Nighthawk provides an update on the drilling and development of the Arikaree Creek oilfield at its 100% controlled and operated Smoky Hill project in the Denver-Julesburg Basin, Colorado.

Highlights

■ Logging and coring of the Taos 1-10 well has identified an oil column in the Mississippian Spergen formation consistent with discoveries at Steamboat Hansen 8-10 and Big Sky 4-11 wells ■ Testing and completion of the Taos 1-10 well is underway ■ The drilling rig has been retained to immediately drill two further Arikaree Creek appraisal wells, the Silverton 16-10 and the Snowbird 9-15 wells ■ Convertible loan notes to the value of £3.8 million (US$5.8 million) have been issued to fund additional drilling and development costs

Arikaree Creek Development

Taos 1-10 Well

The Taos 1-10 well has been drilled to a target depth of 8,315 feet and the well has been cored, logged and cased for production. Data from the coring and logging has identified a minimum of 35 feet of gross pay interval at 8,056 feet in the target formation of the Mississippian Spergen. The pay interval identified appears to be thicker in size and with similar characteristics to the productive intervals in the Steamboat Hansen 8-10 and Big Sky 4-11 wells.

Tags: Nighthawk Energy plc