13th Nov 2015 08:09
LONDON (Alliance News) - Nighthawk Energy PLC on Friday said it has plugged and abandoned the Happy Jack 7-10 well at its project in Pennsylvania in the US.
Nighthawk said the well was drilled to total depth, with oil shows seen in the Marmaton and Cherokee zones, but no oil shows in the Mississippian section.
The evaluation of the open hole logs determined there were no zones in the well that would warrant running production casing, therefore the well was plugged and abandoned.
Drilling on the final commitment under the company's 2015 programme, the North Star 11-14, started this week.
Due to the drilling results for the Monarch area, Nighthawk said its average gross daily production is to be in the range of 1,700 to 1,800 barrels of oil per day, lower than market expectations. However, the company expects revenues to be in line with market expectations.
Nighthawk shares were down 14% just after the open on Friday at 2.03 pence, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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