Nighthawk Energy Plc said on Monday it expected significant contribution from its Revere project in the United States in terms of reserves, production and cash flow, sending its shares up as much as 8.8 percent.
The U.S.-focused energy company said current gross primary production from Revere is averaging 150 barrels of oil equivalent per day (boepd), which is expected to rise to about 250 boepd when the Xenia field starts production.
There are currently 140 wells on primary production and up to 200 new wells are planned to be drilled, Nighthawk said, adding it discovered a new reservoir within the Devon area of the project.
Revere remains a high potential and high reward core project for Nighthawk. Development activity is intense. We have a major expansion programme planned for at least the next 12 months, Managing Director David Bramhill said in a statement.
The Revere project -- formed recently by integrating the Devon Oilfield, Buchanan and Worden, and Xenia waterflood projects -- has 4,000 potential well sites, the company said.
Nighthawk has an 80 percent interest in Devon Oilfield, while the remaining stake is held by operator Running Foxes Petroleum Inc.
Nighthawk and Running Foxes have an equal interest in Buchanan and Worden, and Xenia fields. Nighthawk shares were up 4.4 percent at 35.5 pence at 0740 GMT. They touched a high of 37 pence earlier in the session. (Reporting by Kumar Alagappan in Bangalore; Editing by Vinu Pilakkott)