Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that it has
filed the following letter with the ASX on January 20, 2017. The letter
was sent in response to a query from the ASX with regards to the
increased price and volume of trading in the securities of Samson Oil &
Gas Limited on the ASX during January 20, 2017.
For and on behalf of the board of
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”, “project”, “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.
20
January 2017
Mr Jeremy Newman
ASX Compliance Pty Limited
Level
40, Central Park
152-158 St Georges Terrace
PERTH WA 6000
Dear
Mr Newman
PRICE AND VOLUME QUERY
We refer to your letter dated 20 January 2017 in which you have
requested a response to the following questions with regards to the
increased price and volume of trading in the securities of Samson Oil &
Gas Limited
We advise:
-
Is the Company aware of any information concerning it that has not
been announced to the market which, if known by some in the market,
could explain the recent trading in its securities?
The
Company is not aware of any information concerning it that has not
been released.
-
Is there any other explanation that the Company may have for the
recent trading in its securities?
The Company has no
other explanation for the price change in the securities of the
Company.
-
Please confirm that the Company is in compliance with the Listing
Rules and, in particular, Listing Rule 3.1.
We
confirm that the Company is in compliance with the Listing Rules and
in particular Listing Rule 3.1.
-
We confirm that the Company’s responses to the questions above have
been authorized and approved by the board and an officer of the
Company with delegated authority from the board to respond to ASX on
disclosure matters.
Yours faithfully
For and on Behalf of the Board of
SAMSON OIL & GAS LIMITED
DENIS RAKICH
Director and Company Secretary
20
January 2017
Mr Denis Rakich
Company Secretary
Samson Oil and Gas Limited
By email:
Dear Mr Rakich
Samson Oil and Gas Limited (the “Company”): ASX price and volume query
We note the change in the price of the Company’s securities from a
closing price of $0.004 on Thursday, 19 January 2017, to an intraday
high of $0.006 today, 20 January 2017.
We also note the significant increase in the volume of the Company’s
securities traded in the past few trading days.
In light of this, ASX asks the Company to respond separately to each of
the following questions and requests for information:
-
Is the Company aware of any information concerning it that has not
been announced to the market which, if known by some in the market,
could explain the recent trading in its securities?
-
If the answer to question 1 is “yes”:
a) Is the Company
relying on Listing Rule 3.1A not to announce that information under
Listing Rule 3.1?
Please note that the recent trading in
the Company’s securities would suggest to ASX that such information
may have ceased to be confidential and therefore the Company may no
longer be able to rely on Listing Rule 3.1A. Accordingly, if the
answer to this question is “yes”, you need to contact us immediately
to discuss the situation.
b) Can an announcement be made
immediately?
Please note, if the answer to this question is
“no”, you need to contact us immediately to discuss requesting a
trading halt (see below).
c) If an announcement cannot be
made immediately, why not and when is it expected that an announcement
will be made?
-
If the answer to question 1 is “no”, is there any other explanation
that the Company may have for the recent trading in its securities?
-
Please confirm that the Company is in compliance with the Listing
Rules and, in particular, Listing Rule 3.1.
-
Please confirm that the Company’s responses to the questions above
have been authorised and approved in accordance with its published
continuous disclosure policy or otherwise by its board or an officer
of the Company with delegated authority from the board to respond to
ASX on disclosure matters.
When and where to send your response
This request is made under, and in accordance with, Listing Rule 18.7.
Your response is required as soon as reasonably possible and, in any
event, by not later than 12:30 pm (WST) today, 20 January 2017.
If we do not have your response by then, ASX will have no choice but to
consider suspending trading in the Company’s securities under Listing
Rule 17.3.
You should note that if the information requested by this letter is
information required to be given to ASX under Listing Rule 3.1 and it
does not fall within the exceptions mentioned in Listing Rule 3.1A, the
Company’s obligation is to disclose the information “immediately”. This
may require the information to be disclosed before the deadline set out
in the previous paragraph.
ASX reserves the right to release a copy of this letter and your
response on the ASX Market Announcements Platform under Listing Rule
18.7A. Accordingly, your response should be in a form suitable for
release to the market.
Your response should be sent to me by e-mail at jeremy.newman@asx.com.au
and tradinghaltsperth@asx.com.au.
It should not be sent directly to the ASX Market Announcements Office.
This is to allow me to review your response to confirm that it is in a
form appropriate for release to the market, before it is published on
the ASX Market Announcements Platform.
Listing Rules 3.1 and 3.1A
Listing Rule 3.1 requires a listed entity to give ASX immediately any
information concerning it that a reasonable person would expect to have
a material effect on the price or value of the entity’s securities.
Exceptions to this requirement are set out in Listing Rule 3.1A.
In responding to this letter, you should have regard to the Company’s
obligations under Listing Rules 3.1 and 3.1A and also to Guidance Note 8 Continuous
Disclosure: Listing Rules 3.1 – 3.1B.
It should be noted that the Company’s obligation to disclose information
under Listing Rule 3.1 is not confined to, nor is it necessarily
satisfied by, answering the questions set out in this letter.
Trading halt
If you are unable to respond to this letter by the time specified above,
or if the answer to question 1 is “yes” and an announcement cannot be
made immediately, you should discuss with us whether it is appropriate
to request a trading halt in the Company’s securities under Listing Rule
17.1.
If you wish a trading halt, you must tell us:
-
the reasons for the trading halt;
-
how long you want the trading halt to last;
-
the event you expect to happen that will end the trading halt;
-
that you are not aware of any reason why the trading halt should not
be granted; and
-
any other information necessary to inform the market about the trading
halt, or that we ask for.
We may require the request for a trading halt to be in writing. The
trading halt cannot extend past the commencement of normal trading on
the second day after the day on which it is granted.
You can find further information about trading halts in Guidance Note 16 Trading
Halts & Voluntary Suspensions.
If you have any queries or concerns about any of the above, please
contact me immediately.
Yours sincerely
[Sent electronically without signature]
Jeremy Newman
Senior Adviser, ASX Listings Compliance (Perth)
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