Longreach Oil and Gas Marks Milestone Towards Drilling First Well

Longreach (TSXV:LOI) announced that they have started its 500 km 2D seismic programme in advance of plans to drill its first well on the Sidi Moktar permit onshore Morocco in H1 next year.

As quoted in the press release:

The 2D seismic survey is expected to take 2 months, with processing being undertaken in parallel with data acquisition. This approach will provide new data in a timely manner for Longreach to confirm its well locations for its 2013 well programme.

Longreach’s Chairman and CEO, Brian Benitz, said:

This is one of the final stepping stones to drilling our first well.The Company expects to be fully funded for its current multi-well programme for next year, where the aim is to target a relatively low risk prospect, which if successful, will allow to get into early production to generate near-term cash flow. This will provide additional foundations for the Company’s medium term plan for Morocco, where we plan to drill and bring on stream a combination of high impact and near-term producing assets.

To view the whole press release, click here.