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1.5¢ samson oil & gas limited

Drilling completion costs have been reduced in excess of 50%,...

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buc

7,859 Posts.

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13/04/16

15:33

Post #: 17494258
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Originally posted by cmonaussie ↑

Yep ... just remind me how much money TB made drilling in the Bakken when oil was $80+.

All relative IMO.

Best be closely watching this Qtr's performance. The rabbit was pulled out of the hat for Q1 with the FB acquisition and closure thereof. Free kick from MOB on that Qtr.

The recapitalization process has just begun with the equity Placement of (net)~ US$1.31M. Still means a minimum equity raise of (net) $3.69M to come to satisfy MOB.

Note that this equity is being used for FB Round 1 & Round 2 operations program. I would have thought that SSN had sufficient WC to accomplish this with the Halliburton settlement. existing cash and operating cash flow. Obviously not.

That still leaves $10M to be raised to pay down the BB to $20.5M before June 30th. IMO that is going to take all of TB's genius and genie skills to complete and be able to operate within ALL of the covenants and restrictions of the revised Credit Facility with MOB.

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Drilling completion costs have been reduced in excess of 50%, since 2014. Have you been taking this in to consideration cmonaussie?

SSN Price at posting: 0.6¢ Sentiment: Buy Disclosure: Held
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