Increasing competition in the French property markets shows demand from investors

11 March 2016 | Corporate Finance

The new publication “Property Market Trends, France Spring 2016” provides an in-depth assessment of the commercial real estate market in France and its future perspectives.
On the rental market in Île-de-France, the report identified several important trends. After a first half seeing take-up trending strongly downward, activity has been much more dynamic in the second half of 2015, thanks to a more favorable macroeconomic context. As a result, take-up has revived enough to see the year ending slightly better than 2014. In total, year-on-year take-up has grown by 1.2% to reach 2.21 million square meters. The small- and medium-surface markets have been the most dynamic: up 12% from 2014 with a transaction volume of almost 1.5 million square meters.
While this is still well short of the record performances of 2006 and 2007, these are the best results in these size categories since 2008. However, take-up for surfaces of over 20,000 sq.m has been down since early 2015, showing an overall decrease of 37% compared to 2014, despite a recovery toward the year’s end. Vacancy rates have started to decline, driven both by a recovery in large-surface transactions in existing new buildings and a slight drop in releases. Overall, the vacancy rate in Ile-de-France fell slightly, by 0.3 point, to 7%. Headline rents have remained broadly stable and there has been a further increase in incentives, which reached 21.5% in Ile-de-France.
As has been seen in the rental market, the investment market has experienced an exceptional second half of the year following its lacklustre first six months. €26.2 billion have been invested in the non-residential real estate market in France, up 2.5% over 2014. This result was only surpassed in 2006 and 2007. Despite this similarity, the two markets have followed very different trajectories in the past two years. The investment market continues to benefit greatly from the very high volume of liquidity available for properties, coupled with the relatively limited supply of same. This has generated, with increasing competition between players, higher values and severely reduced yields.
Unlike in 2014, it has been transactions in the €100-to-€300 million range which have proved the strongest market impetus in 2015. But deals in excess of €500 million have shown a sharp decline after the truly outstanding performance the previous year. While offices have remained the most sought-after product type, warehouses have been the strongest growing product in 2015. Investment funds have strengthened their dominance in the French market, while there has also been a comeback by SIIC-listed companies, insurance companies and SCPIs.
The report Property Market Trends is available for download at

For more information please contact:
+33 1 56 79 79 78

Water Flood Approval and Year End Reserves Update

10 March, 2016
Water Flood Approval and Year End Reserves Update

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to the water flood project approval hearing and also reports the 31 December 2015 year end reserves.

Water Flood Project Approval
As previously disclosed, the Company made a filing seeking approval of its planned Arikaree Water Flood Enhanced Oil Recovery Project (the ”Project”) with the Colorado Oil and Gas Conservation Commission (the ”COGCC”), the state oil and gas regulatory body. On 8 March, 2016, the COGCC approved the Company’s application for the Project, subject to the Company obtaining 80% approval of the non-working interest owners within the next six months, using an agreed upon revenue allocation method. The Company believes that the required approvals will be obtained in the next few months. A further announcement will be made in due course.

As disclosed in the Company’s announcement of 23 October 2015, the Company’s preliminary estimates for the total Oil In Place (”OIP”) in the field potentially may be up to 16.6 million barrels. As shown in the table below, the estimated ultimate recovery under the water flood project ranges between 30%-40%. This compares to the current 17% recovery experience from the conventional wellbore production.
Range(in Mmbbls)

Low High
Estimated total OIP 16,60 16,60
Estimated Recovery 30 % 40 %
Total Estimated Recovery 4.98 6.64
Production to date (est.) (1.50) (1.50)
Estimated remaining recoverable reserves 3.48 5.14
PDP currently booked in reserve report 1.40 1.40
Estimated incremental recoverable reserves 2.08 3.74


During the course of preparing the Company’s regulatory filing, the Company engaged a third party engineering firm to make estimates using sophisticated, predictive reservoir models of the OIP, the ultimate recoveries of oil associated with the water flood project and how the oil would be produced once implemented.

The final estimates are closer to the high side preliminary estimates shown above. The original estimate for the high end of the range was 40% estimated recovery resulting in 6.64 million barrels, whereas the third party simulation model puts the estimated recovery at 38.8% and 6.57 million barrels. This engineering projection shows monthly production rates to more than double the current production under primary recovery for up to the next 5 years. The Company will be posting on its website, shortly, a presentation which provides a more detailed explanation of the Project and its benefits.

As detailed in the table below, the Company’s external reserve engineers have estimated the low side of the incremental reserves from the water flood project as Probable Reserves at 31 December 2015. The Company expects these reserves to be reclassified to the Proved Developed Producing category once capital for the Project is deployed and the Project becomes operational.

Year-end Reserves

The Company has finalized its year-end reserve report and has received the audited 2P reserve report from the Company’s independent reserve engineering firm, Ryder Scott Company LP under SPE standards. The reserves were estimated using current production, anticipated decline curves, actual operating costs and an average realized price of $43.25/Bbl. The reserve volumes, in barrels, are presented below:

31 Dec 2015 31 Dec 2014
Proved Developed Producing 1,405,800 1,315,066
PUDs and PDNP 0 524,708
Total Proved Reserves 1,405,800 1,839,744
Probable Reserves (1) 1,423,015 0
Total Audited Reserves 2,828,815 1,839,744
Possible Reserves (2) 807,000 0


(1) Probable reserves represent water flood project response reserves around existing wellbores and projects in-fill wells
(2) Possible reserves are managyvement estimates of additional water flood potential using the low range of estimates recovery


The decrease from prior year total proved reserves is due to reserves associated with Proved Undeveloped (PUD’s) and Proved Developed Non-Producing (PDNP) categories which have been deemed uneconomic at current pricing. The increase in Proved Developed Producing, which is net of annual production of approximately 650,000 gross barrels, is due to better than projected production results in existing wells.

