Samson Oil & Gas Determines Sabretooth Reservesadmin
Samson Oil & Gas Limited announced today that drilling operations have been completed at the Davis Bintliff #1 well. Casing and cementing operations were completed and the drilling rig was demobilized on the 5th of September. A completion rig will be used to perforate the casing and run the necessary completion tubing and packer. This operation is expected to commence on September 18th and will take approximately 7 days.
Samson currently estimates the proved recoverable reserves associated with the discovery between 12 and 17 BCFE. This estimate has been made using a deterministic volumetric method compliant with the Society of Petroleum Engineers and World Petroleum Congress guidelines set forth in May, 1997. The current Proven class of the estimated reserves is Proven Behind Pipe but this would be expected to be upgraded to Proven Developed Producing as soon as the well is brought on stream following completion operations.
Samson’s net share of this reserve is estimated between 0.80 and 1.2 BCFE and has a net present value calculated at a 10% discount rate, net to Samson of between US$6.2 million and US$7.4 million, utilizing current NYMEX forward pricing forecasts.
The Davis Bintliff #1 well is located in Brazoria County, in Texas’ onshore Gulf Coast producing region.
This reserve estimate was prepared by Robert A. Gardner, Vice President of Engineering at Samson Oil and Gas USA, Inc. Mr. Gardner has 17 years of Oil and Gas experience in determining reserves located in various domestic U.S. producing basins. Mr. Gardner holds a Master’s of Science Degree in Mechanical Engineering and a Master’s of Business Administration. Mr. Gardner is an active member of the Society of Petroleum Engineers and American Society of Mechanical Engineers.
Samson Oil & Gas Limited owns working interests in a number of producing American oil and gas wells and a substantial inventory of proved and undeveloped reserves and exploration concessions located in various productive basins in central and west-central USA. Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol “SSN.” Samson’s American Depository Receipts are traded on the American Stock Exchange under the symbol “SSN,” and each ADR represents 20 fully paid Ordinary Shares of Samson.