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Samson Oil & Gas Limited (ASX: SSN)(NYSE MKT: SSN), having previously announced completion of an institutional Placement and a planned shareholder Rights Offering, outlined its plan for the use of this capital.
In the Rights Offering, Samson will be offering holders of its ordinary shares and ADSs as of the Record Date, expected to be April 4th 2013 (the "Record Date") the right to purchase one share at A$0.025 per ordinary share (approximately US$0.51 per ADS) for every three shares that they own as of the Record Date, together with, for no additional consideration, four transferable options, or warrants, per ten shares purchased in the Rights Offering with an exercise price of A$0.038 per ordinary share (approximately US$0.78 per ADS). The options will have an expiry date of 31 March 2017. Details concerning the Rights Offering are available in the U.S. prospectus for the Rights Offering, which has been filed with the U.S. Securities and Exchange Commission and is available on the SEC’s website at
www.sec.gov. The U.S. prospectus and an Australian prospectus for the Rights Offering are expected to be sent to shareholders on or about 8 April 2013.
The Rights Offering has been priced on the same terms as the institutional Placement.
North Stockyard Field Development Plan(SSN working interest 60%, NRI 49%)
Samson intends to drill six infill development wells in the northern part of the North Stockyard oilfield located in Williams County, North Dakota. The North Stockyard Field is located in the central portion of the Williston Basin where the Bakken Formation is believed to be the deepest and consequently produces at some of the highest rates observed in the Williston Basin. The new infill wells will be drilled immediately adjacent to the three existing Bakken Formation production wells; however the infill development will target both the middle Bakken and the First bench of the Three Forks Formation. There are a total of 14 wells approved in the 160 acre spacing order; 6 in the Bakken and 8 in the Three Forks.