SAINT HELIER, Jersey, March 21,
2014 /PRNewswire/ --
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the "Company" or
"Longreach"), an independent oil and gas company focused on
Morocco, is pleased to announce
that the onshore drilling of the Kamar-1 well on the Company's
operated Sidi Moktar exploration licence area in Morocco has now commenced, using the Saipem
Drillmec Mas 7000 rig.
The Kamar-1 well has a planned Total Depth of 3,500m and
operations are anticipated to take approximately 70 days. The Kamar
prospect is targeting a Lower Liassic reservoir and Triassic
clastic reservoirs.
Longreach is the operator with a 50% interest in the exploration
license at the Sidi Moktar onshore license area, alongside its
partners ONHYM and MPE, each with a 25% carried interest.
About Longreach
Longreach is an independent oil and gas company focused on its
significant land position in Morocco. The Company has a 50% operated
interest in the Sidi Moktar license area covering 2,683 square
kilometeres and is working closely with ONHYM as a committed
long-term partner to unlock the hydrocarbon potential of the
region. Morocco offers a
politically stable environment to work within and has extremely
favourable fiscal terms to energy producers. Longreach is a public
company listed on the TSX Venture Exchange under the symbol
"LOI".
Additional information about the Company can be found at
http://www.longreachoilandgas.com and under the Company's SEDAR
profile at http://www.sedar.com.
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. Such
forward-looking statements relate to future events or the Company's
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,
statements regarding the anticipated timing of the completion of,
and the reservoirs targeted by, the drilling of the Kamar-1 well.
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; risks inherent in oil
and gas operations; political risk, including geological,
technical, drilling and processing problems; unanticipated
operating events which could cause drilling to be delayed; any
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 factors and 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. Material factors and assumptions which management of
the Company has considered in connection with making the
forward-looking statements in this press release include that the
drilling of the Kamar-1 well will be completed as expected without
material complications. 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 the 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.
For further information:
Martin Arch
Chief Financial Officer and Secretary
Tel: +44(0)203-137-7756
march@longreachoilandgas.com