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HAWK Nighthawk

0.115
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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

Nighthawk Energy plc Company Update (3766J)

09/09/2016 7:00am

UK Regulatory


Nighthawk Energy (LSE:HAWK)
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RNS Number : 3766J

Nighthawk Energy plc

09 September 2016

9 September 2016

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Company Update

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to current production levels, operations and existing litigation matters.

Production Update

The Company's production continues to remain strong through the first seven months of 2016. The effects of a natural water drive in the Arikaree Creek field, along with the efforts from the production operations team, have kept production relatively flat as compared to last year for the first seven months.

Gross and net* production, in barrels, for the first seven months of 2016 is summarised below.

 
                              Monthly                                      Daily Average 
            -------------------------------------------  ---  --------------------------------------- 
                   Gross                     Net                    Gross                   Net 
              2016      2015           2016      2015           2016     2015          2016     2015 
            --------  --------       --------  --------       -------  -------       -------  ------- 
 
 January     43,915    63,605         36,031    52,183         1,417    2,052         1,162    1,683 
 February    40,809    55,979         33,444    45,843         1,407    1,999         1,153    1,637 
 March       40,720    59,382         33,392    48,688         1,314    1,915         1,078    1,570 
 April       40,704    59,919         33,374    49,136         1,357    1,997         1,113    1,638 
 May         40,358    59,406         33,093    48,710         1,302    1,916         1,068    1,571 
  June        40,677    54,446         33,355    44,646         1,356    1,815         1,112    1,488 
  July        42,846    56,119         35,134    46,018         1,382    1,810         1,133    1,484 
 

*Net production is based upon Nighthawk's Net Revenue Interest of approximately 82%

Operations Update

The Arikaree Creek Water Pilot Project was finally approved in early June 2016. The Company has commenced working on the Pilot with the final engineering design phase now completed and the equipment procurement phase beginning. Construction and installation of the water gathering lines and the water injection lines should commence in the second half of September. The water injection and the polymer facilities are currently being manufactured and are anticipated to be delivered, installed, tested, and become operational in late October.

Nighthawk has been negotiating with Cascade (Denham) in regards to the last two commitment wells located within the Monarch Joint Development Area. Nighthawk believes the parties may soon finalize negotiations around a proposed settlement. Once this is reached, Nighthawk will announce the results in a future news release.

Litigation Matters

As previously disclosed, the ongoing litigation between Running Foxes Petroleum, as plaintiff, and the Company, is the final stages of being settled. There is currently only one remaining outstanding claim and the Company believes that the allegations contained in the remaining complaint are baseless and groundless actions, and will vigorously defend against the remaining complaint. Based on participation in the pre hearing conference and related court filings, the Company has recently been approached about the two parties trying to negotiate a settlement prior to the scheduled court date of September 20, 2016.

In addition, Nighthawk Production has recently filed a formal complaint against Running Foxes Petroleum and American Patriot Oil and Gas Limited, an Australian company listed on the ASX, for a seismic disclosure breach in connection with a Joint Venture the two companies have announced involving acreage near us.

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.

Enquiries:

 
 Nighthawk Energy plc 
 Rick McCullough, 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 information is provided by RNS

The company news service from the London Stock Exchange

END

UPDLLFVDAAITIIR

(END) Dow Jones Newswires

September 09, 2016 02:00 ET (06:00 GMT)

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