28 Jun 2016 07:00
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 |