US-focused Nighthawk Energy says its Cisco Springs gas project in Utah should start producing within 14 days.

Headed by former Oilquest boss – entrepreneurial David Bramhill – AIM-quoted Nighthawk has suggested Cisco Springs could hold an attributable 75 billion cubic feet of gas, with a net present value of £96 million. The company says it also expects test production in January at the Devon oilfield in Kansas, where it has met with success at 37 of the 50 wells drilled so far.

Nighthawk, which still has £9.5 million cash, says drilling should start soon at its 50 per cent-owned Jolly Ranch oil project in Colorado, following encouraging seismic surveys. The company will not comment on bulls' estimates of a potential resource of more than 500 million barrels at Jolly Ranch.

Floated at 25p by Hanson Westhouse in March, Nighthawk shares reached 57.25p earlier this month, but are now 46.75p, up 1.75p this morning, valuing the company at £81 million. They have speculative potential.

Growth Company Investor is the UK’s leading authority on small-cap and AIM companies. You can gain immediate access to all the recent share recommendations with no obligation, with a free 30-day trial. Click here to join today.