Shareholders of Longreach Oil and Gas (LOI-V) June 17, '14 approved changing the company's name to PetroMaroc (PMA-V) PLC and duly passed a series of resolutions at the company's annual and special meeting held Monday, June 16, 2014, in St. Helier, Jersey. The new name is subject to the final approval of the TSX Venture Exchange.
"We are embarking on a new era that reflects our vision to become the leading hydrocarbon producer in Morocco. Our corporate objective is to apply disciplined, well-proven technologies and risk-management practices to create long-term value from natural gas and oil for our shareholders and the people of Morocco," said Dennis Sharp, the company's executive chairman.
Longreach has established a new website, where the company has posted its most recent corporation presentation, along with the company's new PetroMaroc logo.
The approved resolutions at the company's annual and special meeting included the election of all director nominees, the appointment of the auditor, the approval of the previously adopted stock option incentive plan (as required annually by the policies of the exchange), the approval of name change and the approval of a new control person.
Mr. Sharp, D. Campbell Deacon, Yogeshwar Sharma, Thomas R. Vukovich, Gregory Boland, Benjamin Yi and Nicholas Brigstocke have been elected to serve as directors of the company until the next annual general meeting of shareholders or until their successors have been duly elected or appointed. The company will inform shareholders of the planned transition from the Longreach trading symbol LOI to the PetroMaroc trading symbol PMA on the exchange.
Additional appraisal planned, financing initiatives under way
The company is advancing plans for the forward work program to enable the company to determine the commercial potential of the substantial natural gas resource potential it has found on its Sidi Moktar licence in Morocco. To advance those plans, the company has initiated a series of meetings with shareholders and potential investors to source additional financing. Preliminary plans, which are subject to board approval, have been developed that include testing and evaluating the existing wells and data, acquiring 3-D seismic over the Kechoula structure, and the drilling of two to three delineation and appraisal wells on the Kechoula structure. The estimated capital required is $5-million (U.S.) for the testing, $10-million (U.S.) for the 3-D seismic, and $30-million (U.S.) for the delineation and appraisal wells.
"We have an ambitious and disciplined program planned forward, one that will help define the economic potential of the promising wells we have drilled to date," Mr. Sharp said. |
