01-Dec-04 Longreach Oil granted Surat Basin exploration licence...

01-Dec-04

Longreach Oil granted Surat Basin exploration licence

Sydney - Wednesday - Dec 1: (RWE Australian Business News) - Longreach Oil Ltd today announced the Queensland Government had granted Authority to Prospect for Petroleum Number 755-P in the Surat Basin to Longreach (50pc) and Brisbane Petroleum NL (50pc) for four years.

Brisbane Petroleum is an unlisted public company in which Longreach has a 22 per cent shareholding.

Longreach will become operator of the 374 sq km area, which lies immediately west of Petroleum Lease 18, where the Yellowbank Creek and Thomby Creek oilfields are located.

Two Showgrounds Sandstone oil accumulations, with oil similar to that found in the two oilfields mentioned above, are known to exist in ATP-755P:

1. McWhirter, 5km NNW of Yellowbank Creek oilfield.

2. Beardmore, 2km west of the Yellowbank Creek oilfield.

Two oil wells have been drilled in McWhirter and one in Beardmore.

Existing seismic control and other geophysical and geological data will be reinterpreted.

The companies are investigating re-entering and re-completing the McWhirter-1 well, which has been cased and perforated.