LONDON (Alliance News) - Nighthawk Energy PLC shares were trading lower Thursday morning after the company said it had plugged and abandoned the Northstar 1-14 well at its project in Pennsylvania.
Nighthawk said the well was spudded and drilled to total depth, but no oil shows were found. Testing determined no zones in the well would warrant the running of production casing.
As a result, the well was plugged and abandoned. The company said no further drilling is planned at the Monarch joint development area in 2015.
Nighthawk shares were down 14% to 1.4334 pence on the news, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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