Corporate Aims & Objectives
Longreach Oil Limited:
Level 27
25 Bligh Street
Sydney NSW 2000
Corporate History (Summary)

Longreach Oil Limited was incorporated in New South Wales in 1954, as an oil and natural gas exploration company.  It is a public company listed on the Australian Stock Exchange.

1954  Longreach Oil Limited incorporated as an Oil and Gas exploration company and was listed on the Stock Exchange.

1988  The Company changed its name to Longreach Gold Oil Limited, when it also became involved in gold projects.

1993  The Company, through a subsidiary, acquired an interest in an oil licence in Myanmar (Burma).

1994  Longreach Oil applied for an Exploration Licence in Victoria, prospective for gold and also entered into a diamond exploration joint venture project in Russia.

1995  Overseas Petroleum Investment Corporation (OPIC) farmed into the oil project in Myanmar for US$5 million to earn a 50% interest. Joint venture terminated after two wells were drilled.

2001  November - the company's name reverted to Longreach Oil Limited  (ASX code remains LGO).

2001  December - Longreach Oil acquires a 20% equity interest in Brisbane Petroleum N L (BPL).

2002  Longreach Oil was involved in the drilling of the Carlston #1 well in the Carnarvon Basin, W.A. and earned an initial interest in three Exploration Permits.

2003  Longreach Oil applied for an "hot rock" Licence in NSW, which was granted in early 2004.

2004  October - Drilling by Enterprise Energy N L commenced on Yellowbank Creek #4 well - PL 18, QLD.

2005  February - Exploration Permit 439, onshore Carnarvon Basin, W.A. - granted to joint venture.

2006  March - AusTex Oil Ltd incorporated for the purpose of re-working oil wells in the USA. Longreach's initial equity interest 25%.

2007  January - Exploration Permits in W.A. applied for - EP-460 and EP 461 granted to joint venture in early 2008.

2008  January - LGO's shareholding in AusTex Oil Ltd (AOK) exceeded (10%) after IPO raised $20 million and AOK was listed on the ASX.

2008  Star Finch #1 well, EP-460, and Lake Macleod #1 well, EP-461, W.A. drilled by farm-inees; wells were plugged and abandoned.

2009  Offshore Oil Ltd incorporated for the purpose of proceeding to an IPO; jointly promoted with Southern Cross Exploration N L.

2010  PL-280 - QLD (Surat Basin) - Petroleum Lease granted for 21 years.

2011  Longreach Oil acquires a 20% interest in Longreach Oil (International) Ltd (inc. in H.K.) for future operations in Asia.

2012  February - Brisbane Petroleum Ltd (BPL) entered into agreement to sell its interests in the Surat Basin, QLD. Longreach Oil retains 50% interest in PL 280 and remains as a 20% shareholder in BPL.

2013  Number of exploration projects examined.

2013  May - acquired a 36% interest in Southern Cross Exploration N L (SXX); hence it became a partly-owned subsidiary.

2014  - sold the interest in SXX.

2015  - acquired a 5% interest in Starlogik IP LLC, a Delaware limited liability company.

2016  - entered into a term sheet to acquire the balance of Starlogik and appointed Drew Kelton as Chairman.

Corporate Aims and Objectives

The Company's broad objectives are to:

· Create shareholder wealth through capital growth;

· Maximise the value of our current portfolio;

· Identify investment opportunities in mining and other sectors to create shareholder wealth; and

· Fulfil its role as a responsible corporate citizen, meeting its legal, ethical and economic responsibilities.