10th Mar 2014 12:31
LONDON (Alliance News) - Nighthawk Energy PLC Monday said that its Big Sky 5-11 well at Arikaree Creek in Colorado started production on March 1 but that its overall production rates fell slightly in February.
The US focused oil development and production company said gross oil production since start-up at Big Sky 5-11 has averaged 1,888 barrels per day and the recently drilled Big Sky 12-11, 13-11 and 5-11 wells are all performing strongly, together currently contributing over 600 barrels per day.
However, the company added that its gross oil production for February was 1,650 barrels per day, slightly lower than January levels of 1,701 barrels per day, due to expected small declines from older producing wells.
Nighthawk said that completion and testing work on the Telluride 13-2 and Big Sky 14-11 wells is ongoing and so far neither of these wells has contributed to production, but that work will continue on these wells during March.
"We plan to continue the development of Arikaree Creek with further drilling in April after drilling the Snowking 13-33 well. Despite the anticipated slow decline in production from the older wells, our target is to increase gross production," Chairman Stephen Gutteridge said in a statement.
Nighthawk Energy shares were down 4.4% to 8.03 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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