DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Blackdog 3-13-14H (SSN WI 25.03%)
Frontier Rig 24 has moved off of the Little Creature 1-15-14H well and rigged up on the Blackdog 3-13-14H well. The Blow Out Preventer’s are currently being tested before the drill out of the surface casing, which had previously been set at 2,367 feet, today or tomorrow. This well will be a middle Bakken lateral and is expected to follow the previously planned Swan trajectory, that is, the infill location between the Rodney 1-14H well (SSN WI 27.18%) and the Sail and Anchor 1-13-14HBK well (SSN WI 25.03%).
Frac operations Tofte 2 pad
With the pad vacated by the drilling rig, preparations to fracture stimulate the Coopers (SSN WI 27.7%), Tooheys (SSN WI 27.7%), and Little Creature (SSN WI 27.7%) wells have begun. Fracture stimulation operations are currently expected to commence as early as next week and should be completed by mid-December.
Bluff #1-11 (SSN WI 66%)
Construction of the access road and drilling pad for the Bluff #1-11 well site is currently underway. When location construction is complete, cellar/conductor/rathole and mousehole will be installed in preparation for the drilling rig. Drilling operations are currently expected to commence towards the end of November depending upon weather and rig arrival.
About Samson Oil & Gas Limited
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 2,547 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 127.35 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on November 18th, 2013 the Company has a current market capitalization of approximately US$61.17 million (the options have been valued at an exchange rate of 0.9398). Correspondingly, based on the ASX closing price of A$0.024 for ordinary shares and a closing price of A$0.012 for the 2017 options, on November 18th, 2013, the Company has a current market capitalization of approximately A$63.88 million.
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SAMSON OIL & GAS LIMITED |
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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 Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
