Nighthawk Energy plc Company Update (5154U)

TIDMHAWK

RNS Number : 5154U

Nighthawk Energy plc

25 October 2017

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Company Update

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to production levels and waiver of Rule 9 of the UK Takeover Code.

Production Update

Gross and net* production, in barrels, for the first nine 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 
 June         33,443    40,248    25,925    32,916    1,115   1,356   864    1,112 
 July         32,710    43,045    25,429    35,162    1,055   1,382   820    1,133 
 August       32,597    42,759    25,411    34,885    1,052   1,379   820    1,125 
 September    30,495    38,551    23,875    31,459    1,017   1,285   796    1,049 
 YTD          317,455   373,146   236,864   305,163   1,163   1,362   868    1,114 
             ========  ========  ========  ========  ======  ======  =====  ======

*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.

Waiver of Rule 9 of the UK Takeover Code

Further to its announcement on 26 September 2017, the Company has suspended the process of preparation of a Circular in relation to a waiver of Rule 9 of the Takeover Code in relation to the share payment option for deferred interest and/or royalties ("Deferred Sums") in order to assess all potential restructuring options available to the Company. Until such time as this process is completed the Deferred Sums shall revert to being payable in cash under the terms detailed in the Company's announcement of 30 August 2017. A further announcement will be made in due course.

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 
 Ed Thomas

Chuck Wilson, Chief Operating Officer of Nighthawk, who has over 34 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.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU 596/2014).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 25, 2017 02:00 ET (06:00 GMT)

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