Nighthawk closes projects

Oil explorer Nighthawk Energy said it would focus on its Jolly Ranch prospect in Colorado and exit all other current projects yesterday, sending its shares down 23 per cent. The US-focused energy company also said yesterday that it had stopped looking for a farm-in partner for a part of the Jolly Ranch project. Writedowns from exiting the non-core assets including the Cisco Springs project in Utah will be around $65m (£41.8m), the firm said.