Samson Oil & Gas Operational Advisory
June 03 2013 - 8:00PM
Business Wire
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises
on the following operations:
South Prairie Project (Samson 25% non-operated working
interest)
The first well to be drilled in the South Prairie Project, the
Matson #3-1 well (located in Ward County, ND), is anticipated to
spud on schedule. As previously advised, the drilling contractor
CanElson USA was scheduled to mobilize the rig to the well site on
June 10th. While a road ban is presently in effect for heavy
equipment in this portion of North Dakota due to the spring thaw
and heavy rains, it is the operator’s belief that the road ban will
be lifted this week so that the rig may be mobilized to the well
site. If this occurs, the well could potentially be spud by this
weekend. The Matson #3-1 well will be drilled to a total depth of
4,900 feet to test a 420 acre 4-way structural closure in the
Glenburn zone of the Mississippian Mission Canyon Formation. The
Glenburn zone has produced over 2.5 million barrels of oil just 2
miles to the northeast from a similar type of trap at South
Glenburn Field.
North Stockyard (Samson operated North Tier)
The Sail and Anchor 3-13-14 HBK (Horizontal Bakken) well, as
reported last week, attempted a side-track at 14,969 feet. The
side-track attempt at that depth was not achieved, so it was
decided to pull back to 13,400 feet (MD) to side-track in more
favorable geology at the top of the target window. The side-track
at 13,400 feet was successful, and drilling proceeded over the
weekend. Present measured depth is 14,357 feet (MD). Projected TD
is approximately 18,000 feet (MD).
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 2,813 million ordinary shares
issued and outstanding, which would be the equivalent of 141
million ADSs. Accordingly, based on the NYSE MKT closing price of
US$0.47 per ADS on June 3rd, 2013 the Company has a current market
capitalization of approximately US$66.27 million. Correspondingly,
based on the ASX closing price of A$0.024 on June 3rd, 2013, the
Company has a current market capitalization of approximately A$67.5
million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging 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 Samson’s recently
concluded Rights Offering as well as in the Company's annual 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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