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Longreach Oil & Gas: Work Program Could "Transform" Business

Longreach Oil & Gas (CVE:LOI) expects to participate in a number of wells this year in a work program, which if successful, could transform the business.

In its first quarter results, it said it was making solid progress ahead of its well program at the Sidi Moktar onshore licences.

Well locations have been finalised over the Koba and Kamar drill prospects, tendering for drill services is well advanced and works in preparation of the well sites have begun, it said, unveiling first quarter results.

In March, the firm reported a major uplift in the size of potential resources at the acreage.

"We expect to make further operational updates during the current quarter," said chief executive Andrew Benitz.

At Sidi Moussa offshore, operator Genel Energy has signed a drilling rig contract with Noble Corporation for its African offshore drill program.

At Foum Draa offshore, a rig has been secured by operator Cairn Energy and subject to approvals, should begin operations in the second half of 2013.

As at end March, the firm had of US$29.8 mln in cash, compared to US$34.2 mln at end of December last year.

The company noted its work program this year was fully funded.

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