Nighthawk Energy is adding 1.6 billion cubic feet of gas and 746 million barrels of oil to its capacity in Utah.

The AIM-quoted company, headed by entrepreneurial figure David Bramhill, says it has added another three commercial wells to its winter drilling programme at Ciso Springs in Grand County, Utah. This follows the recent completion of four wells there. Bramhill says last year's two-dimensional seismic survey is proving its value in the 100 per cent success rate so far achieved in Nighthawk's current drilling programme.

Fans suggest Cisco Springs, a 50-50 project between Nighthawk and the operator Running Foxes Petroleum, could potentially hold as much as 75 billion cubic feet of gas. They also argue the company's Jolly Ranch project in Colorado could contain as many as 500 million barrels of oil.

Floated last February at 25p by Hanson Westhouse, Nighthawk shares hit 57.25p in November and now stand at 51.25p, up 0.25p this morning, valuing the company at £88.5 million. Partial profit taking could be prudent but further growth is on the cards.

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