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Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) provides an operational advisory.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Billabong 2-13-14HBK well
Following the completion of the lateral to its planned total depth of 17,613 feet, a 4 ½ inch production liner was run and cemented. During the cementing operation, the cement contractor’s pumping equipment broke down for a period of time, which resulted in the drill pipe being used to run the liner becoming stuck. The drill string was backed off at a free point of 8,972 feet and recovered, leaving 1,800 feet of drill pipe cemented in the hole. Fishing operations to retrieve the drill pipe are proceeding. While those operations are currently utilizing the Frontier 24 drilling rig, that rig is expected to be mobilized early next week to the Tofte 2 pad in preparation to drill the Tooheys well. From that point, fishing operations for any drill pipe left in the Billabong wellbore will utilize a work over rig, which is more cost effective than the drilling rig.
The Tooheys well is targeting the middle Bakken and is planned as a 6,100 foot lateral.
About Samson Oil & Gas Limited
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 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.52 per ADS on August 8th, 2013 the Company has a current market capitalization of approximately US$61.38 million (the options have been valued at an exchange rate of 0.9080). Correspondingly, based on the ASX closing price of A$0.032 for ordinary shares and an closing price of A$0.012 for the 2017 options, on August 8th, 2013, the Company has a current market capitalization of approximately A$77.9 million.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
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.”