Another three wells are already planned in the next 12 weeks as the company’s stock hits new heights..

Snell Heirs 6-13 is already flowing 70mcf of gas per day with 80% of the injected water still to be returned. Gas spikes of between 130mcf and 250mcf have been shown with current backside pressure of 750psi expected to increase as water flows drop off.

The second well, Snell Heirs 7-13 is flowing 60mcf of gas per day with a similar pressure and water scenario to Snell Heirs 6-13. It is expected that gas production will increase as the injected water is returned as part of the development process.

“Both of these wells are the first in a five well program where Tomahawk is funding all drilling and completion costs to earn a 75% interest over 200 acres,” said the company.

The company has now sought a voluntary suspension from the ASX due to its negotiations on a corporate transaction. Before the trading halt shares had rocketed to a peak of 80 cents before resting at 72 cents.

Tomahawk listed in July with a $2 million issue at 20 cents per share.