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Nighthawk Energy soars as it unveils new farm-out deal

"This farmout option agreement creates opportunity for development of existing exploration acreage, providing for the potential of additional revenue and reserves”

oil and gas operations
The new partner will pay for a well

Nighthawk Energy Plc (LON:HAWKOTCQX:NHEGY) shares shot up more than 60% in Wednesday’s early deals in London after it unveiled a deal to bring a partner into the Monarch area.

Nighthawk said in a statement that the new partner, a Denver-based privately held oil and gas exploration company, which will take up to 80% of the project, will have to drill and production test a well at Monarch at its own cost and would have to pay the company US$160,000.

"This farmout option agreement creates opportunity for development of existing exploration acreage, providing for the potential of additional revenue and reserves,” Chuck Wilson, Nighthawk chief operating officer.

“Nighthawk is pleased to have an established and reputable operator as a partner in the Farmout."

The AIM-quoted share gained 0.15p or 60% trading at 0.40p.

 

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AIM:HAWK
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