Nighthawk Energy (LON:HAWK) announced this morning that the John Craig 6-2 well on the Jolly Ranch block was successfully drilled. The well is producing over 600 barrels of oil. Work to put John Craig 6-2 onto permanent production is now underway. Drilling of the Pike's Peak Williams 4-30 proceeding to schedule.
Stephen Gutteridge, Chairman of Nighthawk, said: "The results from the John Craig 6-2 represent a very positive start to our new well drilling program, and the well is expected to significantly step-up our current production levels. We are delighted with the initial flow rates and we will update on sustainable flow levels once the well has been on production for a few weeks. The results are also early confirmation that our geo-science led development strategy to identify the 'sweet-spots' in the Cherokee resource play, coupled with relatively mild formation interaction, yields results. We are looking forward with increased confidence to the next wells in the program."
Nighthawk Energy are currently trading at 4.55 pence a share, up 30.00% on opening.
Chariot Oil & Gas (LON:CHAR) announced this morning that the company had a good cash position and was keen to expand the portfolio. Chariot aims to identify targets to include in a 3D seismic survey, which will ultimately lead to drilling a potential well earmarked for late 2013, early 2014.
Paul Welch, CEO of Chariot, said: "The initiation of the Company's drilling campaign has been a significant achievement for Chariot and the majority of our work prior to 2012 had been leading up to this point. We have positioned ourselves well in anticipation of various outcomes and, as a result of this forward planning, have maintained a strong cash balance. Furthermore we have multiple future targets for drilling in different geographic locations targeting different geological play types, as well as the opportunity to add new assets to our portfolio. Despite the recent well results being disappointing, we are still in control of our next steps and will seek to preserve this position in order to get the best value for shareholders over the longer term. We remain committed to our efforts in Namibia and will update the market with our drilling objectives for 2013 in due course."
Chariot Oil & Gas are currently trading at 29.82 pence a share, up 1.08% on opening.
Xtract Energy (LON:XTR) shares have risen by 51.67% this morning and are currently trading at 0.364 pence a share.
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