Nighthawk Energy plc Production Update and Result of AGM (0133J)

TIDMHAWK

RNS Number : 0133J

Nighthawk Energy plc

23 June 2017

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Result of AGM and Company Update

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to production levels and the result of its AGM.

AGM Results

Nighthawk reports that at its Annual General Meeting, held earlier today, all resolutions were passed.

Production Update

Gross and net* oil production (unaudited), in barrels, for the first five 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 
            --------  --------  --------  --------  ------  ------  -----  ------ 
 TYD         188,210   208,543   136,224   170,741   6,233   6,797   902    1,123 
                      --------  --------  --------  ------  ------  -----  ------ 
 
 

*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.

The Directors are encouraged that monthly production through May has remained relatively flat primarily due to bringing wells down for maintenance back on line, together with preliminary results from the Southern water flood Pilot project.

The performance and technical response behaviours that are indicative of early project success are as follows:

v Positive increasing surface pressure recorded on the Blackcomb 12-14 well

v Produced Gas/Oil ratios are reducing

v Slight increase in the monthly production on the Snowbird 9-15 well

v Continuous injections of approximately 3,500 barrels of water per day

Chuck Wilson, COO, commented "The Company has begun to see preliminary indications of response over the last few months for the water flood pilot project implemented in late 2016."

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, Executive 
  Chairman                              [phone] 
 Kurtis Hooley, Chief Financial 
  Officer                          [phone] 
 
 Stockdale Securities Limited      [phone] 
 Richard Johnson 
 David Coaten 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCKXLBLDQFXBBZ

(END) Dow Jones Newswires

June 23, 2017 05:36 ET (09:36 GMT)