19th Jul 2018 11:41
LONDON (Alliance News) - US-focused, UK-listed oil company Nighthawk Energy PLC said on Thursday it has closed the sale of all assets belonging to its US operating subsidiary Nighthawk Production LLC for USD18.0 million in cash.
All oil and gas wellbores, saltwater disposal wells, injection wells, leases and equipment have been sold to Polaris Production Partners LLC, an affiliate of Morse Energy Capital Partners, in a transaction approved by the US bankruptcy court.
Proceeds from the sale will go towards reducing Nighthawk's loan with the Commonwealth Bank of Australia and administration of expenses incurred from Nighthawk's Chapter 11 proceedings.
Nighthawk's directors are intending that the company be wound up, with all its remaining assets liquidated. Shares on AIM in London are expected to be cancelled from trading on July 30.
Shares in Nighthawk Energy are currently suspended from trading on AIM.