Nighthawk Energy plc Production Update and Result of AGM (0133J)
June 23 2017 - 4:36AM
UK Regulatory
TIDMHAWK
RNS Number : 0133J
Nighthawk Energy plc
23 June 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Result of AGM and Company Update
Nighthawk, the US focused oil development and production company
(AIM: HAWK and OTCQX: NHEGY), announces an update to production
levels and the result of its AGM.
AGM Results
Nighthawk reports that at its Annual General Meeting, held
earlier today, all resolutions were passed.
Production Update
Gross and net* oil production (unaudited), in barrels, for the
first five 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
-------- -------- -------- -------- ------ ------ ----- ------
TYD 188,210 208,543 136,224 170,741 6,233 6,797 902 1,123
-------- -------- -------- ------ ------ ----- ------
*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.
The Directors are encouraged that monthly production through May
has remained relatively flat primarily due to bringing wells down
for maintenance back on line, together with preliminary results
from the Southern water flood Pilot project.
The performance and technical response behaviours that are
indicative of early project success are as follows:
v Positive increasing surface pressure recorded on the Blackcomb
12-14 well
v Produced Gas/Oil ratios are reducing
v Slight increase in the monthly production on the Snowbird 9-15
well
v Continuous injections of approximately 3,500 barrels of water
per day
Chuck Wilson, COO, commented "The Company has begun to see
preliminary indications of response over the last few months for
the water flood pilot project implemented in late 2016."
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, 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
David Coaten
This information is provided by RNS
The company news service from the London Stock Exchange
END
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