Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson’s net monthly production for the December 2014 quarter is as
follows:
|
|
|
October
|
|
|
November
|
|
|
December
|
OIL, BO
|
|
|
6,591
|
|
|
17,619
|
|
|
18,906
|
GAS, MCF
|
|
|
11,861
|
|
|
9,363
|
|
|
12,102
|
BOE
|
|
|
8,567
|
|
|
19,180
|
|
|
20,923
|
BOEPD
|
|
|
285
|
|
|
618
|
|
|
675
|
Samson’s net production by quarter for the calendar year ended December
31, 2014 is as follows:
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
OIL, BO
|
|
|
29,430
|
|
|
53,317
|
|
|
35,074
|
|
|
43,116
|
GAS, MCF
|
|
|
48,049
|
|
|
47,998
|
|
|
46,581
|
|
|
33,326
|
BOE
|
|
|
37,494
|
|
|
59,041
|
|
|
43,361
|
|
|
48,670
|
BOEPD
|
|
|
416
|
|
|
656
|
|
|
481
|
|
|
540
|
Samson’s net production for the year ended December 31, 2014 compared to
its net production for the year ended December 31, 2013 is as follows:
|
|
|
2013
|
|
|
2014
|
|
OIL, BO
|
|
|
51,994
|
|
|
160,937
|
|
GAS, MCF
|
|
|
174,300
|
|
|
175,954
|
|
BOE
|
|
|
81,044
|
|
|
190,262
|
|
BOEPD
|
|
|
222
|
|
|
521
|
|
The North Stockyard field continues to come back on line as the
remaining three development wells (Billabong, Ironbank 6 and 7) are
fracked. 5 existing wells around these wells remain shut-in whilst the
recently drilled wells are fracked to prevent any damage to the well
bores from this fracking activity. Harsh winter conditions have slowed
the fracking operation.
HEDGE BOOK
Samson has the following hedges in place:
Calendar year
|
|
|
Volume bbls.
|
|
|
Floor
|
|
|
Ceiling
|
2015
|
|
|
18,270
|
|
|
$85.00
|
|
|
$89.85
|
2016
|
|
|
2,788
|
|
|
$85.00
|
|
|
$89.85
|
|
|
|
|
|
|
|
|
|
|
Calendar year
|
|
|
Volume bbls.
|
|
|
Average per month
|
|
|
Swap
|
2014
|
|
|
4,588
|
|
|
4,488
|
|
|
$97.92
|
2015
|
|
|
39,791
|
|
|
3,316
|
|
|
$92.61
|
As at January 9, 2014 the book value of the hedge was $2.7 million as
valued by Samson’s counterparty.
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 of which 9
have been drilled (8 in the First Bench and 1 in the Second Bench).
Given the infill development curtailment there will remain an undrilled
balance of 13 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
|
|
|
Frack scheduled for January
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
Sail and Anchor 4-13-14HBK
|
|
|
6,375 ft.
|
|
|
Bakken
|
|
|
Shut in for frack program
|
|
|
1,323
|
|
|
SI
|
|
|
56,233
|
Blackdog 3-13-14 HBK
|
|
|
8,383 ft.
|
|
|
Bakken
|
|
|
Shut in for frack program
|
|
|
1,995
|
|
|
SI
|
|
|
109,878
|
|
|
|
Lateral length
|
|
|
Objective
|
|
|
Status
|
|
|
IP rate BOPD
|
|
|
Avg. Rate BOPD#
|
|
|
Cum to Date BO
|
Tooheys 4-15-14HBK
|
|
|
6,740 ft.
|
|
|
Bakken
|
|
|
On production
|
|
|
1,078
|
|
|
543
|
|
|
74,806
|
Coopers 2-15-14HBK
|
|
|
6,360 ft.
|
|
|
Bakken
|
|
|
On production
|
|
|
556
|
|
|
388
|
|
|
55,417
|
Little Creature 3-15-14HBK
|
|
|
7,578 ft.
