CALGARY, Alberta, July 10, 2014 /PRNewswire/ --
PetroMaroc Corporation plc (formerly Longreach Oil and Gas Limited) is pleased to announce that its Board of Directors has appointed Thomas Feuchtwanger as the new President & Chief Executive Officer and a Director of the Company. Feuchtwanger was selected following the completion of an international search for a new Chief Executive Officer over the past few months.
"Thomas is a highly accomplished and experienced leader who has built a successful career exploring for and producing oil and natural gas in Canada and a variety of international locations. With more than three decades of experience building value from complex and challenging geological structures, Thomas is ideally suited to lead PetroMaroc as it strives to become the leading hydrocarbon producer in Morocco," said Dennis Sharp, who remains PetroMaroc's Chairman.
A seasoned geologist and petroleum management professional, Thomas graduated with a Bachelor of Science (Hons) from the University of the Witwatersrand in Johannesburg, South Africa in 1973. He began his career as a mineral exploration geologist working in Southern Africa. In 1979 Thomas immigrated to Canada where he worked for 12 years at Gulf Canada exploring for and developing hydrocarbon pools in Canada. At Gulf Canada, he earned positions of increasing responsibility including exploration manager for Western Canada, and business unit manager for non-operated enhanced oil recovery production. In 1992, Thomas was appointed vice president exploration at CS Resources, a Western Canadian junior oil and natural gas company, where he was part of a team that grew production to 18,000 barrels of oil per day and the market capitalization to C$550 million. CS Resources pioneered many technical breakthroughs and reservoir development innovations that helped turn Canada's thermal oil sands production from an experimental industry into a globally competitive oil supplier. After CS Resources was acquired, Thomas worked in senior executive positions in a number of Canadian companies including as President, CEO and a Director of Largo Petroleum which was exploring in Tunisia. Thomas joined PetroMaroc (formerly Longreach Oil and Gas) in January 2013 as Vice President GeoSciences, and was named Vice President Exploration in January 2014.
PetroMaroc was formerly named Longreach Oil and Gas Limited. The Company will notify shareholders when the transition from the Longreach trading symbol "LOI" to the PetroMaroc trading symbol "PMA", which remains subject to the approval of the TSX Venture Exchange, comes into effect.
PetroMaroc is an independent 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.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Longreach in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
For further information:
Chief Financial Officer and Secretary
Tel: +44 203 137 7756
SOURCE PetroMaroc Corporation plc; Longreach Oil and Gas Limited