From the Wires
Longreach Oil & Gas Limited announces Q3 Results
By: Marketwired .
Nov. 29, 2012 02:08 AM
JERSEY, CHANNEL ISLANDS -- (Marketwire) -- 11/29/12 --
TSX-V: LOI 29 November 2012 LONGREACH OIL AND GAS LIMITED Q3 Results LONGREACH OIL AND GAS LIMITED (TSX-V: LOI), an oil & gas company focused on Morocco ("Longreach" or the "Company"), is pleased to announce its results for the three month period ended September 30, 2012. Highlights Financial: * Cash position as at September 30, 2012 of CND$6.2m (CND$10.5m as at December 31, 2011) * Working capital as at September 30, 2012 of CND$5.0m (CND$7.4m as at December 31, 2011) * Announced business combination between Longreach and APIC Petroleum Corporation, together with a subscription receipt financing raising CND$30m Operational: * Sidi Moktar: o 500 km 2D seismic programme started, ahead of plans to drill its first well of a two well programme on the Sidi Moktar permit in H1 next year * Foum Draa / Sidi Moussa: o Back to back farm out deals announced, with Cairn Energy to operate Foum Draa and carry costs of an exploration well up to $60m and Genel Energy to operate Sidi Moussa and carry costs of an exploration well up to $50m * Tarfaya licence: o Processing and interpretation of seismic now complete. 15 prospects and leads have been mapped. Joint venture partners have elected to enter the First Extension period, which includes a commitment to drill an exploration well * Zag Basin Onshore: o Seismic processing is complete and interpretation is ongoing. Joint venture partners have elected to enter the First Extension period, which includes a commitment to drill an exploration well Commenting, Bryan Benitz, Chairman and CEO of Longreach, said:"We are delighted with progress made to date as the Company enters an exciting high impact multi well programme. The business combination with APIC will leave us well-funded to complete our drilling plans on Sidi Moktar. Both well planning together with a rig tender is now underway. Following the farm-downs on the off-shore blocks Foum Draa and Sidi Moussa to Cairn and Genel respectively, we have added a further string to our bow with 4 high impact exploration wells being drilled next year. The Company offers investors high impact exploration in what is one of the most interesting regions for oil & gas prospects in the world." -ENDS- For Further Information: Longreach Bryan Benitz Chairman & CEO +44 20 3137 7756 Pelham Bell Pottinger Mark Antelme / Philip Dennis / Rollo Crichton-Stuart +44 207 861 3232 Additional information on Longreach Oil and Gas Limited can be found at www.longreachoilandgas.com or through Longreach's investor relations agent. Additional information on Longreach Oil and Gas Limited can also be found at www.sedar.com Special Note Regarding Forwarding Looking Statements: This press release contains forward-looking statements. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate","predict", "project", "potential", "targeting", "intend", "could","might", "continue" or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to the completion of evaluations and processing and interpretation of data, the performance characteristics of the Company's oil and gas properties, capital expenditure programs, supply and demand for oil, gas and commodities, prices for oil and gas,drilling plans, and realization of the anticipated benefits of acquisitions. Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including political risk; geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture. Although the forward-looking statements contained in this press release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This information is provided by RNS The company news service from the London Stock Exchange END
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