Nighthawk Energy Regulatory News (HAWK)

1 Nov 2007 07:01

Nighthawk Energy plc01 November 2007 Nighthawk Energy plc Jolly Ranch Project Update, Lincoln County, Colorado Completion of 3-D Seismic and Soil Gas Surveys Nine Well Drilling Programme Planned The directors of Nighthawk Energy plc ("Nighthawk") (AIM: HAWK) are pleased toannounce the completion of 3-D seismic and soil gas geochemical surveys over keyregions of the Jolly Ranch project area and a planned nine well drillingprogramme. Nighthawk and its partner Running Foxes Petroleum Inc, the operator,each hold a 50 per cent. working interest in the project. Jolly Ranch is located in Lincoln County, Colorado covering an area of in excessof 40,000 acres within the Denver Basin in eastern Colorado where production isdrawn from Mississippian, Pennsylvanian, Permian and Cretaceous reservoirs.Primary drill targets are the Mississippian, Morrow, Marmaton and Cherokeecarbonates and secondary objectives are the Atoka and Cretaceous strata. Two separate 3-D seismic surveys have been completed over sections coveringapproximately 12 and 9 square miles respectively. The 12 square mile survey was located over the Colorado State 1-36 well whichrecovered 20 feet of free oil on a DST (Drill Stem Test) in the Marmatonformation from 6,818 to 6,838 feet by the operator in the 1980s. Followingprocessing of the seismic data, a structural high in the Marmaton and two otherhigh profile targets have been identified. The second 9 square mile survey was located over the Bolero oilfield that wasabandoned in the 1990s due to low oil prices at that time. Following processingof the seismic data a structural high adjacent to two previous production wellshas been identified. In addition, a detailed soil gas and iodine geochemical survey over the projectacreage has been completed. Numerous anomalies have been identified whichcorrelate with the targets identified by the 3-D seismic surveys. Two well locations, targeting multiple pay horizons are being staked within eachseismic survey area and drilling of the Jolly Ranch 10-1, 15-1, Craig Farms16-33 and 7-1 will commence at the earliest opportunity following receipt ofpermits from the State of Colorado. In addition, a further five new welllocations are being added to the drill programme. The permitting process isexpected to take approximately 45 days. David Bramhill, Managing Director of Nighthawk commented "The results of the 3-Dseismic surveys have more than met our high expectations and we look forward tothe next stage of development in respect of this potentially high impactproject." David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk, has reviewedand approved the technical information contained in this announcement. For further information please contact: Nighthawk Energy plc 01271 882160David Bramhill, Managing Director office@nighthawkenergy.net www.nighthawkenergy.net Hanson Westhouse Limited 0113 246 2610Tim Feather tim.feather@hansonwesthouse.comMatthew Johnson matthew.johnson@hansonwesthouse.com Bishopsgate Communications Limited 020 7562 3350Dominic Barretto dominic@bishopsgatecommunications.com This information is provided by RNS The company news service from the London Stock Exchange