30th Nov 2016 09:17
LONDON (Alliance News) - Nighthawk Energy PLC on Wednesday said its production "continues to remain strong", as it reported a fall in gross production for the first ten months of 2016.
The US-focused oil development and production company noted that a natural water drive at the Arikaree Creek field and efforts from its production operations team had kept production relatively flat. A natural water drive uses the natural energy of the reservoir to drive oil to the surface.
Nighthawk reported gross production of 412,818 barrels in 2016 to date, down from 561,530 barrels the previous year.
Net production fell to 337,409 barrels from 462,172.
Gross daily average production in October was 1,280 barrels, down from 1,604 barrels in the same month of the previous year, leading to year-to-date gross daily average production of 1,354 barrels, down from 1,847 barrels.
Shares in Nighthawk were down 11% at 1.26 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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