Samson Oil & Gas (ASX: SSN) is an Australian based oil & gas company holding extensive development and exploration acreage in the USA. Samson's business strategy is to create value by focusing on the USA energy sector and in particular exploration for and production of gas.
Samson Oil & Gas on the move in the US
US-focussed Samson Oil & Gas (ASX: SSN, NYSE AMEX: SSN) has today provided an update on its US projects underway.
The Gene #1-22H well (30.65 interest) located in N. Stockyard oilfield is scheduled to be fracture stimulated on March 29th. The well has been drilled as a 5,500 foot horizontal in the middle Bakken Formation and has been cased with external casing packers in the zone of interest.
Road access and well site civil works are close to being completed on the Ripsaw #1 well (95% interest) in the Texas Gulf Basin onshore and adjacent to production.
The company said it anticipates a rig, the Black Creek Drilling Inc. Rig #2, will be mobilized to the well location on March 22nd. The well will spud one to two days later.
The Ripsaw well is evaluating a Yegua Formation channel indentified seismically and known to be gas productive in offsetting wells. The prospect has potential resource of 1.0 Bcf.
The work over of the State GC #2 (37% working interest) well is progressing but, as is customary, the operations are being conducted on a 12 hour basis.
The first of the three Bone Spring zones that are being evaluated has been perforated and tested. That test indicated that the zone is capable of producing oil but will require fracture stimulation. An estimate of the expected post fracture stimulation flow rate has yet to be made.
A$40.1 million market-capped Samson said today once the current work over operations are complete, the estimate will be performed as part of the stimulation design work. The stimulation is subject to crew availability but is currently expected be scheduled for late April or early May.
