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Nighthawk Energy Plc rose the most in almost two months in London trading after agreeing to raise its stake in Utah’s Cisco Springs natural-gas project to 50 percent.
Nighthawk climbed as much as 3.75 pence, or 7.3 percent, to 55 pence, the biggest one-day gain since Oct. 8. The stock traded at 53 pence at 8:25 a.m. local time, valuing the Bristol, England-based company at 91.5 million pounds ($187.4 million).
The producer agreed to buy 12.5 percent of the Cisco project from operator Running Foxes Petroleum Inc. for $4 million in cash, Nighthawk said today in a statement distributed by the Regulatory News Service. It also began to sell gas from the field.
Running Foxes is a closely held company based in Denver, Colorado.
