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Nighthawk raises £22.4m

Article Date:  Jul 24 2009

US-focused oil hopeful Nighthawk has raised £22.4 million at 35p to drill at Jolly Ranch in Colorado and elsewhere.

The AIM-quoted company, headed by entrepreneurial David Bramhill, says the money – more than a fifth of its present market value – will underwrite a 22-month development programme. This will include drilling 20 wells and building production facilities at Jolly Ranch.

Nighthawk has an estimated 1.46 billion gross barrels of oil in place at its Jolly Ranch and Craig Ranch fields. At 39.5p, down 0.5p today, against a 12-month high of 87.75p and a low of 22p, Nighthawk’s shares value the company at £105 million.

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