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Saturday, September 24, 2016

Nighthawk borrows US$5mln for drilling

Friday, March 15th, 2013

Nighthawk Energy (LON:HAWK) has set up a US$5mln short term loan and told investors it will drill two new wells on the Smoky Hills project in the second quarter of 2013.

The wells will follow up the Steamboat Hansen discovery.

It said the Steamboat Hansen discovery well, which currently produces just over 200 barrels of oil a day, had now yielded 22,000 barrels of oil between late November and February 28.

The short term loan, via Nighthawk’s largest shareholder Johan Claesson, will cost 15% interest per year and will run until the end of May next year; it also pays the lender a 10% profit share in up to four new wells at Smoky Hills.