We reiterate our Buy rating and increase our target price for Nighthawk Energy to 12.5p as drilling recommences on its 100%-owned and JV properties in the DJ basin in Colorado, following the successful US$10m convertible loan issue which was completed in mid-August. Nighthawk enjoys excellent well economics and offers significant production and cashflow growth from conventional assets in a hydrocarbon province that is underexplored and underdeveloped relative to many other basins in the US.
03 Sep 2015
Back on the growth path
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Nighthawk Energy (HAWK:LON) | 0 0 -10.0% | Mkt Cap: 2.51m
- Published:
03 Sep 2015 -
Author:
Mark Henderson -
Pages:
8
We reiterate our Buy rating and increase our target price for Nighthawk Energy to 12.5p as drilling recommences on its 100%-owned and JV properties in the DJ basin in Colorado, following the successful US$10m convertible loan issue which was completed in mid-August. Nighthawk enjoys excellent well economics and offers significant production and cashflow growth from conventional assets in a hydrocarbon province that is underexplored and underdeveloped relative to many other basins in the US.