The Davis Bintliff #1 well in Brazoria County, Texas, has since our last report set 13 3/8 inch casing at a measured depth of 4,000 feet and this morning was drilling ahead at a measured depth of 8,507 feet in 12 ¼ inch hole. The drilling operations are progressing smoothly with current progress being ahead of the projected drilling curve by around two days.
The well is being deviated to a subsurface target displaced laterally 4,000 feet to the northwest of the surface location such that all targets can be intersected vertically. The expected total depth of the well is 15,655 feet (14,600 feet true vertical depth).
The measured depth to the top of the Vicksburg Formation target is 14,905 feet (13,610 feet true vertical depth). It is expected that the target will be intersected in mid-August.
The well is scheduled to be drilled in three phases: the current 12 ¼ inch hole is being drilled to a planned depth of 12,255 feet (11,200 feet true vertical depth); following which 9 5/8 inch intermediate casing will be cemented in place. The well will then be drilled in 8 ½ inch hole, in which a 7 5/8 inch drilling liner will be cemented at a measured depth of 14,305 feet (13,250 feet true vertical depth). The final drilling phase will be in 6 ½ inch hole, in which 5 inch production casing will be cemented at a measured depth 15,655 feet (14,600 feet true vertical depth). This operation is estimated to be completed in mid to late August 2008.
The well is being evaluated through the analysis of cuttings samples and mud gas content from a measured depth of 7,500 feet and the use of wireline logs from a measured depth of 4,000 feet.
The Davis Bintliff #1 well is located in Brazoria County, Texas onshore Gulf Coast producing region. The prospect was delineated by a comprehensive 3D seismic grid, which resulted in a significant off-setting gas/condensate discovery with an amplitude response identical to that observed at the Davis Bintliff #1. The proposed well has an estimated contingent recoverable volume of 25 Bcfe. Samson has a 12.5% working interest in the well.
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.
| For and on behalf of the board of |
SAMSON OIL & GAS LIMITED |
TERRY BARR |
| Managing Director |
Statements made in this release that are not historical facts may be forward-looking statements, including but not limited to statements using words like “may,”“believe,” “expect,”“anticipate,” “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward-looking information. The drilling operations are expected to be conducted in the planned manner, however, drilling could be delayed or curtailed and may vary from current expectations since various factors, including but not limited to equipment availability or breakage or other unanticipated difficulties, could delay those events and change those expectations. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contacts:
Terry Barr, CEO, 303-296-3994
Cell:
970-389-5047
