Longreach Oil & Gas (LOI-V) talks operations.
High Impact drilling off-shore Morocco, Africa - Gerry Donnelly, Vice President, Institutional Research watch.bnn.ca
Aug 27, 2013 - News Release
Longreach Oil and Gas Ltd. has released its financial and operating results for the three-month period ended June 30, 2013.Highlights
Financial:
- Cash position as at June 30, 2013, of $26.4-million (U.S.) ($29.8-million (U.S.) as at March 31, 2013);
- Working capital as at June 30, 2013, of $25.5-million (U.S.) ($29.1-million (U.S.) as at March 31, 2013).
Operational update:
- Sidi Moktar:
- Saipem Drillmec Mas 7000 contracted for coming well program;
- Koba drill platform now complete and long-lead items are arriving on site;
- Drilling services being contracted;
- Drilling to commence with Koba-1 in fourth quarter 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 Corp. for its African offshore drilling program. Drilling is expected to commence in mid-2014.
Commercial update:
- The board of Longreach has recommended a dual listing of the shares on the Alternative Investment Market of the London Stock Exchange in addition to its existing listing on the TSX Venture Exchange, which is likely to occur later this year.
Commenting, Andrew Benitz, chief executive officer of Longreach, said: "Longreach has worked hard to be where we are today. With Saipem now contracted for the upcoming drilling program 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 London's AIM market."
Outlook
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 program is well financed and, if successful, has the potential to transform Longreach's business.
We seek Safe Harbor. |
