Independent Resource Estimates Update

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JERSEY, CHANNEL ISLANDS--(Marketwire - Mar 11, 2013) -





11th March 2013



LONGREACH OIL AND GAS LIMITED

Significant Increase in Independent Resource Estimates
in Sidi Moktar Operated Licence



LONGREACH OIL AND GAS LIMITED (LOI.V) ("Longreach"), an
independent oil and gas company holding exploration licences in
Morocco, is pleased to announce that an updated independent assessment
of the Company's prospective resources on the Sidi Moktar licence has
been completed by Gaffney, Cline & Associates ("Gaffney, Cline",
or"GCA"). Longreach operates and holds a 50% working interest in the Sidi
Moktar Licence. The independent assessment was carried out in
accordance with the standards established by the Canadian Securities
Administrators in National Instrument 51-101 Standards of Disclosure
for Oil and Gas Activities using the Canadian Oil and Gas Evaluation
Handbook. The following two tables have been prepared for the
convenience of readers by Longreach, detailing prospective hydrocarbon
resources by prospects and leads and with the associated geological
chance of success ("GCoS"):



UNRISKED GROSS PROSPECTIVE RESOURCES (PROSPECTS),
AS AT 28TH FEBRUARY, 2013

Prospect Potentially Recoverable Potentially Recoverable GCoS
Gas (Bscf) Condensate (MMBbl)

Low Best High Low Best High

Koba 148 349 674 9 21 41 22%

Kamar 31 78 156 2 5 9 18%

Notes:
1. Prospects are features that have been sufficiently well defined, on
the basis of geological and geophysical data, to the point that they
are considered viable drilling targets.
2. "Gross Unrisked Prospective Resources" are 100% of the volumes
estimated to be recoverable from the field.
3. The GCoS reported here represents an indicative estimate of the
probability that drilling this Prospect would result in a discovery,
which would warrant the re-classification of that volume as a
Contingent Resource. The GCoS value for Contingent Resource is, by
definition, unity. These GCoS values have not been arithmetically
applied to the designated volumes within this assessment. Thus the
volumes are "Unrisked".
4. It is inappropriate to aggregate Prospective Resources without due
consideration of the different levels of risk associated with each
Prospect/Lead and the potential dependencies between them.    Similarly, it is inappropriate to aggregate Prospective Resource
with Reserves or Contingent Resources.
5. The above table represents the expected outcomes for a gas
condensate discovery based on the nearest analogue being the Meskala
gas condensate field. There is, however, a chance of the discovery
being just dry gas, as is found in the overlying Kechoula field. The
dry gas case is not stated above.     UNRISKED GROSS PROSPECTIVE RESOURCES (LEADS),
AS AT 28TH FEBRUARY, 2013

Lead Potentially Recoverable Potentially Recoverable GCoS
Gas (Bscf) Condensate (MMBbl)

Best Estimate Best Estimate

Kawkab 59 - 5%

Kawi 58 - 4%

Ksar 15 - 11%

Kalaa 166 10.0 6%

Kabeer 144 8.6 10%

Kawthar 57 3.4 11%

Kadeem 4 0.3 13%

Kahena 20 1.2 6%

Kashaf 35 2.1 5%

Kenza 3 0.2 9%


Notes:
1. Leads are features that are not sufficiently well defined to be
drillable, and need further work and/or data. In general, Leads are
significantly more risky than Prospects and therefore volumetrics
estimates for Leads are only indicative of relative size.
2. "Gross Unrisked Prospective Resources" are 100% of the volumes
estimated to be recoverable from the field.
3. The GCoS reported here represents an indicative estimate of the
probability that drilling this Prospect would result in a discovery,
which would warrant the re-classification of that volume as a
Contingent Resource. The GCoS value for Contingent Resource is, by
definition, unity. These GCoS values have not been arithmetically
applied to the designated volumes within this assessment. Thus the
volumes "Unrisked".
4. It is inappropriate to aggregate Prospective Resources without due
consideration of the different levels of risk associated with each
Prospect/Lead and the potential dependencies between them.    Similarly, it is inappropriate to aggregate Prospective Resource
with Reserves or Contingent Resources.
5. Kawkab, Kawi and Ksar Leads are considered to be dry gas
opportunities. Kalaa, Kabeer, Kawthar, Kadeem, Kahena, Kashaf and
Kenza are considered to be condensate opportunities.


