Nighthawk Energy slipped onto AIM this week after raising net proceeds of £9.1 million by placing 40 million shares at 25 pence per share with investors. The placing price gave Nighthawk a market capitalisation just shy of £38 million.
Nighthawk has two key projects.
First, Nighthawk has a 37.5% working interest in the Cisco Springs gas development project which has 94.2 billion cubic feet of gas (P50). Cisco Springs is undergoing a 2 year, 60 well development program, of which 10 wells have already been drilled; nine have hit commercial quantities of gas. Cisco Springs has 390 potential well sites identified in total.
Second, Nighthawk intends to exercise an option to acquire 80% of the Vogel Bartlesville Waterflood Project in Bourbon County, Kansas. Previous drilling on Vogel indicated the potential for a coal bed methane / oil operation. Nighthawk intends to carry out a drilling program consisting of two injection wells and twelve production wells if after the completion of two wells the analysis is favourable.
Nighthawk also holds a minority stake in a US based oil and gas Royalty Company.
Shares in Nighthawk began trading at 21.5 pence per share, but have risen 2.5 pence to 24 pence this week.