Two from two for Tomahawk

As new listings go, Tomahawk Energy shareholders must be fairly happy after its second well, the Snell-Heirs 7-13 exploration well, encountered hydrocarbon shows in several of its secondary objectives.

The well is expected to reach the target depth of approximately 4,050 feet within seven days.

These results follow the drilling of Snell-Heirs 6-13 where initial analysis of the electronic logs also indicated several potential hydrocarbon bearing zones in both the shallow and deep secondary targets, as well as the deeper primary objective.

Tomahawk began drilling on the highly prospective oil and gas project in Okfuskee County, Oklahoma in July and the Snell-Heirs 7-13 is the second of five wells in the exploration program which is scheduled to be completed by December 2004.

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

Company chairman Tony Brennan is onsite and was not available for comment.

Tomahawk reached 63c this morning, easing back to 59c at press time.