“Leads” as used in this context is an industry term, in this case referring to a structural anomaly mapped by existing 2-D seismic that is as yet unproven (from a seismic structural point of view). It is expected that some of these “leads” will not mature into “Prospects” for exploratory drilling. However, it is also possible that the 3-D seismic will identify additional prospects outside of what has been currently identified on the existing 2-D seismic. Most of the targets depend on structural closure, some on stratigraphic closure, which will be defined (or not) using 3-D seismic. “Prospects” as used in this context is a seismically defined feature that has been proven closed by the 3-D seismic.Following the acquisition, processing and interpretation of this 3-D seismic, Samson will contribute at its working interest of 25% to the subsequent drilling program, which will be operated by one of the other joint venture partners. The wells are expected to cost a gross $1.1 million (drill and complete) given the relatively shallow depth of the targets and that the wells will be drilled vertically. Samson’s net revenue interest will be 81% of its working interest.
Samson Oil & Gas Advisory
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