Samson Oil & Gas Limited
(ASX:SSN) will acquire two new drilling tranches in the Rainbow Project in North Dakota.
The tranches comprise two 1,280 acre drilling units, with specific transaction details set to be released upon closure of the deal.
The transaction involves an acreage trade by the parties involved, with Samson set to transfer 160 acres from an existing holding to acquire 950 acres in the new project area.
After the transaction, Samson expects to have 30 well locations in the area, the equivalent of two and a half years drilling with a single rig.
Other interest holders in the Rainbow project include offshore listed resource company’s Hess, Halcon and Continental.
Samson oil and gas reported a net loss of $1.04 million in the first half of the current financial year.
