Samson spends A$16.5m on US wells
PERTH (miningweekly.com) – A subsidiary of ASX-listed Samson Oil & Gas will pay A$16.5-million to acquire a parcel of oil and gas leases, including producing oil and gas wells, shut-in wells and associated facilities, in North Dakota and Montana.
The properties currently produced about 720 bbl/d of oil, from 41 net producing wells, with the properties estimated to contain a proven reserve of 8.5-million barrels as of October last year.
Samson said on Wednesday that the company’s immediate focus would be on the 17 proved developed nonproducing wells, since these wells could be brought back on line with minimal capital expenditure.
Samson also saw additional upside from the use of an acid-based stimulation of the existing proved developed producing wells and nonproducing wells, in light of the reservoir’s calcium carbonate-based architecture.
It was expected that this style of stimulation could result in a three- to four-fold uplift in production rates in other wells in the region.
The transaction was subject to a number of conditions, including Samson being able to use an existing A$50-million debt facility, which has a current borrowing base of A$19-million.
The transaction was set to close on February 1, subject to the completion of due diligence and financing approval.
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