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 4-13-14HBK |
6,375 ft. | Bakken | Flowing | 1,323 | 299 | 41,105 | ||||||
|
Blackdog
3-13-14 HBK |
8,383 ft. | Bakken | Flowing | 1,995 | 779 | 70,118 | ||||||
| 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 | 134 | 49,620 | ||||||
|
Coopers
2-15-14HBK |
6,360 ft. | Bakken | Pumping | 556 | 319 | 35,153 | ||||||
|
Little Creature
3-15-14HBK |
7,578 ft. | Bakken | Pumping | 501 | 454 | 56,433 | ||||||
| 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 | 657 | 9,146 | ||||||
|
Matilda Bay
1-15-HBK |
4,215 ft. | Bakken | Flowing | 318 | 51 | 1,010 | ||||||
| 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 completed | 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
The work over rig on the Billabong well has now recovered 20 of the 26 joints in the hole. Of the remaining 6 joints, 2.5 joints have been washed over in the hole, as recovery operations continue.
The Bootleg 5-14-15TFH well has been drilled to a total depth of 19,076 feet (MD) in the Three Forks, where a 4.5 inch cemented liner was run. This means that both Bootleg 4 and 5 are ready to be fracture stimulated. Frontier 24 is moving to the Three Forks South pad where it will batch drill the next 4 wells (Bootleg 6 and 7, and Ironbank 6 and 7).
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.
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$0.42 per ADS on June 16th, 2014 the Company has a current market capitalization of approximately US$6217 million (the options have been valued at an exchange rate of 0.9332). Correspondingly, based on the ASX closing price of A$0.021 for ordinary shares and a closing price of A$0.012 for the 2017 options, on June 16th, 2014, the Company has a current market capitalization of approximately A$62.33 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.
