Strongly performing Nighthawk Energy plans a drilling programme at Jolly Ranch in Colorado after encouraging seismic survey results.

The AIM-quoted company has completed two three-dimensional (3D) seismic and soil gas geochemical surveys over the 12 square-mile 1-136 well in Colorado State and the nine square-mile Bolero oilfield, which was abandoned in the 1990s because of low oil prices. These investigations have three high-profile targets at 1-136 and an interesting prospect next to two previous production wells at Bolero.

David Bramhill, Nighthawk's entrepreneurial managing director, enthuses 'the results of the 3D seismic surveys have more than met our high expectations. We look forward to the next stage of development of this potentially high-impact project'.

Shares in Nighthawk, floated at 25p in February by broker Hanson Westhouse, have now reached 54.5p, valuing the company at £94 million. Not without risk, they retain speculative promise.

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