LONDON, Sept. 29, 2014 /PRNewswire/ -- Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces its interim results for the six months ended 30 June 2014 ("First half 2014").
Financial Highlights – Record Profitability and Cash-flow
- First half 2014 revenue of US$25.4 million, a 345% increase on the comparable period in 2013 (US$5.7 million)
- First half 2014 Normalised Operating Profit* of US$14.1 million, greater than the full year of 2013 (US$12.9 million ) and a more than tenfold increase on first half 2013 (US$1.33 million)
- First half 2014 Normalised EBITDA* of US$17.4 million, increased from US$2.2 million in the comparable period 2013
- Capital investment in drilling and development of US$18.8 million in first half 2014 (Full year 2013: US$22.4 million)
- First half 2014 Operating Cash-flow of US$14.4 million (First half 2013: US$4.7 million)
Operational highlights – Successful Production Growth
- First half 2014 gross oil sales of 342,384 barrels compared to 83,428 barrels in first half 2013
- Net oil sales of 279,964 barrels (Nighthawk average net revenue interest** of 81.1%)
- Seven production development wells drilled with six wells successfully brought into production
- New Snow King oil discovery brought into production
- Two exploration wells drilled and two salt-water disposal wells completed
- Average daily gross oil production increased from 1,556 barrels/day ("bbls/day") in December 2013 to 2,062 bbls/day in June 2014
- Rick McCullough appointed to the Board as Chairman to succeed Stephen Gutteridge from 1 October 2014
Stephen Gutteridge, Chairman of Nighthawk, said;
"Nighthawk has delivered an exceptionally strong set of financial results for the first six months of 2014 with performance on most measures close to equaling the twelve months results for 2013, which in themselves were good numbers. The key has been the successful drive to grow production through low cost development drilling in known producing areas and successful de-risked exploration drilling. Nighthawk now has a firm foundation for further growth and the challenge will be to exploit the considerable opportunity across Nighthawk's acreage to deliver the next step up in production from this higher base. With the drilling of new well locations at Arikaree Creek and Snow King, new structural exploration targets and the Company's first horizontal well all planned, I am confident that challenge will be met."
Definitions
* Normalised Operating Profit is operating profit adjusted for exceptional administrative items and, in respect of the period ended 31 December 2013, a gain on stepped acquisition. Normalised EBITDA is operating profit adjusted for depreciation, amortisation, exceptional administrative items and, in respect of the period ended 31 December 2013, a gain on stepped acquisition.
**Net revenue interest (NRI) - Nighthawk's share of oil, gas, and associated hydrocarbons produced, saved, and marketed, after satisfaction of all royalties, overriding royalties, or other similar burdens on or measured by production of oil, gas, and associated hydrocarbons
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SOURCE Nighthawk Energy plc
