19/02/2010 00:00:00

Samson Oil & Gas Advises the Gene #1-22H Well Ready to Frac

Related content

Gene #1-22H

(30.6% working interest)

Samson Oil & Gas Limited (ASX: SSN)(NYSE AMEX: SSN) advises that the

Nabors 668 rig was released as scheduled on February 16th

after successfully running 5,500 feet of production liner, thus readying

the well for fracture stimulation and production. The liner was run

incident free in just 8.5 hours, completing a very successful drilling

operation that was ahead of time and under budget.

The Operator advises that this well is expected to be fracture

stimulated in mid to late March. Further advice is that the Operator is

expecting to maintain the contract on the Nabors 668 drilling rig

through the balance of the calendar year, alternating between the North

Stockyard Oilfield and other wells in the immediate area. Samson

therefore expects several additional wells will be drilled during 2010

in the six 640 acre sections in which Samson has equity.

The production liner run at Gene #1 22H is the same type as is generally

used by the industry in the Williston Basin. The liner has external

packers that swell and seal the liner through the absorption of drilling

fluids. This eliminates the need to cement the liner, which would fill

the natural fractures in the target formation and inhibit hydrocarbon

flow.

The external packer system has been largely responsible for the recent

success of the Bakken Formation and, more recently, in the development

of the “perf and plug” technique that has established record production

levels within the Formation

Once the production liner is set, and the drilling rig released, a

perforation gun equipped with a plug is pumped into the liner on a wire

line. The plug is electrically set and seals the previous fracture

stimulated stage then four single perforations are sequentially fired

along a 200-foot section between two of the external packers (One

stage). The proppant is then pumped and a fracture is initiated and

rather than propagating a single fracture "swarm" there is the potential

to initiate four "swarms" through each of the perforations. This is

achieved because the weakest rock breaks down first and as that frac

grows the friction losses increase and diverts to the next weakest rock

and then the third and fourth.

When all of the sixteen 340-foot stages have been fracture stimulated,

the plugs separating the stages are reamed out and the well is placed in

production.

The Gene #1-22H is the second well in which Samson has an interest

within the North Stockyard field. The previously drilled Leonard well

established the productivity of the Bakken in this field. However

significant improvements in completion technology have occurred in the

intervening two years that are now being applied to the Gene well,

including the “plug and perf” method described above and the utilization

of higher strength proppants. Samson currently expects that the Gene

#1-22H and other wells in the North Stockyard field will add significant

oil production to its existing producing assets.

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 AMEX under the symbol

"SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson.

Samson has a total of 1,294 million ordinary shares issued and

outstanding, which would be the equivalent of 64.7 million ADSs.

Accordingly, based on the NYSE AMEX closing price of US$0.48 per ADS on

February 16th 2010 the company has a current market

capitalization of approximately US$31.06 million. Correspondingly, based

on the ASX closing price of A$0.028 on February 16th, 2010,

the company has a current market capitalization of A$36.2 million.

For and on behalf of the board of

SAMSON OIL & GAS LIMITED

TERRY BARR

Managing Director

Statements made in the presentation that is available on Samson’s

website 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 Company's

registration statement and report to the U.S. Securities and Exchange

Commission on Form 20-F, as amended, a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.

Samson Oil & Gas Limited

Terry Barr, CEO, 303-296-3994

US

cell: 970-389-5047

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Deutsche Telekom and Orange are having exploratory discussions with BT
2
SDRL - Seadrill Limited Announces Third Quarter 2014 Results
3
Announcement in accordance with the Securities Trading Act § 29
4
LVMH General Meeting of November 25, 2014 - Exceptional distribution in kind of shares of Hermès International
5
Black Hills Corp. Receives Approval to Acquire Northeastern Wyoming Gas Utility Assets

Related stock quotes

Samson FPO 0.02 0.0% Stock price unchanged
Euroinvestor around the globe: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
26 November 2014 17:14:38
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20141125.1 - EUROWEB4 - 2014-11-26 18:14:38 - 2014-11-26 17:14:38 - 1000 - Website: OKAY