Feb 19 - U.S.-focused energy company Nighthawk Energy Plc said on Thursday it made a significant gas discovery at its Devon Oilfield waterflood project in Kansas, sending its shares up 12 percent in morning trade.
The company said the well resulted in a stabilised open flow test of 627 thousand cubic feet of gas per day (MCFGPD) through a one-inch choke.
Nighthawk, which has been in talks for the sale of a minority stake in a Colorado-based project, holds an 80 percent interest in the Devon project that covers 1.764 acres.
The AIM-listed company recently raised 7 million pounds ($9.95 million) through share placements to develop key projects in the U.S., including the Devon Oilfield waterflood project. Nighthawk said the Graham well was hooked up to a local pipeline and natural gas was producing at a choked-off rate of 160 MCFGPD.
The AIM-listed company said eight more locations had been staked and wells will be drilled to find the extend of the new reservoir.
Shares of the hydrocarbon production company were trading up 5.3 percent at 24.75 pence at 0830 GMT on the London Stock Exchange. ($1=.7033 Pound)
The company said the well resulted in a stabilised open flow test of 627 thousand cubic feet of gas per day (MCFGPD) through a one-inch choke.
Nighthawk, which has been in talks for the sale of a minority stake in a Colorado-based project, holds an 80 percent interest in the Devon project that covers 1.764 acres.
The AIM-listed company recently raised 7 million pounds ($9.95 million) through share placements to develop key projects in the U.S., including the Devon Oilfield waterflood project. Nighthawk said the Graham well was hooked up to a local pipeline and natural gas was producing at a choked-off rate of 160 MCFGPD.
The AIM-listed company said eight more locations had been staked and wells will be drilled to find the extend of the new reservoir.
Shares of the hydrocarbon production company were trading up 5.3 percent at 24.75 pence at 0830 GMT on the London Stock Exchange. ($1=.7033 Pound)
