The cash position at the end of 2012 was looking healthy at Morocco-focused Longreach Oil & Gas ( CVE:LOI ). 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 exploration”. 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...

Cairn Energy’s signing of a rig contract today is another signal of the growing momentum in this emerging oil frontier.

  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 completed. 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...

Investment banking heavyweight Citi sees potential for an increase in farm-outs with new entrants buying interests in projects, and possibly buying up smaller companies as well.