SSN: US$10.9 million in cash and US$6 million in debt as of April 30th 2014. (From June 10th Enercom presentation)
SSN furthermore: $25 million debt facility. $8 million initial base, expected to increase
to $15.5 million.
From latest SSN quarterly report:
"LIQUIDITY
Estimated sources of cash for the next quarter are
as follows:
US$’000’s
Current cash on hand
5,753
Net proceeds from equity raise (completed in April 2014)
5,000
Cash receipts from oil and gas sales
3,700*
Further debt drawdown
2,000
Estimated
increase in credit facility borrowing base**
5,000
**
TOTAL
21,453" (YES THATS $21,453,000)
SSN Total production as of latest weekly PR: 694 BOEPD
Ready to double on Bootleg 4-14-15TFH, Bootleg 5-14-5TFH and Billabong 2-13-14HBK imho.
Remember the PR from 07/25/2013:
"(...)Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that drilling operations continue on the Billabong 2-13-14HBK. The well has been drilled vertically to a kick off point at 10,804 feet (MD/TVD) and presently completed the curve at 11,950 feet (MD). The Upper Bakken Shale formation was logged at 11,500 (MD). Gas levels rose sharply through the Upper Shale, increasing from a background of 200 units to over 900 units. Abundant oil staining was observed in samples taken from the Upper Bakken Shale and the Upper Middle Bakken silty sandstone. (...)"
And 4 days later the PR from 07/29/2013:
(....) Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that it is presently drilling ahead in the lateral portion of the Billabong 2-13-14HBK well at a depth of 13,850’ MD. Gas levels have remained at over 2000 units and abundant oil staining has been observed in samples while drilling the Middle Bakken silty sandstone."
IMHO Billabong will be much bigger then Blackdog with longest lateral. IMHO Billabong is right where the sweetest spot is.
SSN Price at posting:
2.1¢ Sentiment: None Disclosure: Unspecified
