28 June 2016
NIGHTHAWK ENERGY PLC
Production Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces the Company’s latest current production level update.
The Company’s production continues to remain strong. As shown in the below table, the month on month decline in 2016 is less than Nighthawk experienced in 2015. The Company believes this is due to continued enhanced recovery projects implemented in the field and better than expected recoveries due to a natural water drive in the Arikaree Creek Field.
Gross and net* production, in barrels, for the first five months of 2016 is summarised below.
Monthly |
Daily Average |
||||||||||
Gross |
Net |
Gross |
Net |
||||||||
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
2016 |
2015 |
||||
January |
43,915 |
63,605 |
36,031 |
52,183 |
1,417 |
2,052 |
1,162 |
1,683 |
|||
February |
40,809 |
55,979 |
33,444 |
45,843 |
1,407 |
1,999 |
1,153 |
1,637 |
|||
March |
40,720 |
59,382 |
33,392 |
48,688 |
1,314 |
1,915 |
1,078 |
1,570 |
|||
April |
40,704 |
59,919 |
33,374 |
49,136 |
1,357 |
1,997 |
1,113 |
1,638 |
|||
May |
40,358 |
59,406 |
33,093 |
48,710 |
1,302 |
1,916 |
1,068 |
1,571 |
*Net production is based upon Nighthawk’s Net Revenue Interest of approximately 82%
Bank Negotiation Update
The Company continues in its discussions on new banking arrangements and expects to make a further announcement shortly.