25th Sep 2013 07:13
LONDON (Alliance News) - Nighthawk Energy PLC Wednesday reported narrower first-half losses as revenues rose tenfold as its production rate continued to ramp up and the company said it would now use cashflow to progress its operations.
The fledgling oil producer reported a pretax loss of USD819,231 for the six months to end-June, compared with a loss of USD19.3 million a year earlier, as revenues jumped to USD5.7 million from just USD550,825.
Total gross production from its Smoky Hill and Jolly Ranch projects in Colorado was 85,609 barrels of oil, up from 24,667 barrels a year earlier, with production growth driven primarily by the successful drilling and completion of new wells at the Arikaree Creek oilfield.
The company's shares were up 5.4% vat 9.75 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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