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Production and Drilling Update

13 Sep 2013 07:00

RNS Number : 8984N
Nighthawk Energy plc
13 September 2013
 



 

 

 13 September 2013

 

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

 

Production and Drilling Update

August average oil production sets new record of 1,661 barrels per day

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production and drilling plans at its 100% owned and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.

 

Highlights

 

· Record average gross oil production in August 2013 of 1,661 barrels per day ("bbls/day")

 

· Average realized price in August 2013 of $97 per barrel

 

· Further development drilling at Arikaree Creek expected to commence in mid-October 2013

 

· Q4 2013 drilling program to include both production and exploration wells

 

Production

 

Gross average oil production in August 2013 was 1,661 bbls/day, a record month for Nighthawk. Production from the Arikaree Creek oilfield increased over July 2013 levels with the Silverton 16-10 and Snowbird 9-15 wells contributing a combined average of 257 bbls/day. Production from Snowbird 9-15 was impacted by engine problems causing some downtime during the month. A new engine is expected to be installed in September 2013.

 

The Company is also planning a program of preventative maintenance and pressure testing at Arikaree Creek in September 2013 in preparation for the coming winter. This will result in some further downtime during the month. Once this program is completed, Nighthawk anticipates a return to growth in monthly production during the fourth quarter.

 

Drilling

 

A number of new drilling permits are being progressed, and subject to final confirmation of these and the drilling rig contract, Nighthawk anticipates further development of Arikaree Creek will commence in mid-October 2013, ahead of the Company's initial expectations. The first two planned wells in the program are in the same structural block as the Silverton 16-10 and Snowbird 9-15 wells.

 

Subject to successful completion of these two development wells, the Company intends to retain the drilling rig for an expanded program in Q4 2013 that is expected to include exploration wells as well as further development wells at Arikaree Creek. The Company is also seeking a permit to drill a salt water disposal well at Arikaree Creek which, when operational, will substantially reduce operating costs.

 

With the earlier than anticipated resumption of drilling at Arikaree Creek, and the substantial amount of new information that will be available from the new wells, work on the Competent Person Report ("CPR") will now continue through the fourth quarter. In particular, Nighthawk plans to core one of these wells providing valuable additional information for the CPR and the processing and analysis of this core information will take two to three months.

 

Stephen Gutteridge, Chairman of Nighthawk, commented:

 

"We intend to continue the rapid pace of development at Arikaree Creek and the early availability of a drilling rig is welcome news. With our recent acquisition and analysis of new 2D seismic lines, we anticipate including some exploration drilling in our Q4 2013 program, as well as adding further producing wells at Arikaree Creek."

 

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.

 

- Ends-

 

Enquiries:

Nighthawk Energy plc

Stephen Gutteridge, Chairman

Richard Swindells, Chief Financial Officer

 

 

020 3582 1350

 

Westhouse Securities Limited

Richard Baty

Ian Napier

020 7601 6100

richard.baty@westhousesecurities.com

ian.napier@westhousesecurities.com

Investec Bank plc

Chris Sim

George Price 

020 7597 4000

chris.sim@investec.co.uk

george.price@investec.co.uk 

FTI Consulting

Ben Brewerton

Ed Westropp

 

 

020 7831 3113

ben.brewerton@fticonsulting.com

edward.westropp@fticonsulting.com

 

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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