SAINT HELIER, Jersey, April 30, 2014 /CNW/ - LONGREACH OIL AND GAS
LIMITED (TSXV: LOI) (the ''Company'' or ''Longreach'') announces today
(the "Grant Date") that the Board of Directors has issued an aggregate of 4,130,000
stock options to members of management, directors and consultants of
the Company at an exercise price of C$0.30 each. These options will
vest in thirds, with one third vesting on the first anniversary of the
Grant Date, one third vesting on the second anniversary of the Grant
Date and one third vesting on the third anniversary of the Grant Date.
Under the terms of the Company's stock option plan, the number of shares
reserved for issuance will not exceed 10 percent of the issued and
outstanding shares of Longreach. The options issued today represent
approximately 5.09 percent of the undiluted share capital of
Longreach. The options will be exercisable for a period of up to five
years from the Grant Date.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Longreach is an independent Canadian oil and gas company focused on its
significant land position in Morocco. The Company has a 50 percent
operated interest in the Sidi Moktar licence area covering 2,683 square
kilometres and is working closely with ONHYM as a committed long-term
partner to unlock the hydrocarbon potential of the region. Morocco
offers a politically stable environment to work within and has
favourable fiscal terms to energy producers. Longreach is a public
company listed on the TSX Venture Exchange under the symbol "LOI".
Additional information about the Company can be found at www.longreachoilandgas.com and under the Company's SEDAR profile at www.sedar.com.
SOURCE: Longreach Oil and Gas Limited
For further information:
Chief Financial Officer and Secretary
Tel: +44 203 137 7756