The cash position at the end of 2012 was looking healthy at
Longreach Oil & Gas
The Canadian company finished last year with US$34.2mln, up from
US$10.5mln at the end of 2011, meaning it is fully funded for its
current planned work programme.
The company plans to drill a number of wells this year, some of
which are low risk while others are described as “high impact
If successful, the work programme could whisk the company
forward to the next stage of its development.
The company’s results statement said Longreach is now based on
solid financial and technical foundations that can be used as a
springboard to make significant operati...
Longreach Oil & Gas
CVE:LOI ) has unveiled a
major uplift in the size of potential resources at its Sidi Moktar
onshore acreage in Morocco.
Independent assessor Gaffney Cline now estimates the Koba
prospect at Sidi Moktar contains a range of 148 to 674 Bscf of gas
with a best figure of 349 Bscf.
At Kamar, the range is now between 31 to 156 Bscf, with a best
figure of 78 Bscf.
In addition, there were best estimates for condensate of 21 MMbl
at Koba and 5 MMbl at Kamar.
Indicative estimates for the chances of success were 22% at Koba
and 18% at Kamar.
Andrew Benitz, Longreach’s chief executive, said: "Gaffney
Cline's independent assessment confirms and augm...
Longreach Oil &
Gas ’s (
CVE:LOI ) 2D seismic
programme on its Sidi Moktar licence, onshore Morocco, has been
The company said the programme, designed to assess possible
drill targets such as the Koba and Kamar prospects, was completed
on time and on budget.
Under the terms of the licence, Longreach was required to
acquire seismic data over an area of at least 500 kilometres (km);
it has actually grabbed 520 km of high quality seismic data in 47
lines over the portfolio of prospects.
"With this seismic programme complete, we are now looking ahead
to drilling our first well on the Sidi Moktar Licence in the next
few months,” said Andrew Benitz, chief executive office...