Longreach looking to Surat and Carnarvon Basins for success

Longreach Oil Ltd has issued 1,800,000 shares at five cents per share in exchange for a 19.8 per cent shareholding in unlisted Brisbane Petroleum, which holds a 50% interest in two Petroleum Production Leases in the Surat Basin in Queensland, PL18 and PL40.

A further 2,500,000 shares have been issued at five cents per share by Longreach. Part of the proceeds will be used to fund its share of the costs of drilling the Carlston-1 well, which is located onshore South Carnarvon Basin. It is scheduled to spud in seven days.