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Monday, 11 March 2013
Longreach Oil & Gas unveils resource uplift at Sidi Moktar
Longreach Oil & Gas (CVE:LOI) has unveiled a major uplift in the size of potential resources at its Sidi Moktar onshore acreage in Morocco.
Independent assessor Gaffney Cline now estimates the Koba prospect at Sidi Moktar contains a range of 148 to 674 Bscf of gas with a best figure of 349 Bscf.
At Kamar, the range is now between 31 to 156 Bscf, with a best figure of 78 Bscf.
In addition, there were best estimates for condensate of 21 MMbl at Koba and 5 MMbl at Kamar.
Indicative estimates for the chances of success were 22% at Koba and 18% at Kamar.
Andrew Benitz, Longreach’s chief executive, 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."
Other potential leads indentified by Gaffney Cline totalled a further 560Bscf on a best case basis, with the Kala and Kabeer prospects the two largest identified. Leads are features that are not sufficiently well defined to be drillable.
Benitz added: “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,” he added.