Samson Oil & Gas Limited (ASX: SSN; NYSE AMEX: SSN) advises that fracture stimulation is complete and flow back operations are continuing, with 25% of the frac fluid being recovered. All of the cement plugs have been successfully drilled out so that the flow is only restricted at the surface choke. The forward plan for this well is to install the down hole pump and prepare the well for production operations. We anticipate it will take a few weeks to fully evaluate the results. The Defender US33 #2-29H is the first Niobrara appraisal well in Samson’s Hawk Springs project.
What to make of todays announcements and what are the positives.
1.A huge relief to many including myself
2.We now know with some cetatainty that Hawks springs is not dry or just a water hole....,it "does" contain oil.
3.How much oil?......who knows?
Obviously commercial quantity because the foward plan is to prepare for production.
4.Short termers cleansed out today.
5.It seems Terry Barr is likley to stay the course now and won't be spitting the dummy and pack his bags as did CHK.
6.SSN & HAL finally understand the Hawk Springs potential.
Could TB and HAL end up as partners, in the purchase and development of CHK's Hawk Springs acreage?
SSN Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
