Kategori: Nighthawk Energy

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

20 October 2015
NIGHTHAWK ENERGY PLC   (”Nighthawk” or ”the Company”)

Organisational Changes and Directorate Change
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY),
announces that it has completed an internal review of its current cost structure and has identified a number of margin enhancement and operational efficiency opportunities that it has begun implementing. Many of these improvements will begin to be realized later this year with the full impact being realized in 2016.

These margin enhancement and operational efficiency opportunities are:
· Consolidation of finance and accounting functions to the Denver Office;
· Staffing changes; and
· Reduction of Corporate G&A.

Consolidation of Finance Function
In an effort to streamline the accounting and finance functions and to integrate them more fully with the operations functions, the Company plans to consolidate its financial and accounting functions to the Denver office. As a result of this consolidation, Mr. Richard Swindells, CFO and a Board member, who has served with the Company in the UK since 2011 and has been key in the Company’s successes during a period of considerable growth, has agreed to leave the Company effective as of November 7, 2015 and will be resigning as a director and as Company Secretary.

Mr. Kurtis Hooley will be joining the Company in Denver as the new CFO and Company Secretary, effective as of November 7, 2015, and will be responsible for all accounting, finance and administrative functions of the Company. Previously, these functions have been split between Denver and London and the Company believes this consolidation will result in better alignment of these functions with its US operations and more streamlined accounting and financial functions with all personnel now in the same office. Mr. Hooley will not join the Board of Directors.

Mr. Hooley has over 25 years of financial and operational management experience, which includes 11 years of experience with an international accounting and audit firm and 10 years of experience with a US public Exploration and Production energy company, Double Eagle Petroleum Co., where he held both the CFO and COO titles.

Staffing Changes
Mr. Mike Thomsen, Nighthawk’s VP of Geology, has left the Company with immediate effect to pursue other opportunities. Mr. Thomsen was a founder of the Company and held a series of senior management positions during his tenure. This change does not affect Nighthawk’s geological team who were instrumental in the discovery of the Mississippian Spergen geological play within the Company’s acreage.

In addition, Nighthawk has reduced its field personnel by two positions.

Reduction of Corporate G&A costs
In conjunction with the planned consolidation of the financial and accounting functions in Denver, the Company will be reducing its UK administrative activities that are duplicative to those performed in the US office. Although the Company will maintain a UK presence, it is expected that these changes will not only reduce costs but will substantially streamline Nighthawk’s corporate functions.

The Board will continue to review costs, head count and reporting structures in order to realize further cost savings and operation efficiencies where achievable.

Mr. McCullough, Executive Chairman, said:
”While we are always looking for ways to cut our costs and improve our operations and efficiencies, this is particularly important in the current, tough oil price environment. We’d like to thank Richard Swindells for his service and contribution to the Company since 2011, and in particular I’d like to thank Richard for his support and assistance during my first year as Nighthawk’s Chairman.
”We also wish to thank Mike Thomsen for his service and contributions to Nighthawk Energy since 2006. We wish Richard and Mike well in their respective new endeavors.
”I am pleased to welcome Kurtis Hooley to our company and believe the consolidation of our accounting and financial functions in Denver will result in considerable efficiencies being realized. Kurtis brings a unique combination of energy finance and operations experience that will further enchance our Denver team.”

Enquiries:

Nighthawk Energy plc
Rick McCullough, Executive Chairman
+1 303 407 9600
Kurtis Hooley, Chief Financial Officer elect
+44 (0) 20 3582 1350

Westhouse Securities Limited
+44 (0) 20 7601 6100
Alastair Stratton
Robert Finlay

Canaccord Genuity
+44 (0) 20 7523 8000
Manuel Santiago
Henry Fitzgerald-O’Connor

FTI Consulting
+44 (0) 20 3727 1000
Ben Brewerton
ben.brewerton@fticonsulting.com
Ed Westropp
edward.westropp@fticonsulting.com

30 September 2015

NIGHTHAWK ENERGY PLC      (”Nighthawk” or ”the Company”) 

Unaudited
Interim Results for the six months ended 30 June 2015 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces its unaudited interim results for the six months ended 30 June 2015 (”First half 2015”).

