"Obviously commercial quantity because the foward plan is to prepare for production."
No where in the announcement does it state that SSN has found commercial quanitity of oil. As much respect I have for TB, this announcement is very poorly released.
IF we do have oil, then mention it, don't work it so people can question it or so it leave's shareholders guessing. On the other hand, if there isn't any oil, tell us and don't drag it out for weeks to see if the "might" be.
This could have been a simple black and white announcement. Here is what I would have rathered (if there was oil found),
"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. Oil was recovered along with the frac fluid and the forward plan for this well is to install the down hole pump and prepare the well for production operations. We are currently running extensive production tests and 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."
And vice versa if there wasn't any found. This was just a poorly released and IMO uninformative announcement that creates ALOT of doubt, and in this market it is not what anyone needs.
ps. I do still have alot of respect for the main man
SSN Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
