17 Nov 2011 07:00
Thursday 17 November 2011
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Jolly Ranch Q3 2011 Production Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces its quarterly production update, covering the quarter ended 30 September 2011.
Highlights
·; Q3 production of 2,592 barrels net to Nighthawk (net of tax and royalty) (Q2: 3,079 barrels net to Nighthawk)
Update on Production
Q3 production is below the level of Q2 due to a mechanical breakdown of the Craig 4-4, the longest producing well at Jolly Ranch. Once this well is placed back on pump, production levels are expected to rise.
The production figures below are presented net of applicable Colorado State Taxes and Royalty payments to the landowners. The figures for the quarter ended 30 June 2011 are presented for comparison.
Q2 2011 | Q3 2011 | ||
Month | Bbls net to Nighthawk | Month | Bbls net to Nighthawk |
April | 831 | July | 902 |
May | 1,225 | August | 863 |
June | 1,023 | September | 827 |
Total | 3,079 | Total | 2,592 |
These figures should not be used to calculate a bopd figure as the wells, which are predominantly on test, are intermittently taken offline for routine maintenance, modifications to pumping equipment, weather related conditions, workovers, recompletions or completion in new zones. With more wells on production, the effect of individual wells being taken offline would have less impact on the overall production figures.
Tim Heeley B.Eng (Hons) a member of the Society of Petroleum Engineers, Fellow of the Geological Society of London and a Chartered Energy Engineer, who is CEO of Nighthawk and has over 16 years of experience in the hydrocarbons industry, has approved the technical information contained in this announcement.
Enquiries:
Nighthawk Energy plc Tim Heeley, Chief Executive Richard Swindells, Chief Financial Officer |
020 3582 1350
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Westhouse Securities Limited Tim Feather Matthew Johnson | 020 7601 6100 tim.feather@westhousesecurities.com matthew.johnson@westhousesecurities.com
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FTI Consulting Ben Brewerton Ed Westropp | 020 7831 3113
nighthawk@fticonsulting.com
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