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:
Q1 | Q2 | JULY | AUGUST | |||||||||||||
OIL, BO | 29,408 | 50,639 | 17,310 | 7,791 | ||||||||||||
GAS, MCF | 48,518 | 50,141 | 17,820 | 14,569 | ||||||||||||
BOE | 37,494 | 58,996 | 20,280 | 10,219 | ||||||||||||
BOEPD | 417 | 656 | 654 | 330 | ||||||||||||
There were several errors in the table presented in last week’s release, the table above has been corrected and uses the most recent data available.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard consists of 8 middle Bakken wells that have been drilled and 22 Three Forks wells. The Three Forks wells consist of 8 First Bench Three Forks wells, 6 Second Bench Three Forks wells, and 8 Third Bench 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 | Frac scheduled for end of Sept | NA | NA | NA | ||||||||||||||||||
Sail and Anchor 4-13-14HBK | 6,375 ft. | Bakken | Shut in for completion of Bootleg wells | 1,323 | SI | 57,669 | ||||||||||||||||||
Blackdog
3-13-14 HBK |
8,383 ft. | Bakken | Shut in for completion of Bootleg wells | 1,995 | SI | 109,884 | ||||||||||||||||||
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 | Shut in for 2nd Bootleg pad completion | 1,078 | SI | 58,452 | ||||||||||||||||||
Coopers
2-15-14HBK |
6,360 ft. | Bakken | Shut in for 2nd Bootleg pad completion | 556 | SI | 47,064 | ||||||||||||||||||
Little Creature
3-15-14HBK |
7,578 ft. | Bakken | Shut in for 2nd Bootleg pad completion | 501 | SI | 72,291 | ||||||||||||||||||
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 | Shut in | 1,117 | SI | 26,280 | ||||||||||||||||||
Matilda Bay
1-15-HBK |
4,215 ft. | Bakken | Shut in for 2nd Bootleg pad completion | 318 | SI | 1,100 | ||||||||||||||||||
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 1 | Flowing | 595 | 457 | 4,155 | ||||||||||||||||||
Bootleg
5-14-15TFH |
7,495 ft. | Three Forks 1 | Flowing | 482 | 330 | 2,601 | ||||||||||||||||||
Ironbank
4-14-13TFH |
7,466 ft. | Three Forks 1 | Drilling curve | NA | NA | NA | ||||||||||||||||||
Ironbank
5-14-13TFH |
7,495 ft. | Three Forks 1 | 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 1 | Frac scheduled for last half Sept | NA | NA | NA | ||||||||||||||||||
Bootleg
7-14-15TFH |
6,973 ft. | Three Forks 1 | Frac scheduled for last half Sept | NA | NA | NA | ||||||||||||||||||
Bootleg
8-14-15TFH |
6,771 ft. | Three Forks 2 | Frac scheduled for last half Sept | NA | NA | NA | ||||||||||||||||||
Ironbank
6-14-13TFH |
7,434 ft. | Three Forks 1 | APD approved | NA | NA | NA | ||||||||||||||||||
Ironbank
7-14-13TFH |
7,458 ft. | Three Forks 1 | APD approved | 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
The Bootleg 4 and 5 wells are flowing, early rates are dominated by frack fluids and therefore higher oil rates are anticipated after these fluids are recovered.
Bootleg 6 and 7 have completed the cased hole logging program and have been pressure tested and are both ready to frack.
Bootleg 8 has been prepared for the running of a frack string. The Bootleg 6, 7 and 8 fracks are scheduled for the last half of Sept. Each well is programmed for a 30 stage frack.
Frontier Rig 24 is drilling the curve on Ironbank 4-14-13TFH at a depth of 10,923 feet. This well is targeting the Three Forks bench 1 and is the first of four the easterly directed laterals.
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* | 28.386330% | 21.715553% | ||||||
Bootleg 8-14-15H | 28.386330% | 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.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys
1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled and fracked and is 10,000 foot lateral in the middle member of the Bakken Formation.
Lateral length | Objective | Status | IP rate BOPD | Avg. Rate BOPD# | Cum to Date BO | |||||||||||||||||||
Gladys 1-20H | 9,558 ft. | Middle Bakken | Flowing | 550 | 550 | 2,892 | ||||||||||||||||||
Gladys has been on stream for 4 days and the IP rate and the average rate are the averages for those 4 days. The total oil produced includes 717 BO produced during the coil tubing operation. The early production data from Gladys is in line with Samson’s type curve however, it is expected that the oil rate will improve and this has been demonstrated by a lift in the rate on the 14th of September to 695 BOPD.
SOUTH PRAIRIE PROJECT, WARD COUNTY, NORTH DAKOTA
York
#3-9 well (SSN 25%)
The York #3-9 well located in T156N R82W S3 on the eastern flank of the Williston Basin spud over the weekend and surface casing was set and cemented. Preparations are currently being made to drill out of the surface casing to a total depth of approximately 5,000 feet. The York #3-9 well will test the Pubco Prospect which targets the Glenburn zone of the Mississippian Mission Canyon Formation. The York #3-9 well will be the first test of three different Glenburn structural closures mapped along the Prairie Salt dissolution edge on the South Prairie 3-D seismic survey.
REPORTING FORMAT
Samson has decided that it will revert to a regular monthly reporting format unless there is a need to announce a specific well result in accordance with our full disclosure policy. The monthly reports will be published on the Monday/Tuesday of the second week in the month and will include details of individual wells and the Company’s prior month’s production. This reporting format is expected to deliver a more meaningful report on the Company’s activities.
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$0.35 per ADS on Sept 15th, 2014, the Company has a current market capitalization of approximately US$51.3 million (the options have been valued at an exchange rate of 0.8996). Correspondingly, based on the ASX closing price of A$0.020 for ordinary shares and a closing price of A$0.009 for the 2017 options, on Sept 15th, 2014, the Company has a current market capitalization of approximately A$58.6 million.
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.