August 30, 2011
Q2 2011 Financial Statements
August 30, 2011
Q2 2011 MD&A;
July 25, 2011
Longreach Investor Presentation July 2011

Sidi Moussa & Foum Draa Licences

Background

Longreach has a gross 10% interest in the Sidi Moussa and Foum Draa Exploration Licences.  Located offshore Morocco, directly west of Agadir it covers an area of 12,714 square kilometres (3.14 million acres). Extensive high quality 2D & 3D seismic work has been completed on these licences and from this extensive work programme some 33 leads and prospects have been identified. It is prospective for Upper and Lower Cretaceous and Jurassic oil and displays a very similar geology to the Scotian Margin.   

The exploration licence was awarded in June 2009 and the joint venture partners have now formulised a seismic reporcessing programme, which will focus on the most promising leads.  Serica as Technical Operator has completed the geological and geophysics work and have yielded some exciting results.

Sidi Moussa & Foum Draa Basic Data

Licence   Exploration Licence, Offshore
Exploration to date   5,200km2 of 3D Seismic, 2,000km of 2D Seismic, 2 wells drilled (High quality and extensive exploration performed)
Work Programme   2D & 3D Seismic reprocessing - 1,500 km2 of 3D and 2,000km of 2D
Prospective Reservoirs   Lower Tertiary, Upper & Lower Cretaceous and Jurassic
Reservoir Depth   2000 - 4000 Metres
Hydrocarbon Source Rocks   Silurian shales, Lower and Upper Jurassic & Cretaceous shales
Area   Foum Draa: 5090km2, Sidi Moussa: 7624km2
Trap Style   Structural traps: Tilted blocks and salt related structures
Longreach Interest   7.5% post ONHYM back in San Leon (42.5%, Operator),
Serica (25%, Technical Operator)


Exploration History

  • Very high quality 2D & 3D seismic completed by Enterprise Oil and Shell up until 2004
  • Extensive exploration of both licences
  • Two (one in Cap Draa and One in Rimella) wells drilled by Shell confirmed presence of thin reservoir beds and Oil shows in the Upper Cretaceous section
  • Operator will reprocess seismic which covers the most promising prospects



Principal Leads identified by 3D Seismic
SIDI MOUSSA FOUM DRAA
Lead Scope Recoverable Lead Scope Recoverable
  MMBbl   MMBbl
A6 413 23 193
(B12) 288 2N 137
A4/A5 242 1W 137
Source: ONHYM data

Evident similarities in structure between offshore Morocco & Scotian Margin

Exploration Comparisons
    Scotian Margin Moroccan Margin
Wells   204 34
Discoveries   23 2

 


Resource Potential

The evaluation of the different prospects in the area, using high level geophysics, supports the presence of hydrocarbons.

Offshore Licences
  PROSPECTIVE RESOURCES
  Gross (100%) Longreach Interest ²
  Unrisked   Risked (P90)   Unrisked   Risked (P90)
Region High Estimate   Best Estimate   Best Estimate   Best Estimate   Best Estimate
  MMBbl   MMBbl   MMBbl   MMBbl   MMBbl
Sidi Moussa Offshore -   1424.0   99.7   106.8   7.5
Foum Draa Offshore 7437.0   1861.0   130.3   139.6   9.8
Notes:
1) Source: ONHYM data, Shell
2) Assuming ONHYM back in and therefore a Longreach interest of 7.5%


 FOUM DRAA
3D Prospects & leads inventory: total 45
  • 19 Lower Tertiary leads
  • 5 Upper Cretaceous leads
  • 16 Lower Cretaceous leads
  • 5 Jurassic leads
 SIDI MOUSSA
3D Prospects & leads inventory: total 9
  • 3 Tertiary
  • 1 Upper Cretaceous
  • 1 Lower Cretaceous
  • 4 Jurassic
  • Gross Acreage:
    12 million acres
  • >15% of Moroccan exploration acreage
  • Onshore oil & gas prospects
  • Offshore oil prospects
  • Exploration activity
    to date
  • 3D seismic: 5,200km²
  • 2D seismic: 4,293km
  • 15,000km Aeromag

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