LONDON (Alliance News) - Nighthawk Energy PLC said Thursday its application for its planned Arikaree water flood enhanced oil recovery project has been approved by the Colorado Oil & Gas Conservation Commission.
This approval is subject to the company obtaining 80% approval of non-working interest owners within the next six months. Nighthawk believes it will obtain its required approvals in the next few months.
Elsewhere, the company said that final estimates of its total oil in place at the Arikaree project in Colorado are closed to the higher side of its preliminary estimates. The company has engaged a third party engineering firm to make estimates, and this third party's model puts estimated recovery at 39% and 6.57 million barrels.
"The regulatory approval of the Arikaree Creek water flood project is a major accomplishment for the company. The approval of this project, which was envisioned by Chuck Wilson and his team a couple of years ago, validates the quality of the technical analysis and the merits of the project for Nighthawk and the field's landowners," said Chairman Rick McCullough in a statement.
Shares in Nighthawk closed up 32% at 1.50 pence on Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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