Pre IPO price 4p
Opening price on debut 25p
Floatation price 46p to raise 14million to extend Jolly Ranch
Current fair value estimate 114p
Market cap 70.59 million.
Value of Cisco Springs investments 98 million.
Value of Vogel investments 75 million.
Desparado trucking now Nightfox 250,000 for a 50% stake with partner Running Foxes.
Centurion Project Kansas, 150,000 for a 50% stake.
Jolly Ranch Colorado, 40,000 acres cost 356,000 for a 50% stake.
Cash in bank 7.75 million.

As this EPIC opens on AIM today anything could happen. On the one hand you have traders trying to cash in a sixfold profit. You will also have a clambering of traders after shares because, firstly they could only get 75% of their allocation because of demand. Secondly at 25p this company is still way under valued.

Nighthawk Energy plc
31 May 2007



NIGHTHAWK ENERGY PLC

DRILLING AND PROJECT UPDATE



The directors of Nighthawk Energy plc ('Nighthawk' or the 'Company') (AIM: HAWK) are pleased to announce a significant expansion of the appraisal and development drilling programme at the Devon oil field (formerly known as the Vogel Bartlesville project). The Company holds an 80 per cent. interest in this waterflood project and the operator, Running Foxes Petroleum Inc. ('Running Foxes'), a 20 per cent. interest.

The Devon oil field is located in Bourbon County, Kansas, within the Cherokee Basin, a prolific shallow oil and gas producing area. The current drilling is targeting Bartlesville channel sandstones located from 350 to 500 feet.

Nighthawk has previously announced the results of the first four wells of the
current appraisal and development programme, all of which confirmed the presence of oil saturated sandstones. These wells have been completed, logged and cased as future producers. In addition, the original project area of 160 acres has been extended through land acquisition to 960 acres.

A further 11 wells have now been completed, logged and cased as future
producers. The net oil pays of the new wells range from 8 to 20 feet. Five of
the recent wells were drilled on the Graham lease to the north of the original
160 acre Vogel lease, demonstrating the extension of the reservoir. No water
zone has been encountered in any of the wells drilled to date.

Two wells on the recently acquired acreage to the south of the Vogel lease
indicated the reservoir is present and is thicker than on the Vogel lease.

Due to the drilling success on the recently acquired acreage, the original programme of 12 appraisal wells has now been increased to 40 with the objective of delineating the extent of the reservoir. Drilling is expected to be concluded in July 2007.

Following the conclusion of the appraisal programme, a pilot production project
of five test wells, including both injectors and producers, will commence in the
third quarter of 2007.

The oil in place over the original 160 acres of the project when acquired in March 2007 was estimated 3.1 million barrels of oil (gross). Following the recent land acquisition and appraisal drilling on the new acreage, Running Foxes now estimates the oil in place to be in excess of 10 million barrels of oil (gross).

David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk, has reviewed and approved the technical information contained in this announcement.

Missed the last bit earlier, 3 times as much oil as my last estimate. Equals 54p plus 65p. New target price for me is now 119p.

Hi Oily, thought I'd keep you company! HAWK certainly delivering the goods. I met David Bramhill & Joe O'Farrel at Master Investor 2007 and got the nod that they thought they were sitting on a cash cow, which had to be proved and developed in a benign environment. Presently, happy to hold upto 119p!!

Perhaps the header can be updated for current fair value estimate now?? Thanks.

Oh one other point, I understand that full production won't be achieved until around 2013 ish, so this share may have a long way to go yet. DYOR :-)

Hi silvermede, this is only my calculation of worth and isn't guaranteed. I'd like to think that it is worth at least that and more with future developments to take into account. Good luck to all holders, see you all down the Noble showrooms.

A bit of profit taking going on at the moment, looking for a dip in sp to top up.

Silvermede -Is this the same David Bramhill that ran Cambridge Minerals, quite a few years ago?

shall endeavour not to sucker myself into buying more ...... it would be pure greed ..... on the advice of you guys (very many thanks) i got in with 1/3 norm stake at 37, so still have a tasty (paper!) profit

ditto cynic-sitting on my hands with difficulty!

Google search came up with David Bramhill, the former boss of Cambridge Mineral Resources who sold Oil Quest in February 2006. The very same!

Silvermede, header updated, hopefully to your satisfaction.

hi guys i missed this one would it stll be a good buy yr/t

I think it is still a good buy, silvermede thinks its fair value is 119p.

The White Opening Marubozu is a single candlestick pattern characterized with a long white body displaying a shadow on the closing side and but no shadow on the opening side. This shows that the day opened and then the prices continued to go up all day long without coming below the opening level thus forming a long white body, however prices did not close at the high of the day and thus they created an upper shadow. It is a typical bull day and strength of the bulls is enough to cause some concern among the bears. A White Opening Marubozu, on the other end, does not show as much bullish strength as in the case of White Marubozu.

could not paste chart sorry.

Excellent

thanks saturn5 -if this is right there should be no change in the close tomorrow

Hello everybody
I am very please to have found this thread (I am Italian and live there) I am in HAWK as well more by chance then the capability.. ;-))
last week +/- I liked the news so I got in and bingo!!!
Yesterday at 47.50 I took some profit (left in 50%)
but most likely I will add to them.. when they settle and found a new support

reading all the posts and for what Oilyrag write and analysed it (btw compliments + bravo) I was looking for a long one I believe I have found it IMO

you carryon posting you all doing a good job

have a good day

Micky, Its not too late IMO, this is going to be massive in time.
Ciao, welcome aboard, you may regret selling 50% of your stake. but then no-one ever lost money taking a profit.