Jolly Ranch Project Marketing Update
July 26 2010 - 5:20AM
UK Regulatory
TIDMHAWK
RNS Number : 9093P
Nighthawk Energy plc
26 July 2010
Nighthawk Energy plc
("Nighthawk" or the "Company")
Jolly Ranch Project Marketing Update
Further to the announcement dated 23 June 2010, Nighthawk, the US focused
hydrocarbon development and production company (Tickers: AIM: HAWK and OTCQX:
NHEGY), is pleased to provide an update on the marketing process being
undertaken by Macquarie Tristone (Houston) ("Macquarie") to seek a purchaser for
part of the working interest in the Jolly Ranch Project in Colorado covering
406,400 gross acres (approximately 315,550 acres net).
As stated in the announcement dated 23 June 2010, Macquarie has prepared and
issued an Overview Memorandum setting out details of the Jolly Ranch Group
assets. The engagement of Macquarie is an open ended agreement and as
previously stated the dates referred to in the Overview Memorandum are
non-binding and subject to change.
During the initial stages of marketing, strong interest has been received from a
number of significant domestic US and international firms. To date, seven of
these companies have signed confidentiality agreements in order to evaluate
information held in the Jolly Ranch project Data Room.
Due to continuing interest, it has been agreed with Macquarie that the
divestment process timetable will be extended to allow for as many companies as
possible to evaluate the project as development of the Jolly Ranch project
continues.
Completion activity and data evaluation is continuing on Jolly Ranch and a new
drilling programme is planned in parallel with the divestment process.
Revenues from Jolly Ranch continue to increase and are at a current all time
high, the effects which will be reflected in the 30 June 2010 year end accounts
to be published in Q4 2010.
Whilst the initial indications of interest from industry participants are
clearly encouraging, there can be no assurance that the process will result in
the completion of a transaction.
Further announcements will be made as appropriate.
Enquiries:
+------------------------------+-----------------------------------------+
| Nighthawk Energy plc | |
| David Bramhill, Managing | 07787 160682 |
| Director | 07956 525433 |
| Tim Heeley, Commercial | 020 7887 1454 |
| Director | |
+------------------------------+-----------------------------------------+
| | |
+------------------------------+-----------------------------------------+
| Westhouse Securities Limited | 020 7601 6100 |
| Tim Feather | tim.feather@westhousesecurities.com |
| Matthew Johnson | matthew.johnson@westhousesecurities.com |
+------------------------------+-----------------------------------------+
| | |
+------------------------------+-----------------------------------------+
| Matrix Corporate Capital LLP | 020 3206 7000 |
| Louis Castro | louis.castro@matrixgroup.co.uk |
| James Pope | james.pope@matrixgroup.co.uk |
+------------------------------+-----------------------------------------+
| | |
+------------------------------+-----------------------------------------+
| Bishopsgate Communications | 020 7562 3395 |
| Limited | nick@bishopsgatecommunications.com |
| Nick Rome | |
+------------------------------+-----------------------------------------+
| | |
+------------------------------+-----------------------------------------+
| Financial Dynamics | 020 7831 3113 |
| Ben Brewerton | ben.brewerton@fd.com |
| Ed Westropp | edward.westropp@fd.com |
| | |
+------------------------------+-----------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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