18th Aug 2015 06:44
LONDON (Alliance News) - Nighthawk Energy PLC Tuesday said it has closed and secured the GBP6.4 million of funds with its major shareholder Johan Claesson to allow the company to recommence drilling by early September 2015.
At the end of July, Nighthawk said it was planning to begin drilling in early September with a five well programme targeting the Mississippian Spergen formation in the Arikaree Creek Field.
Nighthawk has agreed a GBP6.4 million unsecured convertible loan note subscription deal with Claesson, who is a non-executive director of the company with a 16.5% stake in the company following the deal.
Claesson has subscribed for GBP1.8 million of the convertible loan notes, and has underwritten an additional amount of up to GBP4.6 million of convertible loan notes, which may be offered for subscription to other existing investors in Nighthawk by no later than August 14.
No further details on the drilling programme were revealed by the company.
However, it said at the end of July that compared to its last drilling campaign back in January, the capital cost to drill and complete a new well and to install surface facilities has significantly reduced, by as much as 30%.
By Joshua Warner; [email protected]; @JoshAlliance
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