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US-focused Nighthawk Energy (HAWK:AIM) has announced an encouraging update from its Cisco Springs project in Utah. A drilling and development programme of over 60 wells is ongoing and all seven of the wells spudded as part of a winter drilling programme that commenced in late October have proved commercial.

In light of this strike rate the company, which has a 50% working interest in the venture, has agreed to drill three further wells with work due to begin this week.

Managing director David Bramhill says: ‘The benefits of the 2-D seismic survey shot over much of Cisco Springs in 2007 have been demonstrated by the results of the latest drilling programme where our success rate is currently running at 100%.’

Bramhill also emphasised the progress being made across all of Nighthawk’s acreage – highlighting the potential of the newly acquired Buchanan and Worden projects in Missouri.

Shares in the company have more than doubled over the past 12 months to 50p.

Shares says: The company has a strong and growing portfolio of interests in the US.

by: Tom Sieber