2 Jun 2010 07:00
Nighthawk Energy plc
("Nighthawk" or "the Company")
Jolly Ranch Q2 Operational Update
Nighthawk, the US focused hydrocarbon development and production company (Tickers: AIM: HAWK and OTCQX: NHEGY), is pleased to announce an interim operational update in respect of the three well Q2 vertical drilling programme at the Jolly Ranch project, which was announced on 12 April 2010.
The Company holds a 50% interest in the 370,000 acre project, located in Lincoln County, Colorado and Running Foxes Petroleum Inc., the operator of the project, holds the remaining 50% interest.
Two of the three wells drilled, the Craig 6-4 and the Craig 16-32, are development wells and are located in the Bolero Field, part of the Jolly Ranch core development area.
Target depth has been reached on both wells and significant hydrocarbons were encountered in several horizons in each well, including the Cherokee and Atoka shales, the primary targets. Casing has been run and the operator is currently undertaking completion processes.
The third well, the John Craig 7-2 is classified as a wildcat, targeting a structural closure defined by the recent 3-D seismic survey over the project area near Limon. This well replaced the originally planned John Craig 11-2 as the new location was considered to be optimal with several conventional zones as well as non conventional zones believed to be present.
Target depth has been reached and significant hydrocarbons were encountered during drilling, including in the Marmaton, Cherokee, Atoka and Morrow formations. Casing has been run and completion operations will commence in the near future.
The John Craig 7-2 well is located approximately two miles west of the Riverbend field discovery made by Wiepking-Fullerton Energy LLC producing from the Cherokee formation, four miles from the Great Plains field, the location of two high volume Cherokee production wells and approximately 14 miles from the Jolly Ranch core development area.
David Bramhill, Managing Director of Nighthawk, commented "The initial results of the Q2 drilling programme are encouraging, particularly in the case of the John Craig 7-2 well which opens up development significantly north of the current Jolly Ranch core area.
"These preliminary results confirm to the extent of the area drilled thus far, the conclusion of the Schlumberger study which indicated that the Cherokee and Atoka shales extend throughout the entire Nighthawk/Running Foxes area."
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 |