DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:
| JAN | FEB | MARCH | APRIL | MAY | |||||||||||
| OIL, BO | 5,767 | 12,180 | 11,154 | 15,775 | 16,654 | ||||||||||
| GAS, MCF | 16,323 | 17,016 | 13,067 | 11,345 | 10,720 | ||||||||||
| BOE | 8,487 | 15,016 | 13,332 | 17,666 | 18,440 | ||||||||||
| BOEPD | 273 | 536 | 430 | 589 | 595 | ||||||||||
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard is to drill 8 middle Bakken wells and 8 Three Forks wells. For ease of reference, the current status of each well is set out below with separate tables for each drill pad:
| TOFTE 1 PAD | Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | ||||||||||||
|
Billabong
2-13-14HBK |
6,147 ft. | Bakken | Work Over Rig on well | NA | NA | NA | ||||||||||||
|
Sail and Anchor |
6,375 ft. | Bakken | Flowing | 1,323 | 299 | 41,105 | ||||||||||||
|
Blackdog
3-13-14 HBK |
8,383 ft. | Bakken | Flowing | 1,995 | 694 | 64,571 | ||||||||||||
| TOFTE 2 PAD | Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | ||||||||||||
|
Tooheys
4-15-14HBK |
6,740 ft. | Bakken | Pumping | 1,078 | 309 | 49,203 | ||||||||||||
|
Coopers
2-15-14HBK |
6,360 ft. | Bakken | Pumping | 556 | 434 | 32,857 | ||||||||||||
|
Little Creature
3-15-14HBK |
7,578 ft. | Bakken | Pumping | 501 | 396 | 55,105 | ||||||||||||
| MATILDA BAY PAD | Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | ||||||||||||
|
Matilda Bay
2-15-HBK |
4,215 ft. | Bakken | Flowing | 1117 | 796 | 4,777 | ||||||||||||
|
Matilda Bay
1-15-HBK |
4,215 ft. | Bakken | Flowing | 318 | 164 | 655 | ||||||||||||
| TF NORTH PAD | Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | ||||||||||||
|
Bootleg
4-14-15TFH |
7,211 ft. | Three Forks | Drilling completed | NA | NA | NA | ||||||||||||
|
Bootleg
5-14-5TFH |
7,495 ft. | Three Forks | Drilling in progress | NA | NA | NA | ||||||||||||
|
Ironbank
4-14-3TFH |
7,466 ft. | Three Forks | APD approved | NA | NA | NA | ||||||||||||
|
Ironbank
5-14-3TFH |
7,495 ft. | Three Forks | APD approved | NA | NA | NA | ||||||||||||
| TF SOUTH PAD | Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | ||||||||||||
|
Bootleg
6-14-15TFH |
6,867 ft. | Three Forks | APD approved | NA | NA | NA | ||||||||||||
|
Bootleg
7-14-15TFH |
6,973 ft. | Three Forks | APD approved | NA | NA | NA | ||||||||||||
|
Ironbank
6-14-13TFH |
7,434 ft. | Three Forks | APD in prep | NA | NA | NA | ||||||||||||
|
Ironbank
7-14-13TFH |
7,458 ft. | Three Forks | APD in prep | NA | NA | NA |
| #The Avg. Daily rate is an average of the last week’s production or the average after the well was put back into production. |
| BO: Barrels of oil |
| BOE: Barrels of oil equivalent (gas converted at its heating value) |
| BOPD: Barrels of oil per day |
| MCF: Thousand cubic feet |
| BOEPD: Barrels of oil equivalent per day |
| NA: Not available |
| APD: Application for Permit to Drill |
| IP Rate: Gross first 24 hour oil rate |
| Current rate BOPD: Barrels of Oil per Day |
| Cum to Date: Cumulative gross BO |
COMMENTARY
Billabong has a work over rig on the well and operations have recovered 16 joints. A further 10 joints are indicated to be free and expected to be recovered today, leaving 6 joints remaining to be recovered.
Flow back operations have been completed on both Matilda Bay 2-15HBK and Matilda Bay 1-15HBK wells. Following the flow back on Matilda Bay 1-15H, that well bore will have its sleeves drilled out. A series of tests will be performed to determine the pressure loss point, which will then be repaired. The balance of the frack treatment will be conducted as a plug and perforation technique.
The Bootleg 4-14-15TFH has been drilled to its total depth of 18,967 feet (MD), where a 4.5 inch liner was set with a 30 stage sleeve completion.
The Bootleg 5-14-15TFH well is drilling ahead in the Three Forks lateral at 16,631 feet (MD).
Samson’s working interest and its net revenue interest for the North Stockyard Project is set out in the following table:
| Well | Working interest | Net revenue Interest | ||||
| Billabong 2-13-14HBK | 50.052000% | 38.289780% | ||||
| Sail and Anchor 4-13-14HBK | 25.028509% | 19.146809% | ||||
| Blackdog 3-13-14H | 24.863526% | 19.020597% | ||||
| Tooheys 4-15-14HBK | 28.232033% | 21.597505% | ||||
| Coopers 2-15-14HBK | 28.232033% | 21.597505% | ||||
| Little Creature 3-15-14H | 27.759719% | 21.236185% | ||||
| Matilda Bay 2-15-H | 32.972255% | 25.223775% | ||||
| Matilda Bay 1-15-H | 32.972255% | 25.223775% | ||||
| Bootleg 4-14-15TFH | 28.386344% | 21.715553% | ||||
| Bootleg 5-14-15TFH | 28.386344% | 21.715553% | ||||
| Ironbank 4-14-13TFH | 26.746521% | 20.461089% | ||||
| Ironbank 7-14-13TFH | 26.746521% | 20.461089% | ||||
| Bootleg 6-14-15TFH* | 28.386344% | 21.715553% | ||||
| Bootleg 7-14-15TFH* | 28.386344% | 21.715553% | ||||
| Ironbank 6-14-13TFH* | 26.746521% | 20.461089% | ||||
| Ironbank 7-14-13TFH* | 26.746521% | 20.461089% |
* Wells have yet to be elected by Samson and therefore are subject to change.
BLUFF #1-11 WELL, HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
The Bluff #1-11 well has set 7 inch intermediate casing at 7,300 feet. Open hole wireline logs were run prior to this operation and preliminary analysis of the log data is still being evaluated by an independent petro-physicist affiliated with the contracted wireline operator. The preliminary indications are that there is calculated log pay in the both the Dakota and Morrison Formations. Using a 60% water saturation for a cut-off in determining oil productive zones, 23.5 feet of log pay is indicated in the Dakota and 3.5 feet in the Morrison. These intervals are only preliminary estimates and are subject to further evaluation after the primary objective has been drilled.
The Bluff Prospect is an important test of the Permian and Pennsylvanian age sections of the Hawk Springs Project. The prospect is defined by a 3-D seismic grid survey which has demonstrated that it can detect the existence of porous sandstones within this prospective geologic section. The Bluff prospect is a four-way dip closed anticlinal structure. Success at Bluff will provide encouragement to test as many as 18 additional prospects that share similar seismic characteristics with Bluff.
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$0.36 per ADS on June 9th, 2014 the Company has a current market capitalization of approximately US$53.64 million (the options have been valued at an exchange rate of 0.9332). Correspondingly, based on the ASX closing price of A$0.017 for ordinary shares and a closing price of A$0.012 for the 2017 options, on June 9th, 2014, the Company has a current market capitalization of approximately A$50.9 million.
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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.
