Samson announced that the Leonard-1-23H well had reached a depth of 10,137 feet, penetrating the Bluell Formation objective and was logged. The evaluation of these logs suggested that there was insufficient porosity developed in the objective to justify drilling a horizontal lateral.
Leonard-1-23H (10% working interest) Bakken Objective
Following the evaluation of the Bluell Formation detailed above, the joint venture elected to deepen the well and drill a horizontal lateral into the middle Bakken Formation, which has been proven to be productive in the region. In order to keep within its drilling budget for the well, Samson elected to reduce its working interest to 10% in the deepening to the Bakken Formation in this well, while maintaining its 37.5% equity interest in the Bakken Formation for the balance of the acreage.
Samson has therefore been able to achieve an evaluation of the Bakken Formation in this well bore at a modest exposure whilst retaining significant equity in the balance of the acreage, which could be developed if this initial Bakken well is successful.
The Bakken Formation is expected to be stimulated using state-of-the-art-technology, which will include external casing packers such that the well is stimulated along its entire horizontal length. This completion design is expected to enhance the production performance of the new well.
Samson's Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN." Samson's American Depository Receipts (ADRs) are traded on the American Stock Exchange under the symbol "SSN," and, each ADR represents 20 fully paid Ordinary Shares of Samson.
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