LONDON (Alliance News) - Nighthawk Energy PLC shares rose on Thursday after the company said it would start drilling at a new Arikaree Creek well this month and said it plans to start development of the Snow King discovery.
Shares in the US-focused oil developer and producer rose 10.6% to 10.5 pence in early trade, putting it amongst the top five risers on AIM.
Nighthawk said average gross oil production from all of its oil wells hit 2,007 barrels per day in July, ahead of its gross average oil production rate in the first-half of the year though slightly lower than its average for the second quarter.
Reporting its first-half results last month, Nighthawk said its gross average production rates increased to 1,909 barrels per day in its first half from 473 barrels per day, and to 2,068 barrels per day in the second quarter from 631 barrels per day.
The firm said Thursday that the Blackcomb 12-14 well at its Arikaree Creek site in Colorado, US is due to start production this month and said cumulative oil production from the field has now exceeded 700,000 barrels. It said additional reserves at the Arikaree Creek field will be developed through a horizontal drilling programme.
Nighthawk Energy also said 3D seismic and multi-well development is now being planned for its Snow King discovery. In July the company said the Snow King discovery, also in Colorado, had been impacted by a blockage in the well-bore.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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