LONDON (Alliance News) - Oil and gas company Nighthawk Energy PLC on Monday said its revenue for 2015 significantly outpaced market expectations.
Nighthawk said its gross production for 2015 was around 654,800 barrels in total, down from 706,319 barrels a year earlier.
The company said the decline was primarily due to a natural rate of decline on its existing wells, which was offset by the results from its behind pipe and solvent treatment programmes.
Despite the reduced production, Nighthawk said its expects revenue for the year to the end of December will be significantly higher than market expectations.
Shares in the company were up 18% to 1.15 pence on Monday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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