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1.5¢ samson oil & gas limited

Ann: Form 10Q for the quarter 31 December 2016, page-3

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Chrysipp37

239 Posts.

24/02/17

07:08

Post #: 22864364
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Originally posted by skull20003 ↑

We plan to continue to assess the results of both the acid stimulation and the fresh water clean out, however it currently appears as if the remaining 18 wells to
be worked over in Foreman Butte Field would be better suited for fresh water cleanouts rather than multi-stage acid stimulations. Importantly a fresh water
clean out is substantially less expensive ($100,000) than an acid stimulation ($500,000).

Additionally, two new horizontal laterals are currently being planned to be drilled out of the Maris 1-16H wellbore this spring. The first will test the Ratcliffe
Formation of the Mississippian Madison Group. The second will test the Mission Canyon Formation of the Mississippian Madison Group. The lateral in the
Ratcliffe Formation will help define the pressure depletion radius from the existing producing wellbores which will ultimately determine the number of PUD’s
(proven undeveloped drilling locations) we can drill in this reservoir. Third-party pressure modelling of the Ratcliffe reservoir shows that relatively high
reservoir pressure resides approximately 500 feet away from the Maris 1-16 surface location. It is estimated that this new lateral could produce at around 300
BOPD if the third-party pressure modelling proves to be correct. The second lateral in the Mission Canyon Formation will test an undeveloped reservoir that
could prove up a new oil field with the potential for many additional well locations.

So basically SSN going with water then acid 400K less each well plus better results second this spring SSN will drill a new well 500feet away from Maris will result in new proved land

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They will have to raise money first IMHO..
CR coming soon?

Or another rabbit outta da hat?

We all know, that they'll have to find a solution within the next few months ...

The good thing is: we'll know soon if SSN has got a future or not...

All imho.

c

SSN Price at posting: 0.5¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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