 First Half 2015 Operational Highlights

*      Oil sales volumes higher than six months ended 30 June 2014 (”First Half 2014”)
   – First Half 2015 351,609 barrels of oil (First Half 2014: 345,558 barrels of oil)
   –  First Half 2015 1,950 bopd (First Half 2014: 1,909 bopd)

*      Production maintained despite very limited new drilling activity through capital efficient production enhancement projects within existing wells

 *    Joint Development Agreements (”JDAs”) signed in January 2015
    –  Monarch and El Dorado JDAs materially increase Nighthawk’s Mississippian Spergen drilling inventory adding significant strategic value
    –  3D seismic interpretation complete showing as many as 10 drillable features containing as many as 55 to 65 possible Mississippian Spergen drilling locations

*      Key initiatives to set up business for reduced operational costs and increased margins
     –  Water gathering infrastructure at Arikaree Creek expected to deliver material operational cost savings from early 2016
     –  Oil marketing initiatives delivering US$3 to US$4 per barrel cost savings

 *      Secondary recovery waterflood at Arikaree Creek being pursued as potential 2016 project
      – Potential to deliver highly significant reserves and borrowing base increase and associated production and operating cash flows increase by end 2016

*      Recommenced drilling since period end with five well program which commenced in early September 2015
     –  Crested Butte 2-14 development well at Arikaree Creek followed by four commitment wells at Monarch JDA testing new Mississippian Spergen structures
–  Drilling costs reduced by 30% from recent years
     –   Nighthawk’s conventional vertical wells potentially highly economic even at low oil prices

 First Half 2015 Financial Highlights 

*     Group revenues for First Half 2015 materially lower than First Half 2014 due to low oil prices
    –  Revenues US$16.0 million (First Half 2014: US$25.4 million)
    –  Realised oil price US$44.32 per barrel (excluding hedging) (First Half 2014: US$91.73 per barrel (excluding hedging))

 *      Normalised EBITDA¹ for First Half 2015 US$6.6 million or US$18.73 per barrel (First Half 2014: US$17.4 million or US$50.50 per barrel)

 *     Non-cash impairment charges recognized in exceptional administrative expenses of US$8.8 million (First Half 2014: US$3.2 million) relating to decisions taken to write off, plug and        abandon four wells and to impair partially nine non-core wells on account of reduced expectations for reserves recovery and lower oil prices

 *      US$16.9 million invested in First Half 2015 (First Half 2014: US$18.8 million) in new wells drilled in late 2014 and early 2015 prior to rig release, additional completions and recompletions in wells, strategic lease acquisitions and renewals and 3D seismic at JDAs

*    Cash balances of US$2.3 million at 30 June 2015

 *      US$10.0 million raised since period end in August 2015 via issuance of a zero coupon unsecured convertible loan note

Rick McCullough, Chairman of Nighthawk, said:
”The first half of the year was challenging with low oil prices and our lack of drilling.  However, now with the recent capital raise, we are well positioned to execute our five well drilling program during the remainder of this year.  We are particularly encouraged by the prospects of the Arikaree Creek water flood project that we expect to implement in 2016.  We will file for Colorado regulatory approval for the waterflood in October and hope to complete the project by mid 2016.  The project is expected to increase materially both our production and reserves out of the field.”

 Notes: 
1  Normalised EBITDA is operating profit adjusted for depreciation, amortisation, contribution from test revenue and exceptional administrative items. Refer to the Chief Financial Officer’s    statement.

 Enquiries: 
Nighthawk Energy plc
Rick McCullough, Chairman                                 + 1 303 407 9600
Richard Swindells, Chief Financial Officer         +44 (0) 20 3582 1350

Westhouse Securities Limited                      +44 (0) 20 7601 6100
Alastair Stratton
Robert Finley

Canaccord Genuifty                                           +44 (0) 20 7523 8000
Manuel Santiago
Henry Fitzgerald O´Connor

FTI Consulting                                                  +44 (0) 20 3727 1000
Ben Brewerton                                                ben.brewerton@fticonsulting.com
Adam Cubbage                                               adam.cubbage@fticonsulting com

read more; www.nighthawkenergy.com

 

 

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces it will be making a presentation at the Enercom Oil and Gas Conference in Denver on August 17, 2015 and will provide the following updates

