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Resource Update

22 Nov 2017 07:00

RNS Number : 1973X
Nighthawk Energy plc
22 November 2017
 

22 November 2017

 

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

 

Resource Update

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to the Arikaree Creek water flood Pilot project (the "Pilot").

 

Pilot Project Reserves

 

The Company engaged iReservior.com, Inc, an international geoscience and reservoir engineering consulting firm, to update the Company's internal estimates for the total EUR and incremental recoverable reserves for the Pilot. Shown in the following table are the updated current estimates, which have been made in accordance with SPE standards

 

In Mbbls

Estimated Recovery

1,239

Produced to date (est.)

(542)

Estimated remaining recoverable reserves

697

PDP currently booked

(343)

Estimated incremental recoverable reserves

354

 

The estimated incremental recoverable reserves are a direct result of the Pilot implementation.

 

 

 

Enquiries:

 

Nighthawk Energy plc

Rick McCullough, Executive 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

Ed Thomas

Glossary

 

Mbbls - Thousand barrels of oil

OIP-Oil in place

PDP - Proved, developing, producing reserves

SPE - The Society of Petroleum Engineeers

 

Chuck Wilson, Chief Operating Officer of Nighthawk, who has over 34 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.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).

 

 

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