Longreach Oil says Morocco drilling progressing well
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Longreach Oil & Gas
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Following its merger with APIC Petroleum, Morocco- focused Longreach Oil & Gas (CVE:LOI) provides investors with attractive pure-play leverage to very large potential resources in Morocco – one of the most underexplored regions in North Africa . The company is well financed, with US$30 million in freshly garnered funds, and has strong…
By Philip Whiterow
Cash at the end of September was US$21.3mln compared to US$34.2mln a year ago.
Drilling is progressing well at the Sidi Moktar licence in Morocco, Longreach Oil and Gas (CVE:LOI) said.
The Canada-listed group spudded its first well, Koba-1, on the onshore Morocco acreage last week with a target depth of 2,700 metres.
It is one of two wells Longreach has on the go at present, with the non-operated FD II Alpha-1 underway offshore in Morocco at Foum Draa.
Reflecting this step up in activity, cash at the end of September was US$21.3mln compared to US$34.2mln a year ago.
Andrew Benitz Longreach’s chief executive, said: “The third quarter was spent preparing for Longreach’s upcoming drilling programme and managing all tendering and procurement for the Koba well in-house.
“We are very pleased that drilling is now underway on Longreach’s operated Sidi Moktar licence and on the offshore non-operated Foum Draa licence.”
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