Canadian Stock Exchange-listed Longreach Oil and Gas had secured a 50 per cent interest and ownership of ‘highly prospective’ licences for onshore sites in the North African country. The company says it has also completed the acquisition of four-fifths of an area of 600 sq km of another onshore licensed area. The licences are Longreach’s first operated assets in Morocco.
The company also raised Can$10.1 million in June in support of its current work programme as well as to back the acquisition of the new licences.
Chairman and chief executive Bryan Benitz said: ‘We are delighted with the farm-in to the Sidi Moktar licences for 50 per cent interest and operatorship. We believe that these are highly prospective and getting them represents a game-changing event for the company.’
Full story in Monday’s JEP
