Longreach Oil & Gas makes ‘solid’ progress in Morocco

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Longreach Oil & Gas Ltd
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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.

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Longreach Oil & Gas makes ‘solid’ progress in Morocco

11:26 am by Sergei BalashovLongreach Oil & Gas expects to accelerate its activities in Morocco with further seismic work, data interpretation and the identification of drill targetsLongreach Oil & Gas expects to accelerate its activities in Morocco with further seismic work, data interpretation and the identification of drill targets

Longreach Oil & Gas (CVE:LOI) said it has made solid progress across its Moroccan assets during the March quarter and is well funded for its work programmes with C$9 million in the bank.

At the Sidi Mokhtar licences, the company is currently working on completing seismic reinterpretation studies to better delineate leads and prospects.

The results should help the company determine strategy for further reprocessing and seismic acquisition.

Longreach is also processing and interpreting the new 2D seismic data from the Tarfaya licence, which is now nearing completion, while the interpretation of the 2D seismic shot over the onshore Zag basin is expected to be completed this year.

Elsewhere, the farm-out of the Foum Draa and Sidi Moussa exploration licences offshore Morocco remains underway. The company hopes to secure a partner for the drill phase on both licences.

On the financial front, Longreach had a cash balance of C$9 million at the end of March.

“Longreach continues to make solid progress on the extensive work programmes it has in place across all its licences in Morocco, for which it remains well funded,” said chairman and CEO of Longreach Bryan Benitz.

“Looking ahead, we expect to see an acceleration in activity with further seismic work, data interpretation and the identification of drill targets.

“We look forward to the future with confidence.”

The company has also made board changes earlier this month, hiring Ronald Lansdell as vice president exploration and as a board director. In addition, Mehdi Ali was appointed as an advisor to the board.

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Posted on May 22, 2012, in Business, Morocco News and tagged , , . Bookmark the permalink. Leave a comment.

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