|By PR Newswire||
|January 23, 2014 02:00 AM EST||
CALGARY, Jan. 23, 2014 /PRNewswire/ - LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) ("Longreach" or the "Company"), an independent oil and gas company holding numerous exploration licenses in Morocco, is pleased to announce that the Company encountered a significant natural gas occurrence in the Koba-1 well. Longreach has a 50% operated interest in the Sidi Moktar license area covering 2,683 square kilometres. Longreach is partnered by ONHYM and MPE (25% carried interest each).
On December 31, 2013, the Company announced that the Koba well had been drilled to a total depth of 3,100 metres and had encountered a gross interval of approximately 45 metres with reservoir potential. Over this section, gas shows of over 10% were encountered throughout the interval with heavier hydrocarbon components of over C5+. The Koba-1 well has now been logged and suspended.
The Koba structure is the first prospect to be drilled as part of Longreach's exploration program. A portfolio of leads and prospects has been identified and, following the results of Koba-1, the Company intends to determine the extent of this natural gas occurrence by further drilling.
Additional Technical Comments
As mentioned in our earlier release of December 31, 2013, the Koba-1 well encountered approximately 45 metres of good quality Lower Liassic Jurassic gas charged reservoir commencing at 1830 metres. This assessment has been made on the basis of visual examination of chip samples and side wall cores and from the amount of gas which entered the mud column while drilling and which was recorded by the gas chromatograph. The second drilling objective in the Triassic was not encountered in the section penetrated.
The Lower Liassic reservoir zone is normally overpressured (4500psi) as anticipated from nearby wells and the mud weight was adjusted to effectively handle that pressure. However, at 1873 metres the well experienced a significant influx of salt water at an abnormally high pressure of 6000psi. No other well in this area has encountered such high formation pressures at this depth. In order to control the well, which started flowing, the mud weight was steadily increased to 2.3SG before the well was stabilised enough to continue logging. Logging operations had to be halted a number of times in order to run back in the hole and recirculate in an attempt to stabilize the flow. Consequently the Lower Liassic reservoir zone was open to the heavy mud and abnormally high pressures for an extended period of time which resulted in damage to the well bore and significant invasion of the drilling mud into the Lower Liassic reservoir formation.
A normal series of logs were acquired and an MDT tool was deployed in an attempt to obtain reservoir formation pressures and collect gas samples. However, the logs and the MDT tool were not quantitatively effective due to the mud invasion and rugose nature of the wellbore. No gas samples were collected and only a limited number of pressures were obtained. Twenty side wall cores were collected confirming excellent reservoir quality.
As a result of the significant damage to the reservoir zone, Longreach is unable to reliably quantify the effective porosity, gas saturation or gas composition values for the Lower Liassic reservoir zone. At this time we do not believe that the high pressure water the Koba-1 well encountered is a gas water contact due to the significant differences in pressure between the gas and water-bearing zones. However, the Koba-1 well has proved that good quality, gas charged reservoir rocks are present thereby confirming the resource potential of the Longreach Sidi Moktar License. We continue to review the data and refine the timing of our follow-up drilling and testing program.
Longreach Oil and Gas is an independent Canadian oil and gas company focused on its significant land position in Morocco. The Company has a 50% operated interest in the Sidi Moktar license 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 extremely favourable fiscal terms to energy producers. Longreach Oil and Gas is a public company listed on the TSX Venture Exchange under the symbol "LOI".
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 the Company's future operations.
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, 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 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.
SOURCE Longreach Oil and Gas Limited
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