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Company Update

3 Jan 2017 07:00

RNS Number : 1248T
Nighthawk Energy plc
03 January 2017
 

3 January 2017

 

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, water flood injection wells, and hedging.

 

Production Update

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

 

 

Monthly

 

Daily Average

 

Gross

 

Net

 

Gross

 

Net

 

2016

2015

 

2016

2015

 

2016

2015

 

2016

2015

 

 

 

 

 

 

 

 

 

 

 

 

January

43,961

63,606

 

36,017

52,183

 

1,417

2,052

 

1,162

1,683

February

40,378

55,976

 

33,053

45,843

 

1,407

1,999

 

1,153

1,637

March

42,720

59,382

 

34,942

48,688

 

1,314

1,915

 

1,078

1,570

April

40,704

59,919

 

33,319

49,136

 

1,357

1,997

 

1,113

1,638

May

40,780

59,406

 

33,410

48,710

 

1,302

1,916

 

1,068

1,571

June

40,248

54,556

 

32,916

44,646

 

1,356

1,815

 

1,112

1,488

July

43,045

56,116

 

35,162

46,018

 

1,382

1,810

 

1,133

1,484

August

42,759

53,863

 

34,885

46,018

 

1,379

1,738

 

1,125

1,484

September

38,551

48,982

 

31,459

40,161

 

1,285

1,633

 

1,049

1,339

October

39,672

49,724

 

32,246

40,769

 

1,280

1,604

 

1,040

1,315

November

33,315

46,581

 

26,990

38,108

 

1,111

1,553

 

900

1,270

YTD

446,133

608,111

 

364,399

500,280

 

1,332

1,815

 

1,088

1,493

 

 

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

 

Operations Update

As reported by the Company on 30 November 2016, Nighthawk received a permit on 11 November 2016 to commence injection of water into one of the two planned water flood injection wells. On 29 December 2016, the Company received a permit to commence injection on the second well.

 

As reported by Nighthawk on 16 December 2016, the Company reached a settlement with Cascade Petroleum LLC. One of the provisions of the settlement was that Nighthawk was to complete an up-hole zone in the Monarch 10-15 well, at the Company's expense, estimated to be approximately US$75,000. A workover rig has been commissioned and the re-completion has commenced. Results of the up-hole completion will be announced in due course.

 

Hedging Update

The Company currently has the following hedging instruments in place:

 

 Price

 Total Volumes

 Term

 Swap

 $ 75.30

17,350

Nov-17

 Swap

 $ 52.45

48,000

Jun-17

 Collar

 $47.00 - $52.75

88,000

Dec-17

 

As a result of these instruments, the Company's weighted average price on the hedged volume will range between be $52.01 and $54.62 per barrel for the first half of 2017. The hedging instruments allows the Company to manage the commodity risk around oil prices. Additional volumes for 2017 are expected to be hedged if oil prices improve and the Company's water flood pilot project volumes come on line.

 

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
 
 
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