Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson’s net monthly production, for the last six months, is as follows:
|
|
|
|
October
|
|
|
November
|
|
|
December
|
|
|
January
|
|
|
February
|
|
|
March
|
OIL, BO
|
|
|
|
6,591
|
|
|
17,619
|
|
|
18,906
|
|
|
15,221
|
|
|
22,590
|
|
|
26,893
|
GAS, MCF
|
|
|
|
11,861
|
|
|
9,363
|
|
|
12,102
|
|
|
15,384
|
|
|
21,694
|
|
|
26,555
|
BOE
|
|
|
|
8,567
|
|
|
19,180
|
|
|
20,923
|
|
|
17,785
|
|
|
26,206
|
|
|
31,408
|
BOEPD
|
|
|
|
285
|
|
|
618
|
|
|
675
|
|
|
574
|
|
|
845
|
|
|
1,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Samson’s net production for March continued to grow as the results of
the 2014 infill drilling in North Stockyard are incorporated. Seven
wells remain shut in as the Operator manages the field with minimal
operating cost in response to the current oil price. Given that all of
the wells have been drilled and fracked, the individual well reports
will be discontinued, however we will provide mid-monthly production
reports with commentary.
COMMENTARY
North Stockyard has a total well count of 23 wells made up of 14 middle
Bakken, 8 Three Forks bench 1 (TF1), and 1 Three Forks bench 2 (TF2)
wells. Rainbow has a single middle Bakken well. The status of these
wells at the end of April was as follows:
|
|
|
|
Middle Bakken
|
|
|
TF 1
|
|
|
TF 2
|
Well count
|
|
|
|
15
|
|
|
8
|
|
|
1
|
Producing
|
|
|
|
12
|
|
|
5
|
|
|
0
|
Shut in
|
|
|
|
3
|
|
|
3
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
HEDGE BOOK
In early April, Samson closed out its 2015 hedge book to crystalize that
value of $1.2 million and some additional down side protection was put
in place in the form of deferred puts which will capture any future
upside in the oil market. The hedged portfolio is now as follows:
Calendar year
|
|
|
Volume bbls.
|
|
|
Floor
|
|
|
Ceiling
|
2016
|
|
|
2,788
|
|
|
$85.00
|
|
|
$89.85
|
|
|
|
|
|
|
|
|
|
|
Calendar year
|
|
|
Volume bbls
|
|
|
Sub Floor
|
|
|
Floor
|
2015
|
|
|
73,500
|
|
|
45.00
|
|
|
32.50
|
2016
|
|
|
36,600
|
|
|
67.50
|
|
|
82.50
|
|
|
|
|
|
|
|
|
|
|
As at April 10th, 2015 the book value of the hedge was
approximately $480,000, valued by Samson’s counterparty.
RESERVES
Samson commissioned Ryder Scott Company to determine its reserve as at
March 1st. This was done to capture the Proved Developed
Producing reserves value from several additional wells bought on line in
North Stockyard after January 1st, the date of our last
report. The net present value (NPV10) was calculated at a 10%
discount rate using the New York Mercantile Exchange (NYMEX) strip price
adjusted for regional differences. As of March 1st, 2015 our
reserves and NPV10 are:
|
|
|
|
PDP
|
|
|
PNP
|
|
|
PROVED
|
Oil MBBLS
|
|
|
|
1,133
|
|
|
430
|
|
|
1,563
|
Plant Products MBBLS
|
|
|
|
1
|
|
|
|
|
|
1
|
Gas MMCF
|
|
|
|
1,273
|
|
|
391
|
|
|
1,664
|
BOE MBBLS
|
|
|
|
1,346
|
|
|
495
|
|
|
1,841
|
NPV 10 M$
|
|
|
|
$27,360
|
|
|
$10,093
|
|
|
$37,453
|
|
|
|
|
|
|
|
|
|
|
|
NYMEX strip price and gas price assumptions:
|
|
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
|
2018
|
|
|
2019
|
|
|
2020
|
|
|
2021
|
Oil per BBL
|
|
|
|
$55.38
|
|
|
$62.62
|
|
|
$65.40
|
|
|
$67.32
|
|
|
$68.98
|
|
|
$70.80
|
|
|
$71.55
|
Plant Products per BBL
|
|
|
|
$19.38
|
|
|
$21.92
|
|
|
$22.98
|
|
|
$23.62
|
|
|
$24.14
|
|
|
$24.78
|
|
|
$25.04
|
Gas peer MMBTU
|
|
|
|
$2.87
|
|
|
$3.19
|
|
|
$3.47
|
|
|
$3.60
|
|
|
$3.70
|
|
|
$3.80
|
|
|
$4.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 200 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 14.185 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$1.49 per ADS on
April 13th, 2015, the Company has a current market
capitalization of approximately US$21.5 million (the options have been
valued at an exchange rate of 0.7596). Correspondingly, based on the ASX
closing price of A$0.009 for ordinary shares and a closing price of
A$0.002 for the 2017 options, on April 13th, 2015, the
Company has a current market capitalization of approximately A$26.0
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