Longreach Oil would not divulge any more details however it is believed that the two leases are PL 18 and PL 40.
Two weeks ago, the company shortened its name from Longreach Gold Oil to Longreach Oil to reflect its determination to be a strictly oil and gas exploration company.
"These leases contain several small delineated oil fields, which have produced oil in the past," Longreach Oil said. "It is anticipated that a work-over and re-drilling program could increase remaining recoverable oil reserves estimated to be 5.25 million barrels."
