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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nighthawk | LSE:HAWK | London | Ordinary Share | GB00B156TD53 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.115 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHAWK
RNS Number : 9654M
Nighthawk Energy plc
03 August 2017
3 August 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Company Presentation and Operational Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces and update to production levels, hedging volumes and also is pleased to advise that a new Company presentation will shortly be available to view on the Company's website www.nighthawkenergy.com.
Highlights of the presentation include:
-- Company and asset overview
o As at 1 June 2017*, 1.1 Mmbbls of proved reserves and 1.4 Mmbbls of 2P resources
o Production to date reaches the 2.5 million barrels mark
-- Details of the Arikaree Creek water flood Pilot Project including discussion of positive indicators of response
o June monthly oil production from three water flood producing wells of 9,300 barrels (gross), 7,778 barrels (net), up approximately 15% from non-waterflood decline levels
o Company estimates incremental PV10 reserve potential in excess of $20 million from water flood pilot project
-- Introduction to the development potential at Broken Spear Field
o 28 identified potential drilling locations
o Estimated drilling and completion costs of $1.2 million per vertical well
o Locations which contain similar reservoir characteristics to the Arikaree Creek development area
o Company estimated potential at P50 probabilities of 11.3 Mmbbls OOIP (PV10 value of $25.3 million)
o Potential for significant reserves upside
-- Update of the Monarch development area in the Pennsylvania aged formation
* Interim updated audited report from the Company's independent reserve engineering firm, Ryder Scott Company LP under SPE standards
Hedging
The Company has entered into an additional swap agreement covering 8,000 barrels per month for the production period from 1 August 2017 to 31 December 2017. The contract price is $49.45 per barrel. With the addition of this contract, the Company has a total of 86,340 barrels of oil under hedging contracts for 2017 with prices ranging from $47.00 to $75.30.
Production Update
Gross and net* oil production (unaudited), in barrels, for the first six months of 2017 is summarised below.
Monthly Daily Average -------------------------------------- ----------------------------- Gross Net Gross Net 2017 2016 2017 2016 2017 2016 2017 2016 -------- -------- -------- -------- ------ ------ ----- ------ January 43,599 43,961 30,543 36,017 1,406 1,417 985 1,162 February 36,051 40,378 24,786 33,053 1,288 1,407 885 1,153 March 38,794 42,720 28,381 34,942 1,251 1,314 916 1,078 April 34,374 40,704 25,640 33,319 1,146 1,357 855 1,113 May 35,391 40,780 26,875 33,410 1,142 1,302 867 1,068 June 33,443 40,248 25,925 32,916 1,115 1,356 864 1,112 YTD 221,653 248,791 162,149 203,657 7,348 8,153 896 1,119 ======== ======== ======== ======== ====== ====== ===== ======
*Net production is based upon Nighthawk's Net Revenue Interest of approximately 82% save for the Monarch 10-15 well where HAWK has a 16% working interest.
Chuck Wilson, Chief Operating Officer of Nighthawk, who has over 33 years of experience in the oil and gas industry and meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.
- Ends-
Enquiries:
Enquiries:Nighthawk Energy plc Rick McCullough, Executive Chairman +1 303 407 9600 Kurtis Hooley, Chief Financial Officer +44 (0) 20 3582 1350 Stockdale Securities Limited +44 (0) 20 7601 6100 Richard Johnson David Coaten
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).
Definitions
2P- the sum of proved and probable reserves
MMBLS - Million barrels of oil
OOIP - Original oil in place
P50--The confidence level for the probability existing and primarily refers to 'proved + probable' reserves
Probable Reserves-- an estimated quantity of all hydrocarbons statistically defined as crude oil or natural gas, which geological and engineering data demonstrate a 50% chance of being present
Proved reserves - an estimated quantity of all hydrocarbons statistically defined as crude oil or natural gas, which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions
PV10 - the current value of approximated oil and gas revenues in the future, minus anticipated expenses, discounted using a yearly discount rate of 10%.
SPE - The Society of Petroleum Engineers
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
August 03, 2017 02:01 ET (06:01 GMT)
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