On the Sidi Moktar licence in the Essaouira Basin of the North African nation, the company continues to assess the results of the Koba-1 well as well as the Kamar-1 well.
Longreach executive chairman Dennis Sharp said that the company is negotiating with investors to obtain further financing of additional exploration work in 2014.
"Our first two exploration wells captured extensive geological and petrophysical information that has helped define the presence of natural gas in the targeted Lower Liassic formation and the Lower Dogger/Upper Liassic formations," Sharp added.
"These promising results that have set the foundation for the planning we currently have underway to continue our exploration work in 2014," Sharp continued.
"Subsequent to quarter end, in April 2014, we completed a private placement that raised CAD$9.7 million, which permitted the Company to continue with its contracted drilling activities of the Kamar-1 well."
With respect to the Sidi Moussa offshore block, Longreach has been advised that Genel Energy has secured a rig for drilling while the work is scheduled to commence in the third quarter.
Â
