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 | JUNE | |||||||||||||
OIL, BO | 5,767 | 12,180 | 11,154 | 15,775 | 16,654 | 17,838 | ||||||||||||
GAS, MCF | 16,323 | 17,016 | 13,067 | 11,345 | 10,720 | 17,740 | ||||||||||||
BOE | 8,487 | 15,016 | 13,332 | 17,666 | 18,440 | 20,800 | ||||||||||||
BOEPD | 273 | 536 | 430 | 589 | 595 | 694 | ||||||||||||
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 |
6,147 ft. | Bakken | Work Over Completed | NA | NA | NA | ||||||||||||
Sail and Anchor |
6,375 ft. | Bakken | Flowing | 1,323 | 241 | 50,119 | ||||||||||||
Blackdog |
8,383 ft. | Bakken | Flowing | 1,995 | 665 | 89,872 | ||||||||||||
TOFTE 2 PAD |
Lateral length |
Objective |
Status |
IP rate BOPD |
Avg. Rate BOPD# |
Cum to Date BO |
||||||||||||
Tooheys |
6,740 ft. |
Bakken |
Pumping |
1,078 |
194 |
55,402 |
||||||||||||
Coopers |
6,360 ft. |
Bakken |
Pumping |
556 |
217 |
42,848 |
||||||||||||
Little Creature |
7,578 ft. |
Bakken |
Pumping |
501 |
370 |
66,813 |
||||||||||||
MATILDA BAY PAD |
Lateral length |
Objective |
Status |
IP rate BOPD |
Avg. Rate BOPD# |
Cum to Date BO |
||||||||||||
Matilda Bay |
4,215 ft. |
Bakken |
Running rod string |
1117 |
0 |
14,784 |
||||||||||||
Matilda Bay |
4,215 ft. |
Bakken |
Waiting for workover |
318 |
0 |
1,010 |
||||||||||||
TF NORTH PAD |
Lateral length |
Objective |
Status |
IP rate BOPD |
Avg. Rate BOPD# |
Cum to Date BO |
||||||||||||
Bootleg |
7,211 ft. |
Three Forks |
Drilling completed |
NA |
NA |
NA |
||||||||||||
Bootleg |
7,495 ft. |
Three Forks |
Drilling completed |
NA |
NA |
NA |
||||||||||||
Ironbank |
7,466 ft. |
Three Forks |
APD approved |
NA |
NA |
NA |
||||||||||||
Ironbank |
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 |
6,867 ft. |
Three Forks |
Follows BL 7 |
NA |
NA |
NA |
||||||||||||
Bootleg |
6,973 ft. |
Three Forks |
Drilling completed |
NA |
NA |
NA |
||||||||||||
Ironbank |
7,434 ft. |
Three Forks |
APD in prep |
NA |
NA |
NA |
||||||||||||
Ironbank |
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
Frontier Rig 24 has completed drilling the Bootleg 7-14-15TFH Three Forks lateral to a depth of 18,535 feet (MD) and is currently running the 4-1/2 inch production liner which will be cemented. The rig will then skid to Bootleg 6-14-15TFH well to drill the surface, intermediate and lateral well bore.
A workover rig is running the rod string on Matilda Bay 2, and will then commence drilling out the sliding sleeves and will undertake the casing repair job on Matilda Bay 1. Following this workover the fracture stimulation program will be completed.
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 | 28.77220% | 22.01073% | ||||
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.
HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
Bluff 1-11
The working interest owners have agreed to a cased hole testing program that will test three separate zones in the Bluff well. The first zone to be tested will be the Jurassic Canyon Springs Formation, the second zone will be the Jurassic Morrison Formation, and the third zone will be the Cretaceous lower Dakota Formation.
Further consideration is being given to testing a zone in the primary target (the Permian Hartville Formation) following the discussions held in the Joint Venture partner meeting last week. A new analysis of the target zone may indicate the presence of a nitrogen gas cap. Since the well was drilled at the crest of the structural closure, it is be possible that hydrocarbons exist below or downdip of the gas cap. Samson is currently evaluating all of the data to determine the viability of this new analysis.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys 1-20H
The Gladys 1-20H, is a 1,280 acre lateral (approximately 10,000 feet) in the middle Bakken and is currently drilling the vertical segment of the well with Cyclone Rig 25.
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$0.45 per ADS on July 14th, 2014, the Company has a current market capitalization of approximately US$66.42 million (the options have been valued at an exchange rate of 0.9400). 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 July 14th, 2014, the Company has a current market capitalization of approximately A$70.8 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.