The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksNighthawk Energy Regulatory News (HAWK)

  • There is currently no data for HAWK

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Banking Agreement

30 Jun 2016 07:00

RNS Number : 7307C
Nighthawk Energy plc
30 June 2016
 

30 June 2016

 

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

 

Amendment to Existing Bank Agreement and Water Flood Pilot Financing Plans

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), is pleased to announce that on 29 June 2016 it entered into an amendment to the existing bank agreement with the Commonwealth Bank of Australia ("CBA").

 

New Amendment to Existing Bank Agreement

 

As previously reported, since December 2015, the Company has been involved in negotiations with its banking partner, CBA, regarding a new amendment to the existing credit agreement. The Company is pleased to announce that the parties executed the fourth amendment to the existing bank agreement on 29 June 2016.

 

A summary of the key terms and conditions of the amended bank agreement are as follows:

 

o $23 Million principal amount

o Interest will be at Libor plus 6%, payable monthly in cash;

o Arrangement by the Company of an additional $3 million for the Water Flood pilot project to be completed by 31 July 2016

o Matures on 30 June 2017, unless extended by CBA at their sole discretion, with Nighthawk to provide CBA with a refinancing plan on or before March 31, 2017;

o Existing unsecured loan note holders to agree to deferral of all cash interest and royalty payments by 31 August 2016

o Nighthawk are no longer subject to the original financial covenants, with covenants more reflective of the current market being successfully negotiated.

 

The Company is negotiating the deferral of the interest and royalty payments with existing loan note holders.

 

Water Flood Financing Plan

 

Nighthawk is in the process of negotiating the financing for the water flood pilot project through the issuance of a new $3 million second lien note with certain of its major shareholders. The new loan note, which is subject to necessary approvals, is expected to have a 15% coupon and an override feature, in line with previous loan notes.

 

Rick McCullough, Chairman of Nighthawk, commented:

 

"I am pleased to announce this new agreement with our banking partner, CBA. This is the culmination of much work by a number of parties and I am extremely pleased with the support we have received from everyone involved.

 

Along with the with the recent completion of regulatory approval of the Company's Arikaree Creek water flood pilot project, this concludes another major step in the realization of the benefits of the water flood pilot project that we plan to implement later this year. As previously stated, we expect that project to drive both production and reserve additions which will be beneficial for all stakeholders of Nighthawk."

 

The Company will provide a further update in due course.

 

 

 

 

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
 
 
AGRZMGFVDGKGVZG
Date   Source Headline
28th Sep 20121:23 pmRNSPosting of Annual Report & Notice of AGM
27th Sep 20127:00 amRNSFinal Results
24th Sep 20124:40 pmRNSSecond Price Monitoring Extn
24th Sep 20124:35 pmRNSPrice Monitoring Extension
21st Sep 20127:00 amRNSDrilling Report
28th Aug 20127:00 amRNSOperational Update
24th Jul 20127:00 amRNSOperations Update
1st Jun 201211:10 amRNSDirector/PDMR Shareholding
1st Jun 20127:00 amRNSOperations Update
10th May 20124:35 pmRNSPrice Monitoring Extension
27th Apr 20127:00 amRNSOperations Update
26th Mar 20127:00 amRNSOperations Update
26th Mar 20127:00 amRNSInterim Results
22nd Feb 20124:40 pmRNSSecond Price Monitoring Extn
22nd Feb 20124:35 pmRNSPrice Monitoring Extension
9th Feb 20127:00 amRNSOperations Update
1st Feb 20127:00 amRNSRe-organisation of Nominated Adviser and Broker
31st Jan 20122:01 pmRNSTotal Voting Rights
24th Jan 201211:05 amRNSHolding(s) in Company - Correction
23rd Jan 20121:08 pmRNSHolding(s) in Company
23rd Jan 20127:01 amRNSCompletion of Acquisition and Fundraising
20th Jan 20127:00 amRNSResult of Open Offer
17th Jan 20127:00 amRNSPlacing
4th Jan 20122:45 pmRNSPosting of Circular and Notice of General Meeting
28th Dec 20117:00 amRNSAcquisition and Fundraising
20th Dec 20114:40 pmRNSSecond Price Monitoring Extn
20th Dec 20114:35 pmRNSPrice Monitoring Extension
17th Nov 20117:00 amRNSJolly Ranch Q3 2011 Production Update
9th Nov 20117:00 amRNSChange of Registered Office
2nd Nov 20115:35 pmRNSHolding(s) in Company
1st Nov 20115:09 pmRNSHolding(s) in Company
1st Nov 201112:15 pmRNSTotal Voting Rights
26th Oct 20114:07 pmRNSHolding(s) in Company
26th Oct 20112:10 pmRNSResult of AGM
26th Oct 201110:34 amRNSPlacing
21st Oct 20114:40 pmRNSSecond Price Monitoring Extn
21st Oct 20114:35 pmRNSPrice Monitoring Extension
20th Oct 20117:00 amRNSDirectorate Change
18th Oct 201111:11 amRNSHolding(s) in Company
14th Oct 20117:00 amRNSStrategy Update
4th Oct 20114:35 pmRNSPrice Monitoring Extension
3rd Oct 201112:06 pmRNSAnnual Report and Notice of AGM
19th Sep 20117:00 amRNSFinal Results
15th Sep 20114:35 pmRNSPrice Monitoring Extension
8th Sep 20117:00 amRNSDirectorate Change
7th Sep 20114:40 pmRNSSecond Price Monitoring Extn
7th Sep 20114:35 pmRNSPrice Monitoring Extension
6th Sep 20114:40 pmRNSSecond Price Monitoring Extn
6th Sep 20114:35 pmRNSPrice Monitoring Extension
31st Aug 20114:40 pmRNSSecond Price Monitoring Extn

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.