Updates 
· Nighthawk has entered into a new 6-month contract with its oil purchaser which will narrow the discount to WTI of its netback pricing to $7.00 per barrel, a $1.60 per barrel improvement on current netback pricing. This new agreement will start September 1, 2015.
· Five well drilling campaign is scheduled to begin in September. All wells will be targeting the Spergen formation. Estimated drilling costs are $1.4 million per well, down approximately 30% below 2014 levels. The first well will be a development well in Arikaree Creek, and the other four wells will be in the Monarch JDA.
· Company is disclosing its May 1, 2015 internal estimate of unrisked 3P reserves of 17.2 MMBOE net to the Company. This total includes 4.0 MMBOE net to the Company in the Proved Reserve category, prepared consistent with SPE standards and methodologies used by Ryder Scott, the Company’s external petroleum engineer.

Reserves and Resources
Nighthawk’s internal estimates of its petroleum reserves are made to SPE standards. This is the same approach used by the Company when it last reported internal estimates in December 2014. As the Company has reported over the last year, Nighthawk continues to add new potential drilling locations and the related reserves are included in these internal estimates. Nighthawk now estimates total net 3P reserves of 17.2 MMBOE, comprising 4.0 MMBOE net Proved Reserves, 2.7 MMBOE net Probable Reserves and 10.5 MMBOE net Possible Reserves.

Company Presentation
Nighthawk’s Chairman and Chief Operating Officer will be meeting with institutional investors, analysts and brokers in Denver during the week commencing August 17th, 2014.
An updated Company Presentation will be made available on the Company’s website today at http://www.nighthawkenergy.com/investors/presentations/.

Rick McCullough, Chairman of Nighthawk, commented:
”Nighthawk continues to drive down its costs, grow its drilling inventory and further derisk its programs. We see potential valuation catalysts ahead of us later this year and into 2016 as outlined in the presentation. To put our reserve and resource numbers in perspective, in our first three years of operations (late 2012 through today), our total cumulative oil production is in the 1.5 million barrel range.
”We believe that the Company’s shares are undervalued. We are committed to closing that valuation gap through our accomplishments and effective communications of our plans and results.”

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.

Enquiries:

Nighthawk Energy plc
Rick McCullough, Chairman
+1 303 407 9600
Richard Swindells, Chief Financial Officer
+44 (0) 20 3582 1350
Westhouse Securities Limited
+44 (0) 20 7601 6100
Alastair Stratton

Robert Finlay

Canaccord Genuity
+44 (0) 20 7523 8000
Manuel Santiago

Henry Fitzgerald-O’Connor

FTI Consulting
+44 (0) 20 3727 1000
Ben Brewerton
ben.brewerton@fticonsulting.com
Ed Westropp
edward.westropp@fticonsulting.com

Released : 30/06/15

RNS Number : 7382R

Nighthawk Energy plc
30 June 2015

NIGHTHAWK ENERGY PLC

(”Nighthawk” or ”the Company”)

Extension of Share Options

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has extended the life of 6.8 million share options to subscribe for ordinary shares of 0.25p each in the Company (”Shares”) previously issued to certain directors, senior management and employees in accordance with the Company’s Share Option Scheme in July 2013 with a life of 2 years. The options have already vested in accordance with their original terms and were due to expire on July 19th, 2015. The expiration date has been extended by 2 years to July 19th, 2017.

Of the 6.8 million extended share options, 2.2 million are held by directors as follows:

Chuck Wilson
Share Options at 6.24 pence 900,000
Share Options at 7.25 pence   –
Total Share options following this extension 6,900,000
Total Share options following this extension 725,000
% of issued share capital  0, 1 %
Richard Swindells
Share Options at 6.24 pence 600,000
Share Options at 7.25 pence   700,000
Total Share options following this extension 10,000,000
Total Share options following this extension 876,803
% of issued share capital 0.1%

 

Enquiries:
Nighthawk Energy plc
Rick McCullough, Chairman  +1 303 407 9600
Richard Swindells, Chief Financial Officer  +44 (0) 20 3582 1350

Westhouse Securities Limited   +44 (0) 20 7601 6100
Alastair Stratton
Robert Finlay

Canaccord Genuity   +44 (0) 20 7523 8000
Manuel Santiago
Henry Fitzgerald-O’Connor

 

FTI Consulting   +44 (0) 20 3727 1000
Ben Brewerton ben.brewerton@fticonsulting.com
Ed Westropp   edward.westropp@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange