11 January 2016
NIGHTHAWK ENERGY PLC
On January 8, 2016, the Company completed negotiations with its banking partner, Commonwealth Bank of Australia (”CBA”), that have
resulted in a series of amendments to the RBL covenants including leverage ratio and elimination of the minimum liquidity
requirements. Following the amendments, the Company expects to be within covenant parameters for the December 31, 2015
reporting period. The Company and CBA will continue to work together going forward in an effort to ensure continued compliance
with loan covenants based on existing market conditions.
The amendments included the redetermina on of the Company’s borrowing base to $23 million. As of the date of this release, the
Company has $27 million of outstanding borrowings, therefore a $4 million repayment is required. Currently, the Company has
approximately $6 million of cash available. Based upon current projections, the Company believes that following the required
repayment it will have adequate liquidity to continue its existing operations through 2016.
Update on Water Flood Project
Progress of the Company’s future water flood project continues. As announced on 10 December 2015, the formal hearing with the
Colorado Oil and Gas Conservation Commission (”COGCC”) is due on January 26‐27, 2016. As is common in these hearings, the
application is being contested, however, the Company and its lawyers are confident that it has a strong case and expect that the
project will be approved.
Change of name of Nominated Adviser and Broker
The Company no fies that its Nominated Adviser and Broker has changed its registered name from Westhouse Securities Limited to
Stockdale Securities Limited.
Enquiries:
Nighthawk Energy plc
Rick McCullough, Executive Chairman +1 303 407 9600
Kurtis Hooley, Chief Financial Officer +44 (0) 20 3582 1350
Stockdale Securities Limited +44 (0) 20 7601 6100
Alastair Stration
Robert Finlay
David Coaten
This information is provided by RNS