Longreach provides Operational Progress for Drilling on Sidi Moktar
Significant Drilling Campaign Commences with Well Spud on Foum Draa
LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the “Company” or “Longreach”), an independent oil and gas company focused on Morocco, notes the Cairn Energy PLC (Cairn) Operational Update published today announcing that drilling on the FD II Alpha-1 exploration well, on the Foum Draa licence, offshore Morocco has commenced, using the Cajun Express, a fifth generation semi-submersible drilling unit.
The Foum Draa licence is located in deep water in the Tarfaya basin, directly West of Agadir. The FD II Alpha-1 exploration well is located in 1,500 metres of water approximately 120 kilometres offshore Morocco. The well has a planned Total Depth of 5,500 metres TVDSS and operations are anticipated to take approximately 60 days. The Alpha prospect is a slope apron clastic fan of Cretaceous / Jurassic age.
Under the terms of the farm-out agreement Cairn acquired a 50% operated interest in the licence from Longreach and each of its joint venture partners in exchange for paying the first US$ 60 million of the exploration well costs. Longreach retains a 2.5% interest in the Foum Draa licence.
Sidi Moktar Update
Longreach is also pleased to provide an update on the mobilisation of the Saipem Drillmec Mas 7000, a 2,000HP unit built in 2007 for the drilling of the Koba 1 well in its operated Sidi Moktar, onshore licence area. The rig arrived at Agadir Port on 12th October and is now on location and being assembled for a planned spud date for mid-November.
Commenting, Andrew Benitz, CEO of Longreach, said:
“The Foum Draa well represents a significant opportunity for Longreach and its investors, given the size of the target prospect. The start of this well also kicks-off a wider drilling programme for Longreach in the near and medium term. The programme consists of the drilling of two sizable onshore prospects, starting with the imminent Koba 1 well, operated by the Company, as well as a further significant offshore well, where again Longreach benefits from a carry on the well”.
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