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.
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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.
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