LONDON, Oct. 20, 2015
/PRNewswire/ -- Nighthawk, the US focused oil development and
production company (AIM: HAWK and OTCQX: NHEGY), announces that it
has completed an internal review of its current cost structure and
has identified a number of margin enhancement and operational
efficiency opportunities that it has begun implementing. Many of
these improvements will begin to be realized later this year with
the full impact being realized in 2016.
These margin enhancement and operational efficiency
opportunities are:
- Consolidation of finance and accounting functions to the Denver
Office;
- Staffing changes; and
- Reduction of Corporate G&A.
Consolidation of Finance Function
In an effort to streamline the accounting and finance functions
and to integrate them more fully with the operations functions, the
Company plans to consolidate its financial and accounting functions
to the Denver office. As a result
of this consolidation, Mr. Richard
Swindells, CFO and a Board member, who has served with the
Company in the UK since 2011 and has been key in the Company's
successes during a period of considerable growth, has agreed to
leave the Company effective as of November
7, 2015 and will be resigning as a director and as Company
Secretary.
Mr. Kurtis Hooley will be joining
the Company in Denver as the new
CFO and Company Secretary, effective as of November 7, 2015, and will be responsible for all
accounting, finance and administrative functions of the Company.
Previously, these functions have been split between Denver and London and the Company believes this
consolidation will result in better alignment of these functions
with its US operations and more streamlined accounting and
financial functions with all personnel now in the same office. Mr.
Hooley will not join the Board of Directors.
Mr. Hooley has over 25 years of financial and operational
management experience, which includes 11 years of experience with
an international accounting and audit firm and 10 years of
experience with a US public Exploration and Production energy
company, Double Eagle Petroleum Co., where he held both the CFO and
COO titles.
Staffing Changes
Mr. Mike Thomsen, Nighthawk's VP
of Geology, has left the Company with immediate effect to pursue
other opportunities. Mr. Thomsen was a founder of the Company and
held a series of senior management positions during his tenure.
This change does not affect Nighthawk's geological team who were
instrumental in the discovery of the Mississippian Spergen
geological play within the Company's acreage.
In addition, Nighthawk has reduced its field personnel by two
positions.
Reduction of Corporate G&A costs
In conjunction with the planned consolidation of the financial
and accounting functions in Denver, the Company will be reducing its UK
administrative activities that are duplicative to those performed
in the US office. Although the Company will maintain a UK presence,
it is expected that these changes will not only reduce costs but
will substantially streamline Nighthawk's corporate functions.
The Board will continue to review costs, head count and
reporting structures in order to realize further cost savings and
operation efficiencies where achievable.
Mr. McCullough, Executive Chairman, said:
"While we are always looking for ways to cut our costs and
improve our operations and efficiencies, this is particularly
important in the current, tough oil price environment. We'd like to
thank Richard Swindells for his
service and contribution to the Company since 2011, and in
particular I'd like to thank Richard for his support and assistance
during my first year as Nighthawk's Chairman.
"We also wish to thank Mike
Thomsen for his service and contributions to Nighthawk
Energy since 2006. We wish Richard and Mike well in their
respective new endeavors.
"I am pleased to welcome Kurtis
Hooley to our company and believe the consolidation of our
accounting and financial functions in Denver will result in considerable
efficiencies being realized. Kurtis brings a unique combination of
energy finance and operations experience that will further enhance
our Denver team."
Enquiries:
|
|
|
|
Nighthawk Energy
plc
|
|
Rick McCullough,
Executive Chairman
|
+1 303 407 9600
|
Kurtis Hooley, Chief
Financial Officer elect
|
+44 (0) 20 3582 1350
|
|
|
Westhouse
Securities Limited
|
+44 (0) 20 7601 6100
|
Alastair
Stratton
|
|
Robert
Finlay
|
|
|
|
Canaccord
Genuity
|
+44 (0) 20 7523 8000
|
Manuel
Santiago
|
|
Henry
Fitzgerald-O'Connor
|
|
|
|
FTI
Consulting
|
+44 (0) 20 3727 1000
|
Ben
Brewerton
|
ben.brewerton@fticonsulting.com
|
Ed
Westropp
|
edward.westropp@fticonsulting.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nighthawk-energy-plc-nighthawk-or-the-company-organisational-changes-and-directorate-change-300163200.html
SOURCE Nighthawk Energy plc