Monday’s most followed, including Nighthawk Energy, Tangiers Petroleum, Bullabulling Gold, Nyota Minerals


Investors circled oil firm Nighthawk Energy (LON:HAWK) today after it reported more success at its first operated drill programme at the Jolly Ranch project in Colorado.

Shares flew up 6% after the Steamboat Hansen well, the fourth in the programme, found a conventional oil-bearing reservoir, which has now been brought into production.

Chairman Stephen Gutteridge said: “The Steamboat Hansen well has been highly successful, confirming the potential of the Cherokee shale in our northern Smoky Hill project with the bonus of a new and potentially sizeable Mississippian oil discovery.”

Gutteridge says the new discovery opens up the possibility of further potential in what is a ‘very active’ play in Western Kansas, North Western Oklahoma, the Texas panhandle and further east in Colorado.

It adds substantial value to Nighthawk’s large acreage position, he adds.

Tangiers Petroleum (LON:TPET) certainly learned the lesson that it’s better to travel than arrive.

The oil explorer slipped 16% despite unveiling two separate farm-out deals over its assets offshore Morocco and Australia.

Together the farm-out deals are worth about £48mln to the explorer.

Portuguese major Galp Energia is taking a 50% stake in the Tarfaya acreage, off the Moroccan coast, in a US$41mln (£25.6mln) deal – which includes a payment of up to US$7.5mln of Tangiers’ past costs.

The rest of the US$33.5mln will be spent on exploration, with Galp covering the costs of the commitment work programme for Tarfaya.

Tangiers will retain a 25% stake in Tarfaya, and it will be carried for its share of exploration costs over the two year exploration period.

Meanwhile, Bullabulling Gold (LON:BGL) shone on the back of the results of the preliminary production schedule and cash flow forecast for the Bullabulling Gold project have strongly supported the financial viability of the asset.

It is now a case of full steam ahead on the pre-feasibility study for Bullabulling Gold (LON:BGL) as the preliminary production schedule for the project at Coolgardie in Western Australia points to the recovery of 1.95mln ounces of gold.

The production schedule covers a period of just over 10 years.

Shares shot up 30% to 7.6p.

Baobab Resources (LON:BAO) joined a number of big movers and shakers on the junior market.

Its shares rose 16% to 11p each after it said its project at Tete in Mozambique could become the world's largest pig iron operation after a major upgrade to resources at the site.

The new JORC-compliant estimate for Tete is 665 million tonnes (Mt), up 38% on the previous resource estimate and of which 490Mt is defined at the main Tenge/Ruoni Flats deposits.

Ben James, Baobab's managing director, said the increase in the resource at Ruoni Flats means that it is now able realistically to consider significantly larger production options.

Bellzone Mining (LON:BZM) joined the trend, lifting 14% today, while tanzanite producer Richland Resources (LON:RLD) was up 20% at midday when it said it could reopen its graphite mine in Tanzania to take advantage of the recent surge in the price.

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