Nighthawk
SPECULATIVE BUYUS-focused oil minnow Nighthawk Energy has raised £7m at 20p in an over-subscribed institutional placing for its key projects.
The AIM-quoted company, headed by the entrepreneurial David Bramhill, secured the funds, with the help of its nominated adviser and broker Hanson Westhouse, primarily to support development of its Jolly Ranch project in Colorado, where directors hope for production of 1,000 barrels a day at a breakeven threshold of $25 a barrel – against today’s $44.15 oil price. Some of the proceeds will also go to develop the Buchanan projects in Missouri and the Devon Oilfield in Kansas.
According to Bramhill, historical data on Jolly Ranch wells drilled by Norske Hydro and others in the 1980s has proved ‘very encouraging’. He adds that several groups have approached Nighthawk about buying into Jolly Ranch.
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