Updated corporate presentation posted on new website
www.petromaroc.co
SAINT HELIER, Jersey, June 17,
2014 /CNW/ - 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
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 www.petromaroc.co/ www.longreachoilandgas.com and under
the Company's SEDAR profile at 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.
SOURCE Longreach Oil and Gas Limited