LONDON (Alliance News) - Nighthawk Energy PLC on Friday said its average gross production in the year to date is higher year-on-year and said its new crude oil marketing arrangements are providing a wider access to market.
The company, which operates the Denver-Julesberg Basin project in Colorado in the US, said production was maintained in the year to date, despite its behind-pipe and remedial treatment programme being conducted during March and April. The programme is set to continue in May and June.
Average gross production for the company in the year to date was 2,002 barrels of oil per day, up from 1,935 barrels per day in the same period a year earlier.
Elsewhere, Nighthawk signed a new deal with an unnamed oil marketing firm in April to boost its access to market. It did not provide any details on the contract.
"This winter was very challenging for our operating team and while we lost some ground on our 2015 production targets, we are now beginning to see the results of our behind pipe and solvent treatment programmes," said Nighthawk Chairman Rick McCullough.
"Maintaining our production levels, as we largely did in spite of the record number of maintenance projects and our normal well declines, was a major accomplishment. Our second quarter results are improving and we hope to make up some of the lost ground during this quarter," McCullough added.
Shares in Nighthawk were down 1.0% to 6.24 pence on Friday, having fallen to 5.78p earlier.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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