Wednesday, February 10, 2010

Samson Oil & Gas Surges

The market opened reasonably strong this morning on the back of reports overnight that the Euro countries were considering bailing out Greece from its sovereign debt problems.  Despite this and better than expected profit results by Commonwealth Bank (CBA) and BHP Billiton (BHP) the market closed only 0.2% higher losing most of it's early gains and showing that market sentiment is still poor.

Samson Oil & Gas (SSN) proved to be the star performer today with the shares closing up 87.5% or 0.014c higher to 0.03 on massive volume of 509 million shares.  The company announced "Oil and gas shows are also being recorded as expected, with gas shows typically 1,400 units over a background of 450 units. Oil shows are continuous with a typical description being “abundant brown spotty to even oil stain with a fast, strong milky white cut”. Not unusually oil has been noted from time to time on the shale shakers." in relation to it's drilling on Gene #1-22H well.

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