Offshore staff
LONDON– Longreach Oil & Gas (TSX-V:LOI) has issued resource estimates for the Foum Draa and Sidi Moussa licenses offshore Morocco.
These were evaluated by Netherland, Sewell & Associates Inc. (NSAI), and apply to 14 identified prospects and eight additional leads.
The prospects are Triassic to Paleocene in age, with a variety of trapping mechanisms such as tilted fault blocks, stratigraphic pinch outs, and salt related traps over and against salt diapir flanks. Reservoir rock types are mainly sandstones, but there is also a shelf edge Jurassic carbonate play.
| Unrisked Prospective Resources | |||
| Gross (100%) | |||
| Category | Oil (MMbbl) | Gas (Bcf) | |
| Low Estimate | 751.7 | 302.9 | |
| Best Estimate | 2138.8 | 1008.5 | |
| High Estimate | 6105.3 | 3145.3 |
Longreach owns a 7.5% interest in these prospects and leads. Serica Energy is the technical operator.
A data room was opened last month to interested parties ahead of a drilling campaign, and this will remain open through May 4. Final bids must be received by June 15.
Bryan Benitz, chairman and CEO of Longreach, said: “The largest identified prospect, Apricot, is a stratigraphic pinch out play concept with dual target potential. NSAI’s report states the best estimate of unrisked prospective resources to be 584 MMbbl and 350 bcf for this dual target prospect, which management believes is significant in its own right.”
3/29/2012
