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Production Update

28 Jun 2016 07:00

RNS Number : 3964C
Nighthawk Energy plc
28 June 2016
 

28 June 2016

 

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

 

Production Update

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces the Company's latest current production level update.

 

Production Update

 

The Company's production continues to remain strong. As shown in the below table, the month on month decline in 2016 is less than Nighthawk experienced in 2015. The Company believes this is due to continued enhanced recovery projects implemented in the field and better than expected recoveries due to a natural water drive in the Arikaree Creek Field.

 

 

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

 

Monthly

Daily Average

Gross

Net

Gross

Net

2016

2015

2016

2015

2016

2015

2016

2015

January

43,915

63,605

36,031

52,183

1,417

2,052

1,162

1,683

February

40,809

55,979

33,444

45,843

1,407

1,999

1,153

1,637

March

40,720

59,382

33,392

48,688

1,314

1,915

1,078

1,570

April

40,704

59,919

33,374

49,136

1,357

1,997

1,113

1,638

May

40,358

59,406

33,093

48,710

1,302

1,916

1,068

1,571

 

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

 

Bank Negotiation Update

 

The Company continues in its discussions on new banking arrangements and expects to make a further announcement shortly.

 

 

 

 

 

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
 
 
MSCGMGZVKNLGVZM
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