Commenting, Andrew Benitz, CEO of Longreach, said:"Gaffney, Cline's
independent assessment confirms and augments the
enormous resource potential of the Sidi Moktar licence, our Moroccan
onshore operated acreage. I am pleased that the investment to date in
the exploration programme has yielded these results showing a
considerable increase in the prospective resources assigned to our
drillable prospects and a growing number of leads which Longreach is in
the process of high-grading to prospect status. With a multi well
drill programme planned across our licences, we expect the next 18
months to be transformational for Longreach."

It should be noted that these estimates do not include any of the
Company's other four non-operated licence areas, onshore and offshore
Morocco.

Gaffney, Cline confirms that Longreach's thorough reinterpretation of
the seismic and other data has resulted in a new model for the
structural evolution of the Sidi Moktar area and concurs with
Longreach's interpretation that the anticlines are more likely formed
by inversion of Permo-Triassic half grabens and that there is potential
for hydrocarbon bearing clastic reservoirs to be found below the
historical hydrocarbon discoveries.

Longreach completed recently its 2D seismic programme on the Sidi
Moktar Licence. 520 km of seismic data were acquired. Priority lines,
over Longreach's drill-ready targets, Koba and Kamar, have been
processed by Key Seismic Solutions Ltd. in Calgary using the processing
sequence and parameters determined by Longreach during the extensive
reprocessing project completed in 2012. The priority lines have been
incorporated into the Company's interpretation to finalise the well
locations for the 2013 drilling programme.

The last independent resources study, completed for Longreach in March
2011 by AJM Petroleum Consultants, Calgary, Canada, covering five
existing fields within Sidi Moktar, attributed undiscovered gas
initially in place of approximately 111 (low), 292 (best) and 776
(high) Bcf for Silurian sourced Triassic targets.     -ENDS-



For Further Information:

Longreach

Andrew Benitz CEO +44 20 3137 7759

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

Additional information on Longreach Oil and Gas Limited can also be
found at www.sedar.com



Special Note Regarding Analogous Information

Although the Company believes that production on the Meskala field,
which is adjacent to the Sidi Moktar licences, may indicate that
production is possible from the Koba structure, no assurance can be
given by the Company that commercial production on any of the Sidi
Moktar exploration licences will be achieved, or as to the levels of
production that may be possible on any of the Sidi Moktar exploration
licences if production is achieved.


Special Note Regarding Estimates

The unrisked prospective resources described above have been estimated
using probabilistic methods and are dependent on a petroleum discovery
being made.

Prospective resources are those quantities of petroleum estimated, as
of a given date, to be potentially recoverable from undiscovered
accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery and a
chance of development. Prospective resources are further subdivided in
accordance with the level of certainty associated with recoverable
estimates assuming their discovery and development and may be
sub-classified based on project maturity. The prospective gas and
condensate resources in the GCA report indicate exploration
opportunities and quantify the development potential in the event a
commercial discovery is made and should not be construed as reserves or
contingent resources. The prospective resources set out in the tables
above are those undiscovered, highly speculative gas and condensate
resources estimated beyond gas and condensate reserves or contingent
gas and condensate resources where geological and geophysical data
suggest the potential for discovery of petroleum but where the level of
proof is insufficient for classification as reserves or contingent
resources. The unrisked prospective gas and condensate resources are
the range of volumes that GCA estimates could reasonably be expected to
be recovered in the event of discovery and development of these
resources.

Definitions

The following terminology, consistent with the COGE Handbook and
guidance from Canadian securities regulatory authorities, was used to
prepare the disclosure relating to the prospective gas and condensate
resources above."Best Estimate" (Best) is considered to be the best
estimate of the
quantity of resources that will actually be recovered. It is equally
likely that the actual remaining quantities recovered will be greater
or less than the best estimate. Those resources that fall within the
best estimate have a 50% confidence level that the actual quantities
recovered will equal or exceed the estimate."Low Estimate" (Low) is
considered to be a conservative estimate of the
quantity of resources that will actually be recovered. It is likely
that the actual remaining quantities recovered will exceed the low
estimate. Those resources at the low end of the estimate range have the
highest degree of certainty - a 90% confidence level - that the actual
quantities recovered will equal or exceed the estimate."High Estimate"
(High) is considered to be an optimistic estimate of
the quantity of resources that will actually be recovered. It is
unlikely that the actual remaining quantities of resources recovered
will meet or exceed the high estimate. Those resources at the high end
of the estimate range have a lower degree of certainty - a 10%
confidence level - that the actual quantities recovered will equal or
exceed the estimate.

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, statements with respect to the completion of the
farm-in agreement, 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, 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; 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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