12 Apr 2010 07:00
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Commencement of Jolly Ranch Q2 Drilling Programme
·; Three well drilling programme underway
·; Two developments wells to be drilled at the Bolero field, the Craig 6-4 and the Craig 16-32
·; The John Craig 11-2 well targeting a large structural closure defined by 3-D seismic to be drilled in proximity to the Great Plains field
·; 3-D seismic interpretation establishes sweet spots in both conventional and non conventional horizons
Nighthawk, the US focused hydrocarbon development and production company (Tickers: AIM: HAWK and OTCQX: NHEGY), are pleased to announce the commencement of a three well vertical drilling programme at the Jolly Ranch project , located in Lincoln County, Colorado. The Company holds a 50% interest in the project and the operator, Running Foxes Petroleum Inc. ("Running Foxes"), the remaining 50% interest.
Interpretation of four recently acquired 3-D seismic surveys covering a total of over 25,000 acres at Jolly Ranch have established potential sweet spots in the Cherokee and Atoka shale packages in addition to several conventional targets.
Two of the three wells being drilled are development wells, the Craig 6-4 and the Craig 16-32, located in the Bolero Field, part of the Jolly Ranch core development area. The third well, John Craig 11-2 is located near Limon, which is to the north of the core project location and is an area previously undrilled by Nighthawk and Running Foxes.
Drilling has commenced on the Craig 16-32 which is a direct offset from three wells previously drilled by Nighthawk and Running Foxes which are producing oil from Atoka and Cherokee shales, limestones and dolomites.
The Craig 6-4 is twinned with the previously drilled Craig 6-4 Salt Water Disposal Well which encountered several excellent oil bearing horizons in the Cherokee and Atoka shales, as well as in the interbedded porous dolomites and limestone at depths of between 6,489 and 7,079 feet.
The John Craig 11-2 well is targeting a structural closure defined by the recent 3-D seismic survey over the project area near Limon, the interpretation of which identified between 50 to 100 feet of structural relief in the Paleozoic rocks and significant faulting around the target location.
The Great Plains field, which was recently discovered by another operator, is adjacent to the Limon area and has two high-rate production wells (currently approximately 300 - 600 barrels per day), which have been completed in the Excello shale of the Cherokee formation.
Tim Heeley B.Eng (Hons) a member of the Society of Petroleum Engineers, Fellow of the Geological Society of London and a Chartered Energy Engineer, who is Commercial Director of Nighthawk and has over 13 years of experience in the hydrocarbons industry, has approved the technical information contained in this announcement.
For further information please contact:
| Nighthawk Energy plc David Bramhill, Managing Director Tim Heeley, Commercial Director |
01271 882160 07956 525433 020 7887 1453 |
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| Westhouse Securities Limited Tim Feather Matthew Johnson | 020 7601 6100 tim.feather@westhousesecurities.com matthew.johnson@westhousesecurities.com |
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| Matrix Corporate Capital LLP Louis Castro James Pope | 020 3206 7000 louis.castro@matrixgroup.co.uk james.pope@matrixgroup.co.uk |
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| Bishopsgate Communications Limited Nick Rome | 020 7562 3395 nick@bishopsgatecommunications.com |
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| Financial Dynamics Ben Brewerton Ed Westropp
| 020 7831 3113 ben.brewerton@fd.com edward.westropp@fd.com |