SAMSON OVERVIEW Samson Oil & Gas Limited is a dual national Australian/American oil and gas company holding extensive development and exploration acreage in the USA. KEY INFORMATION ASX NYSE MKT Exchange / Ticker Dual Listed SSN…
OIL PRICE The slide in oil price to below 45 has had the following consequences for Samson: Curtailment of North Stockyard infill program. Timely because the middle Bakken and Three Forks 1 drilling is ASX: SSN complete. Able…
OIL PRICE Price slide has been effective in the industry in two aspects: Rig lay downs most seen since BHI have been ASX: SSN keeping data. Service providers reacting to stay in business. Last two fracks initially priced at 3…
OIL PRICE Samson has two projects that work at a 50 price point: Bluff The Bluff Project is very attractive at a 50 per bbl oil price. ASX: SSN Key elements of trap and reservoir known. New Play Geology and engineering of this…
PROJECT LOCATIONS 2014 Strategy: Developing shale oil resources on the Companys Bakken (Williston Basin) acreage and realization of exploration upside on its Hawk Springs (D-J Basin) Project. North Stockyard Project Rainbow Project…
2015 INVESTMENT STRATEGY Produce existing inventory of North Stockyard and Rainbow wells. Drill the downdip Bluff prospect well, extremely attractive economics at 50 per bbl. ASX: SSN Complete the commercial arrangements for a…
BAKKEN INVENTORY North Stockyard 13 TF2 well locations dependent of Bootleg 8 performance. Ironbank 6 and 7 due for completion in around 45 days time. Rainbow ASX: SSN Gladys was a modest well on free flow. 10,000 foot lateral…
BLUFF PROJECTS UNEXPECTED RESULTS Flowed 8 MMCFPD of mostly nitrogen. Reservoir quality proven with an excellent 300 to 500 md of permeability and porosity of 18%. Efficacy of the trap has been proven. ASX: SSN 3D data set…
BLUFF 1-11X ATTRIBUTES Oil fields often have gas caps. Because of the lower density, gas always sits at the crest of a trap. Bluff deliberately drilled at the crest. ASX: SSN Critical question to be determined is whether…
BLUFF GAS ANALYSIS RESULTS 97% N2, 3% Methane and heavier gases. Hydrocarbons indicates an organic source. N2 isotopes suggest thermogenic origin. ASX: SSN Noble gas isotopes yet to be determined. NYSE: SSN 13
BLUFF 1-11X Pressure transient analysis (PTA) completed after a 40-hour flow test and 240 hour shut in to monitor the pressure response. PTA, an accepted and rigorous industry standard ASX: SSN numerical technique, sees changes…
BLUFF PTA Task is to take the observed pressure data (triangles in the following slide) and match that response to determine a set of reservoir and reservoir fluids properties. ASX: SSN Derived outcomes: Permeability 300 md.…
NYSE: SSN ASX: SSN BLUFF PTA 16
BLUFF 3D SIMULATOR Task is to build a numerical simulator that consists in this case of 300,000 cells with 3 feet sided dimension, and follows the 3D seismic determined outlines. Each cell is given a discrete set of rock and fluid…
BLUFF 3D SIMULATOR Type Curve Comparison (Field, Analytical Composite Model, Numerical Simulation) 10 1 ASX: SSN Dy/q or Derivative Dy/q field 0.1 Dy/q comp Dy/q sim Derivative Field Derivative Comp NYSE: SSN…
BLUFF 3D SIMULATOR ASX: SSN NYSE: SSN 19
BLUFF 3D SEISMIC 3D seismic data reprocessed with the fluid knowledge of the two wells drilled in the project area. SOA2 was water saturated, Bluff 1 was N2 saturated. As anticipated these fluids can be distinguished in the 3D data…
BLUFF 3D SEISMIC ASX: SSN NYSE: SSN 21
ATTRIBUTE CROSS PLOT ASX: SSN NYSE: SSN BLUFF GAS CAP 22
3D ATTRIBUTES AND SIMULATOR Vp/Vs Inversion Density Inversion Outline Outline ASX: SSN NYSE: SSN 500ft 1725ft 23
BLUFF CONCLUSIONS PTA suggests a fluid boundary 600 feet from the well bore. 3D simulator confirms this conclusion. ASX: SSN 3D seismic attributes are collaborative. Downdip oil leg is then a possibility. NYSE: SSN Rock…
BLUFF CONCLUSIONS Using a 50 per bbl oil price NPV10 is 8.3 million. 3D simulator used to develop a type curve for wells in the oil leg. EUR is 550,000 bbls. ASX: SSN IP rate of 500 BOPD. Wells are conventional vertical…
2014 RESERVES PDP PDNP PUD PROVED NPV 10 NPV 10 NPV 10 NPV 10 MBOE MBOE MBOE MBOE million million million million Mar 14 685 25.78 139 4.48 631 8.92 1,455 39.19 ASX: SSN June 14 1,032 33.27 170 6.48 552 9.95 1,753 49.70…
LIQUIDITY US000 Cash 3.881 September quarter product sales 3.000 Additional debt 3.500 Proceeds from hedging 0.600 ASX: SSN JIB receivable 0.815 TOTAL 11.796 NYSE: SSN Facility Rate 3.25% + LIBOR Term 3 years Base 19…
LIQUIDITY 14 11.796 Million Available 12 10 8 ASX: SSN 6 4 NYSE: SSN 2 0 Cash Q2 2015 Product Available Debt Hedging JIB Receivable TOTAL Sales Proceeds Favorable Facility Terms Rate: 3.25% + LIBOR Term: 3…
SUMMARY Primary infill development completed in North Stockyard. Bakken drilling curtailed until oil price is stabilized and recovered . Focus is on two projects that respond well to a 50 per bbl price point. Conventional acreage in…
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