Nighthawk Energy upbeat on results from latest Jolly Ranch drilling campaign
12 November 2009
US-focused oil and gas group Nighthawk Energy today said it was encouraged by some of the results it was seeing from the 2009 drilling programme at its Jolly Ranch project in Colorado.
Three of five new wells are underway on the project and the company is also carrying out workover operations on a number of previously drilled wells in order to increase production.
Of the new wells, the Craig 15-32H lateral is understood to have been producing at in excess of 100 barrels of oil per day (bopd), and is still due to be fracture stimulated.
Two others vertical wells, the Craig 12-33 and Craig 4-33, have reached total depth and are being completed as producers after encountering significant hydrocarbons during drilling, Nighthawk said. The final two wells on the programme, the Craig 10-28 and Craig 6-4, are still being prepared.
Nighthawk runs a 50/50 joint venture at Jolly Ranch with field operator Running Foxes Petroleum. In July, the company raised £22.4 million in a share placing which is being used in part to fund a 20-well drilling programme at Jolly Ranch.
Analysis in June by oilfield consultants Schlumberger indicated that the most likely oil in place over 246,000 project acres of the 370,000 acre licence area was 1.462 billion barrels.
Elsewhere today, Nighthawk said it had increased the number of workover rigs on-site from one to three in order to accelerate the completion of previously drilled wells and increase production. It is also carrying out two 3D seismic acquisition programmes.
David Bramhill, the company’s chief executive, said: “We are very pleased with the current results from the ongoing programme, which we believe will create further significant value across the wider project area.”
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