8th Jun 2016 07:21
LONDON (Alliance News) - Nighthawk Energy PLC shares were boosted on Wednesday morning as it said it has secured unconditional approval for the Arikaree Creek water flood project in the US state of Colorado.
The company has also secured approval from the project from the required 80% of non-cost bearing royalty interest owners.
"The approval of our water flood pilot project is an important step in realising the full potential for the Arikaree Creek field. The preliminary estimates associated with the pilot are significant. The pilot comes at a great time with the company in having the potential to increase its production and substantially increase its reserves without a significant expenditure of capital," on Rick McCullough, Nighthawk's chairman.
Shares in Nighthawk were up 16% early Wednesday to 1.06 pence, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Nighthawk Energy