News

5 april, 2016

European residential markets are in a supercycle

5 April 2016  | Corporate Finance
In order to evaluate the long-term advantages of the 18 analysed European investment locations, Catella Research draws on a large number of criteria, including economies, demographics, regulation, residential property markets and finance. No matter what country or city we look at, it is clear that investments in residential property are subject to increased levels of demand, leading to continuously rising prices.

PRESS RELEASE
CATELLA MARKET INDICATOR RESIDENTIAL EUROPE 2016
THOMAS BEYERLE CATELLA
The European residential real estate sector stands out as the decade’s best performer, despite the existence of substantial differences in yields and drivers between different regional markets and cities. Demand has rocketed in the past 24 months, and at present there is no discernible end in sight. Residential investment came to a total of EUR 37.5 billion in 2015, according to the “Catella Market Indicator – Residential Europe 2016.
Europe has seen two simultaneous developments that have set the stage for what is known as a “supercycle”. Rising liquidity has coupled with a rate of urbanisation that can almost be described as dramatic, over more than 10 years. Together, these have produced the current situation in European residential markets, in which high demand contrasts with comparatively slow-growing supply. But one must also take into account that national residential markets are very much subject to national politics”, says Dr. Thomas Beyerle, Head of Group Research at Catella.
Cities like London, Paris, the Swiss metropolitan regions and German cities such as Munich, Hamburg and Stuttgart are very popular, resulting in high rental prices. But the growth in rental prices is struggling to compensate for the increase in purchase prices, resulting in yield compression and confining rental yields to between 3% and 4%. This is pushing some of Germany’s and France’s category B and C towns, with rental yields of up to 6%, into the limelight, write the analysts.
Similar results have also been seen in Polish cities such as Warsaw, Gdańsk and Łódź. This trend will be carried by stable Polish economic growth over the medium and long term. Transaction activities have recently increased in Spain, although it remains to be seen whether this development is sustainable.
The Catella Market Indicator – Residential Europe, Spring/Summer 2016 is now available at www.catella.com/research.

For more information, please contact:
Dr. Thomas Beyerle
Head of Group Research
+49 69 310 19 30 220
thomas.beyerle@catella.de
Press contact:
Ann Charlotte Svensson
Head of Group Communications
+46 8 463 32 55, +46 72 510 11 61
anncharlotte.svensson@catella.se


5 april, 2016

Production Update Correction

5 April 2016

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

Production Update Correction
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces a correction to the Company’s latest current production level update.

Production Update
On 1 April 2016, the Company issued an update (RNS: 8318T) of its production which contained volumes for 2016 that were inaccurate. Presented below are the correct numbers.


MONTHLY
Gross Net
2016 2015 2016 2015
Januari 43,915 63,605 36,031 52,183
Februari 40,809 55,979 33,444 45,843

DAILY AVERAGE
Gross Net
2016 2015 2016 2015
Januari 1,417 2,052 1,162 1,683
Februari 1,407 1,999 1,153 1,637

 

Gross and net* production, in barrels, for the first two months of 2016 is summarised below.

*Net production is based upon Nighthawk’s Net Revenue Interest of approximately 82%


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
Kurtis Hooley, Chief Financial Officer
+44 (0) 20 3582 1350

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


11 mars, 2016

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 marketsummarybycatella.com/fr

For more information please contact:
Oceane VINSON
+33 1 56 79 79 78
Oceane.Vinson@catella.fr


10 mars, 2016

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.

Enquiries:

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

 

Glossary

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

 

 

 

 


9 mars, 2016

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.