Samson Oil & Gas Operational Advisory
Samson Oil & Gas Operational Advisory
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Little Creature 1-15-14H (SSN WI 27.7%)
The Little Creature middle Bakken infill has been drilled to a total depth of 19,430 feet, and a 4-1/2” liner was run and cemented to that depth. The Frontier Rig 24 was released on 9 November 2013. Preparations are underway to move the rig to Blackdog 3-13-14H.
Blackdog 3-13-14H (SSN WI 25.03%)
The Tofte 1 pad has been prepared to receive the Frontier Rig 24 for drilling operations on Blackdog 3-13-14H. The rig move and rig up on location is expected to be completed this week. 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
Following mobilization of the rig to Blackdog 3-13-14H, the Tofte 2 pad will be turned over to fracture stimulation operations associated with the three drilled and completed wells on that pad. This will include Coopers (SSN WI 27.7%), Tooheys (SSN WI 27.7%), and Little Creature (SSN WI 27.7%). Fracking operations are currently expected to commence on or about November 18th and should be completed by early December.
Bluff #1-11 (SSN WI 66%)
Construction of the access road to the Bluff #1-11 well site has commenced. A concrete slab has been constructed across an existing pipeline to allow for access to the drill site. After the concrete pad has cured, the balance of the road and drill pad will be built. Drilling operations are currently expected to commence towards the end of November.
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$0.48 per ADS on November 11th, 2013 the Company has a current market capitalization of approximately US$63.71 million (the options have been valued at an exchange rate of 0.9481). Correspondingly, based on the ASX closing price of A$0.025 for ordinary shares and a closing price of A$0.012 for the 2017 options, on November 11th, 2013, the Company has a current market capitalization of approximately A$66.43 million.
SAMSON OIL & GAS LIMITED
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.
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
970-389-5047 (US cell)