8 Oct 2013 07:00
8 October 2013
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Production Update
Third Quarter average oil production of 1,528 barrels per day
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.
Highlights
· Average gross oil production in September 2013 of 1,408 barrels per day ("bbls/day")
· Average gross oil production in third quarter 2013 of 1,528 bbls/day, a 142% uplift on the second quarter 2013
· Five wells now in production at Arikaree Creek oil-field
· Third quarter 2013 net revenue exceeds US$10 million
Production
Average gross oil production in the third quarter of 2013 was 1,528 bbls/day compared to an average of 631 bbls/day in the second quarter. The increase was driven by the successful drilling program at Arikaree Creek with a full quarter of production from the Big Sky 4-11 and Taos 1-10 wells and a first contribution from the Silverton 16-10 and Snowbird 9-15 wells which came on-stream in July 2013.
As previously announced, production in September 2013 was affected by planned maintenance work and data collection at all five Arikaree Creek producing wells. As a result, average gross oil production in September 2013 was 1,408 bbls/day. All wells are now back on-line and the data gathered during the scheduled tests of pressure and fluid levels is being analysed. The production rate of Steamboat Hansen 8-10, the Arikaree Creek discovery well, increased during the third quarter. This well has now been in production for over ten months and has produced over 90,000 barrels of oil with no water production.
The Company continues to benefit from strong oil prices, and generated net revenues of over US$10 million in the third quarter of 2013.
Gross Oil Production 2013
Month | Total Production (Barrels of Oil) | Average Production (bbls/day) | |
Quarter 1 2013 | 28,175 | 313 | |
Quarter 2 2013
| April | 12,067 | 402 |
May | 14,498 | 468 | |
June | 30,869 | 1,029 | |
Q2 Total | 57,434 | 631 | |
First Half 2013 | 85,609 | 473 | |
Quarter 3 2013
| July | 46,883 | 1,512 |
August | 51,482 | 1,661 | |
Sept | 42,232 | 1,408 | |
Q3 Total | 140,597 | 1,528 |
Stephen Gutteridge, Chairman of Nighthawk, commented:
"The third quarter of 2013 was a very productive period for Nighthawk, with successful drilling and record production at Arikaree Creek. We are now in good shape to press on with our next drilling campaign which we expect to be underway later this month."
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 | |
FTI Consulting Ben Brewerton Ed Westropp
| 020 7831 3113 ben.brewerton@fticonsulting.com edward.westropp@fticonsulting.com | |