It would be interesting to see how Roosevelt would have performed if drilled by a more experienced company and if Gretel 2 and Australia 2 were in the optimum locations considering there was no 3 D seismic. At this stage Roosevelt is still for sale and most likely be sold but I would like to see SSN do a JV with a quality company to see what options may exist with little to no expense to SSN.
Defender was the best performing well out of the 4 exploratory locations which was drilled by HAL but it would take more than 1 well IMO to determine the Niobrara and its success. I know SSN will drill the Bluff Federal (the conventional targets) with a Joint Venture partner but with little success from SOA 1&2 I see this as unlikely to be commercial but has a better chance without SSN as the operator.
SSN over the last 2-3 years have struggled to complete their leases as the operator which become more evident in the recent drilling of North Dakota considering it should have been straight forward and wasn’t exploratory.
Cheers Matsim
SSN Price at posting:
2.4¢ Sentiment: None Disclosure: Not Held