|
|
|
Bakken
|
|
|
Shut in for frack program
|
|
|
501
|
|
|
SI
|
|
|
72,284
|
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
|
|
|
On Production
|
|
|
1,117
|
|
|
82
|
|
|
31,191
|
Matilda Bay
1-15-HBK
|
|
|
4,215 ft.
|
|
|
Bakken
|
|
|
On Production
|
|
|
318
|
|
|
11
|
|
|
12,799
|
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
|
|
|
On production
|
|
|
471
|
|
|
238
|
|
|
54,943
|
Bootleg 5-14-15TFH
|
|
|
7,495 ft.
|
|
|
Three Forks 1
|
|
|
Shut in
|
|
|
NA
|
|
|
SI
|
|
|
49,866
|
Ironbank 4-14-13TFH
|
|
|
7,466 ft.
|
|
|
Three Forks 1
|
|
|
Requires a CTU cleanout
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
Ironbank 5-14-13TFH
|
|
|
7,495 ft.
|
|
|
Three Forks 1
|
|
|
On production
|
|
|
528
|
|
|
471
|
|
|
15,609
|
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
|
|
|
Frack completed, SI
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
Bootleg 7-14-15TFH
|
|
|
6,973 ft.
|
|
|
Three Forks 1
|
|
|
Frack completed, SI
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
Bootleg 8-14-15TFH
|
|
|
6,771 ft.
|
|
|
Three Forks 2
|
|
|
Frack completed, SI
|
|
|
922
|
|
|
NA
|
|
|
922
|
Ironbank 6-14-13TFH
|
|
|
7,434 ft.
|
|
|
Three Forks 1
|
|
|
Drilling completed, awaiting frack
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
Ironbank 7-14-13TFH
|
|
|
7,458 ft.
|
|
|
Three Forks 1
|
|
|
Frack commenced
|
|
|
NA
|
|
|
NA
|
|
|
NA
|
COMMENTARY
Frack operations have commenced on the Ironbank 7 well but have been
hampered by adverse weather conditions. This frack is expected to be
followed by Ironbank 6 and Billabong. A work over rig is currently over
Billabong running the frack string.
#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
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%
|
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys
1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled by Continental Resources to a
total depth of 19,994 feet. The well is a 1,280 acre lateral
(approximately 10,000 feet) 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
|
|
|
SI
|
|
|
717
|
|
|
NA
|
|
|
34,054
|
EXPIRY OF UNLISTED OPTIONS
The following unlisted options have expired, unexercised on 31 December
2014.
Exercise Price
|
|
|
Expiry
|
|
|
Number of options
|
$0.08
|
|
|
31 December 2014
|
|
|
60,500,000
|
$0.164
|
|
|
31 December 2014
|
|
|
4,000,000
|
Following the expiry of the above mentioned unlisted options, the
Company’s capital structure is as follows:
Class of share
|
|
|
Number of options
|
Listed
|
|
|
Ordinary fully paid shares
|
|
|
2,837,782,022
|
|
|
|
Options ($0.038 exp. 31 March 2017)
|
|
|
229,634,519
|
|
|
|
|
|
|
|
Unlisted
|
|
|
Options ($0.155 expiring 31 October 2015)
|
|
|
4,000,000
|
|
|
|
Options ($0.039 expiring 30 November 2017)
|
|
|
4,000,000
|
|
|
|
Options ($0.033 expiring 30 April 2018)
|
|
|
87,033,246
|
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$0.18 per ADS on
January 12th, 2014, the Company has a current market
capitalization of approximately US$26.1 million (the options have been
valued at an exchange rate of 0.8244). Correspondingly, based on the ASX
closing price of A$0.014 for ordinary shares and a closing price of
A$0.003 for the 2017 options, on January 12th, 2014, the
Company has a current market capitalization of approximately A$40.4
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.
Copyright Business Wire 2015