SAINT HELIER, Jersey, June 17,
2014 /PRNewswire/ --
Updated corporate presentation posted on new website
http://www.petromaroc.co
Shareholders of LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the
"Company" or "Longreach") have approved changing the Company's name
to PetroMaroc Corporation plc and have duly passed a series of
resolutions at the Company's annual and special meeting held
Monday, June 16, 2014 in St. Helier,
Jersey. The new name is subject to the final approval of the TSXV
Venture Exchange (the "Exchange").
"We are embarking on a new era that reflects our vision to
become the leading hydrocarbon producer in Morocco. Our corporate objective is to apply
disciplined, well-proven technologies and risk-management practices
to create long-term value from natural gas and oil for our
shareholders and the people of Morocco," said Dennis
Sharp, the Company's Executive Chairman.
Longreach has established a new website at
http://www.petromaroc.co, where the Company has posted its most
recent corporation presentation, along with the Company's new
PetroMaroc logo.
The approved resolutions at the Company's annual and special
meeting included the election of all director nominees, the
appointment of the auditor, the approval of the previously adopted
stock option incentive plan (as required annually by the policies
of the Exchange), the approval of name change and the approval of a
new control person.
Dennis A. Sharp, D. Campbell Deacon, Yogeshwar Sharma, Thomas
R. Vukovich, Gregory Boland,
Benjamin Yi and Nicholas Brigstocke have been elected to serve
as directors of the Company until the next annual general meeting
of shareholders or until their successors have been duly elected or
appointed. The Company will inform shareholders of the planned
transition from the Longreach trading symbol "LOI" to the
PetroMaroc trading symbol "PMA" on the Exchange.
Additional appraisal planned, funding
initiatives underway
The Company is advancing plans for the forward work programme to
enable the Company to determine the commercial potential of the
substantial natural gas resource potential it has found on its Sidi
Moktar licence in Morocco. To
advance those plans, the Company has initiated a series of meetings
with shareholders and potential investors to source additional
funding. Preliminary plans, which are subject to Board approval,
have been developed that include testing and evaluating the
existing wells and data, acquiring 3D seismic over the Kechoula
structure and the drilling of two to three delineation and
appraisal wells on the Kechoula structure. The estimated capital
required is US$5 million for the
testing, US$10 million for the 3D
seismic, US$30 million for the
delineation and appraisal wells.
"We have an ambitious and disciplined program planned forward,
one that will help define the economic potential of the promising
wells we have drilled to date," Sharp said.
About Longreach
Longreach is an independent oil and gas company focused on its
significant land position in Morocco. The Company has a 50 percent operated
interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with ONHYM as a committed
long-term partner to unlock the hydrocarbon potential of the
region. Morocco offers a
politically stable environment to work within and has favourable
fiscal terms to energy producers. Longreach is a public company
listed on the TSX Venture Exchange under the symbol "LOI".
Additional information about the Company can be found at
http://www.petromaroc.co/ http://www.longreachoilandgas.com
and under the Company's SEDAR profile at http://www.sedar.com.
Special Note Regarding Forward Looking
Statements
This press release contains forward-looking statements. Such
forward-looking 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,
statements regarding the performance characteristics of the
Company's oil and gas properties, the ability of the Company to
successfully test and evaluate existing wells and data, acquire 3D
seismic over the Kechoula structure and complete the drilling of
two to three delineation and appraisal wells on the Kechoula
structure, raise estimated capital of US$5
million for the testing, US$10
million for the 3D seismic and US$30
million for the delineation and appraisal wells, capital
expenditure programmes, 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; completing the proposed
drilling programme in an economic and timely manner; 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 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 factors and 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. Material factors and assumptions which management of
the Company has considered in connection with making the
forward-looking statements in this press release include that the
Company will be able to successfully complete the drilling
programme, raise required capital and successfully evaluate,
process and interpret data. 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 the 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 news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Longreach in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities referred to herein have not been and will
not be registered under the United States Securities Act of 1933
(the "U.S. Securities Act") or any state securities laws and may
not be offered or sold within the United
States or to U.S. Persons (as defined in the U.S. Securities
Act) unless registered under the U.S. Securities Act and applicable
state securities laws, or an exemption from such registration is
available.
For further information:
Martin Arch
Chief Financial Officer and Secretary
Tel: +44-203-137-7756
SOURCE Longreach Oil and Gas Limited