12 Jan 2017 07:00
12 January 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Operations 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, recompletion results and pricing.
Operations Update
As reported by Nighthawk on 16 December 2016, the Company reached a settlement with Cascade Petroleum LLC with one of the provisions being that Nighthawk was to complete an up-hole zone in the Monarch 10-15 well, at the Company's expense, estimated at US$75,000. The recompletion has been finished within estimated costs and for the first 11 days of full production, the average daily production has been 205 barrels per day, gross and 33 barrels per day, net. Nighthawk owns a 16% net revenue interest in the 10-15 wellbore, and a 76% net revenue interest in the surrounding acreage. Additional results will be announced in due course.
As reported by the Company on 3 January 2017, Nighthawk received the final permit on 29 December 2016 to commence injection of water into the second of the two planned water flood injection wells. Injection commenced on 30 December 2016 and results will be announced in due course.
In addition, Nighthawk has entered into a six-month marketing agreement which locks in the transportation deduction costs to the Company at $3.15 per barrel. This compares to $7.00 per barrel at 1 January 2016.
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 |