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.
Longreach Oil & Gas says it’s well placed to make progress in 2012
9:03 am by Giles GwinnettChairman and CEO Bryan Benitz said: “Longreach completed all its work programme commitments during 2011.”
Morocco focused Longreach Oil & Gas (CVE:LOI) is well funded to complete its work programmes this year and advance to the drilling stage.
The firm ended the year to December 31 last year with cash and equivalents of C$10.5 million, it said, as it unveiled final results.
Its working capital surplus came in at C$7.4 mln at year end (2010:C$3.2mln) and stood at C$9.9 mln at the end of Q3.
Chairman and CEO Bryan Benitz said: “Longreach completed all its work programme commitments during 2011.
“Extensive new seismic acquisitions were completed on the Tarfaya and Zag licences and completion of G&G work on the offshore licences has enabled Longreach and joint venture partners to begin a farm-out process to attract industry partners for the drill phase.
“We added the Sidi Moktar onshore licence to our portfolio and are well underway with the interpretation of existing data on this licence.”
At Sidi Moktar, the firm has a 50 per cent interest, consisting of three blocks totalling 4,711 sq km and with resource estimates of 111 Bcf (low estimate), 292 Bcf (best estimate) and 776 Bcf (high estimate) of undiscovered gas initially-in-place.
The firm began data interpretation in October last year and plans to complete a prospect high grading evaluation to identify a suitable location to shoot the new seismic programme.
Other operational highlights were the 1,674 km of 2D seismic on the Zag licence completed in January, 2012 with interpretation expected to be completed this year.
In September last year, 608km of 2D infill seismic was carried out on the Tarfaya onshore block, concentrating on the J North prospect. Interpretation of the new seismic is nearly finished, the firm said.
“The company has continued to make progress across its licence portfolio and believes that it is well placed to continue to make further progress during 2012.
“Longreach believes that Morocco remains an extremely supportive country to operate in, with strong growth in the demand for hydrocarbons and significant resource potential. We look forward to continuing our operation in the year ahead.”