Gyllenhammar doubles stake in Nighthawk Energy

Activist value investor Peter Gyllenhammar has more than doubled his stake in Nighthawk Energy by converting a loan note into equity.

Activist value investor Peter Gyllenhammar has more than doubled his stake in Nighthawk Energy by converting a loan note into equity.

Gyllenhammar, a Swedish investor renowned for spotting undervalued companies, now holds 10.9% of AIM-listed Nighthawk, a US-focused shale oil development and production company. The transaction takes his stake from 42.7m shares to 99.7m.

On November 1st Nighthawk announced that the Knoss 6-21 well at its Jolly Ranch prospect in Colorado is to be brought into commercial production during November.

As previously reported, the well is the third drilled in the current programme. The drilling revealed that the average oil/water ratio was around 25/75 for the combined formations and the total amount of oil recovered was over 180 barrels, indicating oil production potential under pumping conditions above 200 barrels a day for the well.

CM

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