Electric logging has already begun to evaluate the significance of the hydrocarbon shows.

The company commenced drilling on the highly prospective oil and gas project in Okfuskee County, Oklahoma in late July with Snell Heirs 6-13 the first of five wells in the exploration program that are scheduled to be completed by December.

Tomahawk is funding all drilling and completion costs to earn a 75% interest (56.25% after royalties), reducing to 50% (37.5% after royalties) once all expenditure has been recouped.

Company chairman Tony Brennan said the hydrocarbon shows are very encouraging at this early stage particularly given that they have occurred in the secondary, more shallow objectives however the significance will not be known until logging operation and full analysis is completed within the next week.

“We have hit hydrocarbons in three of the secondary zones and we are yet to hit the primary target so things are looking pretty good.

“There is a great deal of confidence in the program due to the significant local knowledge of our partners and their recent success rate of seven winners from seven wells drilled,” said Brennan.

Following the early signs from the well stock in Tomahawk has hit 34 cents after a solid entry to the market at 25 cents.