SAINT HELIER, Jersey, April 28, 2014 /NEWS.GNOM.ES/ – In 2013, LONGREACH OIL AND GAS LIMITED (TSXV: LOI) (the Company or Longreach) successfully advanced its exploration programme completing one promising well and setting the stage for a highly prospective second well currently drilling ahead. The Company’s first exploration well, Koba-1 on its operated Sidi Moktar exploration licence, encountered very encouraging natural gas resource potential that indicated an estimated 45 metres of reservoir potential. Longreach is currently drilling a second exploration well, Kamar-1, on the property and has set casing above the first targeted reservoir. Future operational activity in the Sidi Moktar area will be determined after the completion, analysis and interpretation of the Koba-1 well and the Kamar-1 well. Longreach also plans to participate in an exploration well being drilled on its non-operated Sidi Moussa Offshore licence in the third quarter of 2014.
The Company exited 2013 with cash of US$12.7 million and raised an additional CAD$9.7 million through a private placement in April 2014. Longreach intends to evaluate additional financing opportunities in 2014.
Longreach today filed its annual financial statements for the year ended December 31, 2013, together with its Management’s Discussion and Analysis in respect of the Company’s financial results for the year ended December 31, 2013. These documents are available on the Longreach website atwww.longreachoilandgas.com or under the Company’s profile on SEDAR at www.sedar.com.
