Devon Oilfield Update
September 19 2007 - 3:02AM
UK Regulatory
RNS Number:0740E
Nighthawk Energy plc
19 September 2007
Nighthawk Energy plc
Devon Oilfield Update
The directors of Nighthawk Energy plc ("Nighthawk" or "the Company") (AIM: HAWK)
are pleased to announce an update on the Devon Oilfield waterflood project,
including details of additional land acquisitions and further successful
appraisal drilling results. The Company holds an 80 per cent. interest in the
Devon project and the operator, Running Foxes Petroleum Inc. ("Running Foxes"),
holds the remaining 20 per cent. interest.
The Devon Oilfield project is located in Bourbon County, Kansas, within the
Cherokee Basin, a prolific shallow oil and gas producing area. The current
appraisal drilling is targeting Bartlesville channel sandstones located between
the depths of 350 to 500 feet.
At the time of Nighthawk's acquisition of the Devon Oilfield project in March
2007, the project covered 160 acres, on which the operator estimated there to be
3 million barrels of oil in place. The acreage subsequently increased to 960
acres through land acquisitions and the operator's estimate of the oil in place
increased to in excess of 10 million barrels. With the expansion in the
acreage, Nighthawk and Running Foxes decided to increase the appraisal and
development programme from the original 12 wells to a 54 well programme.
The drilling programme has indicated that oil bearing Bartlesville sandstone may
extend beyond the currently known parameters to the west. Nighthawk and Running
Foxes have therefore exercised an option with a third party over a further 560
acres located in Section 2 of Township 25, South Range 23 East, approximately
one mile south-west from the original project acreage. Several new wells in
this area are currently being permitted.
In addition, Nighthawk and Running Foxes have acquired a further 244 acres
located in Section 6, Township 25 South, Range 24 East, approximately half a
mile south-east from the original project acreage from a third party. Two
successful appraisal wells have been drilled to date on this newly acquired
acreage and have been completed, logged and cased as future producers. A number
of new wells within this area are currently being permitted. All the wells
planned on the newly acquired acreage are in addition to the existing 54 well
programme.
Wireline log interpretations for the two wells drilled to date, the Cleaver 5-6A
and 5-6C in Section 6, have been evaluated for hydrocarbons in place on 10 acre
spacing using Bowler JLog petrophysical analysis software. Results showing
formation, depth intervals, estimated hydrocarbons in place and total net pay
thickness are set out below.
Well Formation Depth interval Hydrocarbons in Net pay
(feet) place (feet)
(bbl = barrel)
Cleaver 5-6A Lower Bartlesville 404-419 93,992 11.0
Cleaver 5-6C Lower Bartlesville 426-436 59,224 10.0
In addition, four new appraisal wells within the original project acreage
confirmed the presence of oil saturated sandstones and have been completed,
logged and cased as future producers.
Well Formation Depth interval Hydrocarbons Net pay
(feet) in place (feet)
(bbl = barrel)
Vogel 2-1A Upper Bartlesville 360-368 26,183 4.0
Lower Bartlesville 382-388 77,383 12.0
Vogel 16-36A Upper Bartlesville 350-360 27,516 6.0
Lower Bartlesville 410-422 66,586 7.5
Vogel 9-36A Lower Bartlesville 426-435 62,970 8.5
Vogel 16-36C Lower Bartlesville 400-419 16,115 3.3
In addition, a number of "edge" wells have been drilled on the boundaries of the
project acreage. The presence of oil saturated sandstones continues to be
confirmed by this drilling which is situated up to one mile from the heart of
the project from where the pilot waterflood will be implemented.
Analysis of the oil saturated cores with the objective of evaluating porosity
and permeability are ongoing in conjunction with other tests to assist in the
design of the most efficient production methods.
David Bramhill, Managing Director, said: "The progress made on this project has
been very encouraging. Since the original acquisition of 160 acres in March
2007, we have expanded the land base of the project by a factor of 10 and
appraisal drilling continues to confirm the presence of oil saturated sandstones
within the extended project area."
David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk, has reviewed
and approved the technical information contained in this announcement.
For information in respect of the waterflood process, please visit
www.nighthawkenergy.com where an animation of the process can be viewed on the
Devon Oilfield page.
For further information please contact:
Nighthawk Energy plc 01271 882160
David Bramhill office@nighthawkenergy.net
Managing Director
www.nighthawkenergy.net
Hanson Westhouse Limited 0113 246 2610
Tim Feather tim.feather@hansonwesthouse.com
Matthew Johnson matthew.johnson@hansonwesthouse.com
Bishopsgate Communications Limited 020 7562 3350
Dominic Barretto dominic@bishopsgatecommunications.com
Fran Read fran@bishopsgatecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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