OIL

Samson finds more oil in New Mexico

SAMSON Oil & Gas has found additional oil pay at its State GC-2 well in the eastern New Mexico se...

Analysis of log data over the entire open hole section of the Bone Spring Formation indicates numerous individual possible pay zones totalling 190 feet that should add to the productive capacity of this well.

This is in addition to the 36 feet of pay it had identified in the target Lower Leonard formation.

Samson said it is now considering completion designs for the well that would allow both the Lower Leonard and the Bone Spring to be produced together, though technical and regulatory challenges may push the company to drill a twinned well to produce from Bone Spring.

It added that it may gather additional reservoir engineering data on the interval from the adjacent Section 2 (Samson 27%) that is up plunge from State GC-2.

The company had said last week it expected the State GC-2 well to have similar recovery to the earlier State GC-1 well, which has produced a gross 543,000 barrels and has a gross expected ultimate recovery of 1.1 million barrels.

Samson has a 37% working interest in State GC-2.

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