3 Oct 2017 07:00
3 October 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Reserves Based Loan Covenant Compliance
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has notified Commonwealth Bank of Australia ("CBA") that the Company is not in compliance with the minimum production requirement covenant for the month of September 2017 under the Company's Reserves Based Loan with CBA ("CBA Loan"). The Company and CBA have entered into an agreement to waive this breach ("Waiver Agreement").
Given the uncertainty around the Company's ability to refinance or repay the CBA Loan principal loan balance of $21.250 million, when it falls due on 31 December 2017, the Company has pursuant to the Waiver Agreement agreed to appoint an investment bank to advise on available options for the repayment of the CBA Loan.
Further announcements will be made in due course.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).
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 | |
Edward Thomas | |
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