Nighthawk Energy plc Operations Update (9499T)
January 12 2017 - 2:00AM
UK Regulatory
TIDMHAWK
RNS Number : 9499T
Nighthawk Energy plc
12 January 2017
12 January 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Operations Update
Nighthawk, the US focused oil development and production company
(AIM: HAWK and OTCQX: NHEGY), announces an update to current
production levels, water flood injection wells, recompletion
results and pricing.
Operations Update
As reported by Nighthawk on 16 December 2016, the Company
reached a settlement with Cascade Petroleum LLC with one of the
provisions being that Nighthawk was to complete an up-hole zone in
the Monarch 10-15 well, at the Company's expense, estimated at
US$75,000. The recompletion has been finished within estimated
costs and for the first 11 days of full production, the average
daily production has been 205 barrels per day, gross and 33 barrels
per day, net. Nighthawk owns a 16% net revenue interest in the
10-15 wellbore, and a 76% net revenue interest in the surrounding
acreage. Additional results will be announced in due course.
As reported by the Company on 3 January 2017, Nighthawk received
the final permit on 29 December 2016 to commence injection of water
into the second of the two planned water flood injection wells.
Injection commenced on 30 December 2016 and results will be
announced in due course.
In addition, Nighthawk has entered into a six-month marketing
agreement which locks in the transportation deduction costs to the
Company at $3.15 per barrel. This compares to $7.00 per barrel at 1
January 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, 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
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