Rick McCullough, Chairman of Nighthawk, commented:

”The regulatory approval of the Arikaree Creek water flood project is a major accomplishment for the Company. The approval of this project, which was envisioned by Chuck Wilson and his team a couple of years ago, validates the quality of the technical analysis and the merits of the project for Nighthawk and the field’s landowners.

We hope to complete the project later this year once we obtain the 80% landowner approval levels. Once the project is completed, we expect to see a significant increase in daily and annual production as well as an increase in field reserve levels. This project is ideal for these market conditions and is the top priority of Nighthawk.”

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.


Nighthawk Energy plc

Rick McCullough, Chairman                                          +1 303 407 9600
Kurtis Hooley, Chief Financial Officer Elect      +44 (0) 20 3582 1350

Stockdale Securities Limited                       +44 (0) 20 7601 6100
Alastair Stratton
Robert Finlay
David Coaten



MMBLS – Million barrels of oil

Proved Reserves – Proved reserves are reserves that have a 90% chance of being higher than estimated and a 10% chance of being lower. Proved reserves include PDP, PDNP and PUD reserve classifications

PDP – Proved Developed Producing reserves are expected to be recovered from completion intervals (oil producing zones) that are open and producing at the time of the estimate

PDNP – Proved developed reserves that can be expected to be recovered from zones behind casing in existing wells, or from zones that shut-in for market conditions, pipeline connections or mechanical reasons and are capable of production, but the timing is uncertain.

PUDs – Reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion or opening of new zones of production.

2P – Proved and Probable Reserves

Probable Reserves – Probable reserves are reserves that have a 50% chance of being higher than estimated and a 50% chance of being lower

Possible Reserves – Possible reserves are reserves that have a 10% chance of being greater than estimated and a 90% chance of being smaller

SPE – The Society of Petroleum Engineers





Februari månads produktion 59,7 GWh

2016-03-09 15:00

Svagare vindar än normalt under februari månad resulterade i en elproduktion om 59,7 GWh (69,5 GWh), vilket är 9,8 GWh under budget.

Månadens produktion fördelade sig på 31,7 GWh Egen (40,1 GWh) och 28,1 GWh samägd (29,4 GWh) vindkraft.

Halmstad den 9 mars 2016

ARISE AB (publ)

För ytterligare information, vänligen kontakta

Daniel Johansson, VD Arise AB, +46 702 244 133

Informationen är sådan som Arise AB ska offentliggöra enligt lagen (2007:528) om värdepappersmarknaden och/ eller lagen (1991:980) om handel med finansiella instrument. Informationen lämnades för offentliggörande den 9 mars 2016 kl. 15.00.

Year-end-report 2015

Claesson & Anderzén AB, the Group, has today published its annual report for 2015. See, where the report can be downloaded.

The net turnover amounted in total to SEK 2,236 million (1,711) with rental income increasing to SEK 590 million (556).

The net turnover of the agricultural business amounted to SEK 403 million (228), an increase mainly attributable to reduced stock between the years.
The occupancy rate for the property portfolio at year-end was 91 per cent (93), including acquisitions of real estate with substantial vacancies during the year. This indicates potential for increasing the Group’s total rental income.
The operating surplus from real estate management increased to SEK 359 million (339).
Sales of properties as well as profit/loss recognition of real estate development projects contributed strongly to the result for the year. The result from these operations amounted in total to SEK 446 million (208).

The result of the agricultural business was SEK 148 million (48) in spite of the continued turbulence in Ukraine throughout the year, resulting in sharp devaluations of the local currency.
The Group’s holdings in Catella AB, corresponding to 49.9% of the capital, have been a major contributor to the result for the year. The Group’s share of Catella AB’s result amounted to SEK 121 million (105).
The result after financial income and expenses increased to SEK 787 million (461).
Equity ratio amounts to 38.8% (32.1). For the second year, in accordance with new K3 accounting regulations, the Group will be reporting market value of property and derivatives. The value is presented only in notes, and amounted on the real estate balance sheet date to SEK 8.6 billion (8.0) and, for derivatives, to minus SEK 0.28 billion (minus 0.35). Taking these values into account, the Group’s adjusted solidity amounts to 59% (51).

The Group is not presenting any forecasts for future periods.
“The result for 2015 exceeds our forecasts. Most of the Group’s portfolio companies have improved their business. Not least, it is extremely satisfactory to say both that the Group’s agricultural company in Ukraine, BZK Grain Alliance AB, reports a strong result in spite of an exceptional situation in the country, and that Catella AB continues to demonstrate vigorous growth as well as good profitability. This, together with the very robust result of our real estate company, CA Fastigheter AB, has contributed to a historically good result for the Group,” says Johan Damne, CEO of  Claesson & Anderzén AB.