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Longford is proceeding with preparatory work for the upcoming drilling program, including the drilling and completion of two appraisal wells to meet the commitments of the first exploration sub period under the Chia Surkh Production Sharing Contract. At present, Longford, as operator of the block, plans to have the first exploration well spud by June 2011 on the Chia Surkh structure where the main objective is to confirm the Jeribe oil reservoir which was discovered in the 1940s and reported to have tested approx. 5000 barrels of oil per day. The well is planned to be drilled to a depth of 2,400 meters.
Mr. Ahmed Said, President and CEO of Longford, stated, 'We are very pleased with this updated independent resource estimate and the upgrading of our resources to the contingent category. Our work over the past year has resulted in a significant increase in expected recoverable resources and the expected oil in place. We have seismically mapped an additional four exploration prospects and leads that we believe could provide opportunities to further discoveries and resource expansion. We look forward to commencing our drilling program in mid 2011'.