Samson Oil & Gas Limited (ASX:SSN; NYSE MKT:SSN):
TOTAL COMPANY PRODUCTION
Samson Oil and Gas Limited’s (“Samson” or the “Company”) net monthly
production, for the last six months, is as follows;
|
|
April
|
|
May
|
|
June
|
|
July
|
|
August
|
|
Sept
|
OIL, BO
|
|
29,821
|
|
31,385
|
|
27,089
|
|
21,417
|
|
20,659
|
|
18,921
|
GAS, MCF
|
|
19,064
|
|
18,309
|
|
19,808
|
|
26,286
|
|
32,288
|
|
32,541
|
BOE
|
|
32,998
|
|
34,437
|
|
30,391
|
|
25,798
|
|
26,040
|
|
24,344
|
BOEPD
|
|
1,064
|
|
1,111
|
|
1,013
|
|
832
|
|
840
|
|
785
|
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
COMMENTARY
Production from North Stockyard was maintained at around 2,200 barrels
of oil per day (gross field production). All wells in the field are on
line with the exception of Billabong which requires a complete clean out
of the lateral; sand and plug parts from the completion still remain in
the lateral restricting oil flow. Bootleg 4 and 5 are on a restricted
flow due to state mandated gas capture regulations and Bootleg 7 will be
shut in for a short period to switch out the pump.
HEDGE BOOK
The Company’s hedge portfolio is as follows:
Calendar year
|
|
Volume bbls.
|
|
Floor
|
|
Ceiling
|
|
|
2016
|
|
2,788
|
|
$85.00
|
|
$89.85
|
|
|
|
|
|
|
|
|
|
|
|
Calendar year
|
|
Volume bbls
|
|
Sub Floor
|
|
Floor
|
|
Ceiling
|
2015
|
|
27,600
|
|
$45.00
|
|
$32.50
|
|
70.25
|
2016
|
|
36,600
|
|
$67.50
|
|
$82.50
|
|
-
|
2016
|
|
27,450
|
|
$40.00
|
|
$55.00
|
|
$80.00
|
As of October 9, 2015 the book value of the hedge was approximately
$550,000 as valued by Samson’s counterparty.
SPIRIT OF AMERICA US34 #1-29
The SOA US34 #1-29 well is currently waiting on a swabbing unit to
remove a full column of fluid out of the wellbore to allow the well to
flow freely. The location received substantial rainfall over the last
two weeks and once the location is dry, the swabbing unit will move in
to swab the wellbore. After the swabbing is completed, a plunger lift
system will then be used to continuously lift fluid from the wellbore.
BADGER #1
Samson has been notified by the operator of the Badger #1 well that the
Capstar Rig 311 spudded the well on October 9th. Surface casing has been
set and cemented to a depth of 885 feet. The present operation is
drilling ahead at a depth of 1,663 feet. The Badger #1 well is located
in Section 29 of Township 157N, Range 81W in Ward County, North Dakota.
Samson has a 25% working interest in the well, which will target the
Wayne zone of the Mississippian Mission Canyon Formation at an expected
depth of 4,800 feet. The prospect is a 4-way structural closure that has
the potential for up to 6 development wells if successful..
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$0.82 per ADS on
October 12th, 2015, the Company has a current market
capitalization of approximately US$11.8 million (the options have been
valued at an exchange rate of 0.7332). Correspondingly, based on the ASX
closing price of A$0.005 for ordinary shares and a closing price of
A$0.001 for the 2017 options, on October 12th, 2015, the
Company has a current market capitalization of approximately A$14.4
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.
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