TIDMHAWK
RNS Number : 3766J
Nighthawk Energy plc
09 September 2016
9 September 2016
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 current
production levels, operations and existing litigation matters.
Production Update
The Company's production continues to remain strong through the
first seven months of 2016. The effects of a natural water drive in
the Arikaree Creek field, along with the efforts from the
production operations team, have kept production relatively flat as
compared to last year for the first seven months.
Gross and net* production, in barrels, for the first seven
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
June 40,677 54,446 33,355 44,646 1,356 1,815 1,112 1,488
July 42,846 56,119 35,134 46,018 1,382 1,810 1,133 1,484
*Net production is based upon Nighthawk's Net Revenue Interest
of approximately 82%
Operations Update
The Arikaree Creek Water Pilot Project was finally approved in
early June 2016. The Company has commenced working on the Pilot
with the final engineering design phase now completed and the
equipment procurement phase beginning. Construction and
installation of the water gathering lines and the water injection
lines should commence in the second half of September. The water
injection and the polymer facilities are currently being
manufactured and are anticipated to be delivered, installed,
tested, and become operational in late October.
Nighthawk has been negotiating with Cascade (Denham) in regards
to the last two commitment wells located within the Monarch Joint
Development Area. Nighthawk believes the parties may soon finalize
negotiations around a proposed settlement. Once this is reached,
Nighthawk will announce the results in a future news release.
Litigation Matters
As previously disclosed, the ongoing litigation between Running
Foxes Petroleum, as plaintiff, and the Company, is the final stages
of being settled. There is currently only one remaining outstanding
claim and the Company believes that the allegations contained in
the remaining complaint are baseless and groundless actions, and
will vigorously defend against the remaining complaint. Based on
participation in the pre hearing conference and related court
filings, the Company has recently been approached about the two
parties trying to negotiate a settlement prior to the scheduled
court date of September 20, 2016.
In addition, Nighthawk Production has recently filed a formal
complaint against Running Foxes Petroleum and American Patriot Oil
and Gas Limited, an Australian company listed on the ASX, for a
seismic disclosure breach in connection with a Joint Venture the
two companies have announced involving acreage near us.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDLLFVDAAITIIR
(END) Dow Jones Newswires
September 09, 2016 02:00 ET (06:00 GMT)
Nighthawk Energy (LSE:HAWK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nighthawk Energy (LSE:HAWK)
Historical Stock Chart
From Apr 2023 to Apr 2024
