25 Oct 2017 07:00
25 October 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Company Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to production levels and waiver of Rule 9 of the UK Takeover Code.
Production Update
Gross and net* production, in barrels, for the first nine months of 2017 is summarised below.
Monthly | Daily Average | ||||||||||
Gross | Net* | Gross | Net* | ||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||
January | 43,599 | 43,961 | 30,543 | 36,017 | 1,406 | 1,417 | 985 | 1,162 | |||
February | 36,051 | 40,378 | 24,786 | 33,053 | 1,288 | 1,407 | 885 | 1,153 | |||
March | 38,794 | 42,720 | 28,381 | 34,942 | 1,251 | 1,314 | 916 | 1,078 | |||
April | 34,374 | 40,704 | 25,640 | 33,319 | 1,146 | 1,357 | 855 | 1,113 | |||
May | 35,391 | 40,780 | 26,875 | 33,410 | 1,142 | 1,302 | 867 | 1,068 | |||
June | 33,443 | 40,248 | 25,925 | 32,916 | 1,115 | 1,356 | 864 | 1,112 | |||
July | 32,710 | 43,045 | 25,429 | 35,162 | 1,055 | 1,382 | 820 | 1,133 | |||
August | 32,597 | 42,759 | 25,411 | 34,885 | 1,052 | 1,379 | 820 | 1,125 | |||
September | 30,495 | 38,551 | 23,875 | 31,459 | 1,017 | 1,285 | 796 | 1,049 | |||
YTD | 317,455 | 373,146 | 236,864 | 305,163 | 1,163 | 1,362 | 868 | 1,114 | |||
*Net production is based upon Nighthawk's Net Revenue Interest of approximately 82% save for the Monarch 10-15 well where HAWK has a 16% working interest.
Waiver of Rule 9 of the UK Takeover Code
Further to its announcement on 26 September 2017, the Company has suspended the process of preparation of a Circular in relation to a waiver of Rule 9 of the Takeover Code in relation to the share payment option for deferred interest and/or royalties ("Deferred Sums") in order to assess all potential restructuring options available to the Company. Until such time as this process is completed the Deferred Sums shall revert to being payable in cash under the terms detailed in the Company's announcement of 30 August 2017. A further announcement will be made in due course.
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 | |
Ed Thomas |
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).
Nighthawk Energy (HAWK)