Nighthawk Energy plc Reserves Based Loan Covenant Compliance (4805S)
October 03 2017 - 2:00AM
UK Regulatory
TIDMHAWK
RNS Number : 4805S
Nighthawk Energy plc
03 October 2017
3 October 2017
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Reserves Based Loan Covenant Compliance
Nighthawk, the US focused oil development and production company
(AIM: HAWK and OTCQX: NHEGY), announces that it has notified
Commonwealth Bank of Australia ("CBA") that the Company is not in
compliance with the minimum production requirement covenant for the
month of September 2017 under the Company's Reserves Based Loan
with CBA ("CBA Loan"). The Company and CBA have entered into an
agreement to waive this breach ("Waiver Agreement").
Given the uncertainty around the Company's ability to refinance
or repay the CBA Loan principal loan balance of $21.250 million,
when it falls due on 31 December 2017, the Company has pursuant to
the Waiver Agreement agreed to appoint an investment bank to advise
on available options for the repayment of the CBA Loan.
Further announcements will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU 596/2014).
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
Edward Thomas
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAKEAESFXFFF
(END) Dow Jones Newswires
October 03, 2017 02:00 ET (06:00 GMT)
Nighthawk Energy (LSE:HAWK)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nighthawk Energy (LSE:HAWK)
Historical Stock Chart
From Jul 2023 to Jul 2024