DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Samson has not received its normal detailed report from the Operator
such that we are not able to provide a complete update on operations in
North Stockyard other than that associated with the following wells:
Bootleg 8-14-15H is the first well in the North Stockyard field to
target the Second Bench of the Three Forks. The 7 inch intermediate
casing has been set and cemented at 11,649 feet in the 2nd
Bench of the Three Forks. Currently the 6 inch lateral is being drilled
at 12,176 feet.
As previously advised the Bootleg 5-14-15TFH frack has been completed. A
total of 35 stages were successfully completed with 8.2 million pounds
of sand placed.
Bootleg 4-14-15TFH frack has been completed with a total of 4.3 million
pounds of sand.
Following the completion of the frack of Bootleg 4 we understand that
the Operator is planning to move the frack crew to the Tofte 2 pad and
frack both Bootleg 6 and 7. Given the operational progress made on
Bootleg 8 on the same pad we expect that the frack of Bootleg 8 would
follow Bootleg 6 and 7.
After completing the Bootleg 8 frack, the Billabong 2-13-14H frack would
follow on approximately September 8th.
Recent heavy rainfall in Williams County has closed roads in the county
from August 23rd for heavy loads, which has had an impact on
field transport.
Samson’s working interest and its net revenue interest for the North
Stockyard Project is set out in the following table:
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Well
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Working interest
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Net revenue Interest
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Billabong 2-13-14HBK
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28.77220%
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22.01073%
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Sail and Anchor 4-13-14HBK
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25.028509%
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19.146809%
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Blackdog 3-13-14H
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24.863526%
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19.020597%
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Tooheys 4-15-14HBK
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28.232033%
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21.597505%
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Coopers 2-15-14HBK
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28.232033%
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21.597505%
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Little Creature 3-15-14H
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27.759719%
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21.236185%
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Matilda Bay 2-15-H
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32.972255%
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25.223775%
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Matilda Bay 1-15-H
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32.972255%
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25.223775%
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Bootleg 4-14-15TFH
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28.386344%
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21.715553%
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Bootleg 5-14-15TFH
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28.386344%
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21.715553%
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Ironbank 4-14-13TFH
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26.746521%
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20.461089%
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Ironbank 7-14-13TFH
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26.746521%
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20.461089%
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Bootleg 6-14-15TFH*
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28.386344%
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21.715553%
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Bootleg 7-14-15TFH*
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28.386330%
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21.715553%
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Bootleg 8-14-15H
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28.386330%
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21.715553%
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Ironbank 6-14-13TFH*
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26.746521%
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20.461089%
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Ironbank 7-14-13TFH*
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26.746521%
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20.461089%
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* Wells have yet to be elected by Samson and therefore are
subject to change.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys
1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled by Continental Resources to a
total depth of 19,994 feet. The well is a 1,280 acre lateral
(approximately 10,000 feet) in the middle member of the Bakken Formation.
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Lateral
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IP rate
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Avg. Rate
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Cum to
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length
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Objective
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Status
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BOPD
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BOPD#
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Date BO
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Gladys 1-20H
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9,558 ft.
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Middle Bakken
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Frack complete
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NA
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NA
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NA
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The fracture stimulation has been completed with the placement of
approximately 8 million pounds of proppant in 40 frack stages. A coil
tubing unit and flow back equipment has been rigged up and the first 6
frack plugs have been drilled. This operation has been halted because of
the road restriction outlined above.
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN." Samson's American Depository Shares
(ADSs) are traded on the New York Stock Exchange MKT under the symbol
"SSN." Each ADS represents 20 fully paid Ordinary Shares of Samson.
Samson has a total of 2,837 million ordinary shares issued and
outstanding (including 230 million options exercisable at AUD 3.8
cents), which would be the equivalent of 141.85 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.39 per ADS on
Aug 25th, 2014, the Company has a current market capitalization of
approximately US$57.90 million (the options have been valued at an
exchange rate of 0.9321). Correspondingly, based on the ASX closing
price of A$0.023 for ordinary shares and a closing price of A$0.012 for
the 2017 options, on Aug 25th, 2014, the Company has a current market
capitalization of approximately A$68.01 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may
be forward looking statements, including but not limited to statements
using words like “may,” “believe,” “expect,” “anticipate,” “should,” or
“will.” Actual results may differ materially from those projected in any
forward-looking statement. There are a number of important factors that
could cause actual results to differ materially from those anticipated
or estimated by any forward looking information, including uncertainties
inherent in estimating the methods, timing and results of exploration
activities. A description of the risks and uncertainties that are
generally attendant to Samson and its industry, as well as other factors
that could affect Samson’s financial results, are included in the
prospectus and prospectus supplement for its recent Rights Offering as
well as the Company's report to the U.S. Securities and Exchange
Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.