9th May 2014 09:43
LONDON (Alliance News) - Nighthawk Energy PLC Friday said it has moved a step closer to its target of producing 3,000 barrels of oil a day, after a strong production performance in April.
The US-focused oil development and production company said 2,153 barrels of oil a day was recorded from its wells in Colorado between April 13 and May 6. It said average gross oil production in April was 1,998 barrels a day compared with 1,885 barrels per day in March.
Nighthawk said a drilling rig has completed the drilling of the John Craig 2-2 well and is expect to spud the John Craig 10-10 well within the next few weeks.
The company also said its Snow King 13-33 exploration well is also progressing, with the average gross production rate at the upper end of the 300-400 barrels a day range.
Applications for permits to drill three additional Snow King wells have been submitted to the state of Colorado, and these wells will be scheduled into our drilling program this summer.
The company said based on the recent success with Pennsylvanian Morrow production at the John Craig 1-2 well, the primary targets for additional production in these wells are the Pennsylvanian Morrow, Cherokee and Marmaton formations. Both wells will collect further valuable data on the Mississippian formations in this area which is 25 miles south of Arikaree Creek, Colorado, Nighthawk said.
Completion of the John Craig 2-2 well will commence next week and a number of potential oil bearing zones will be evaluated and tested.
"2,000 barrels of oil a day is another milestone achieved in our drive to increase production and we intend to continue this rapid pace of development towards the next milestone of 3,000 barrels of oil a day," Chairman Stephen Gutteridge said in a statement.
"We have multiple drilling opportunities, and the board will continue to ensure we are funded to keep our drilling rig fully utilised in proving up this potential," he added.
Nighthawk Energy shares were up 1.9% Friday at 13.50 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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