Results of Annual and Special Meeting - Longreach to Become PetroMaroc Corporation plc
SAINT HELIER, Jersey, June 17, 2014 /PRNewswire/ --
Updated corporate presentation posted on new website http://www.petromaroc.co
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 http://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.
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".
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.
For further information:
Chief Financial Officer and Secretary
SOURCE Longreach Oil and Gas Limited