Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Drilling Report

12th Jul 2013 07:00

RNS Number : 1684J
Nighthawk Energy plc
12 July 2013
 

 

 

 12 July 2013

 

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

 

Production Update

June average oil production exceeds 1,000 barrels per day

 

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.

 

 

Highlights

 

·; Average gross oil production in June 2013 of 1,029 barrels per day ("bbls/day"), a record monthly production level for the projects

 

·; Average gross oil production in second quarter 2013 of 631 bbls/day, a 100% uplift on the first quarter 2013

 

·; Silverton 16-10 well commenced production in early July 2013

 

·; Four wells now in production on Arikaree Creek oil-field

 

·; Testing currently underway on the Snowbird 9-15 well on the Arikaree Creek field

 

·; Total production is currently running at over 1,400 bbls/day

 

Production

 

Average gross production levels have continued to increase month-on-month driven by the successful drilling program on the Arikaree Creek oil-field. The Arikaree Creek discovery well, Steamboat Hansen 8-10, has now been in production for over seven months with a steadily increasing production rate over that period and no water production.

 

The Big Sky 4-11 well commenced production in late May 2013 and was followed by the Taos 1-10 well in mid-June 2013. Since coming on-stream the production rates at both these wells have held steady at around 400 bbls/day and 500 bbls/day respectively, with no water production. With these three wells on-line total production from Arikaree Creek for the second half of June was approximately 1,200 bbls/day.

 

The fourth well in the Arikaree Creek drilling program, the Silverton 16-10 well has commenced production. The well is still settling down and initial production rates are around 200 bbls/day . Testing is currently underway on the fifth well on Arikaree Creek, the Snowbird 9-15.

 

Total production from all producing wells is currently running at over 1,400 bbls/day

 

Gross Oil Production 2013

 

Month

Total Production

(Barrels of Oil)

Average Production

(bbls/day)

Quarter 1 2013

 

 

 

Jan

8,677

280

Feb

7,950

284

March

11,548

372

Q1 Total

28,175

313

Quarter 2 2013

 

April

12,067

402

May

14,498

468

June

30,869

1,029

Q2 Total

57,434

631

First Half 2013

85,609

473

 

 

Stephen Gutteridge, Chairman of Nighthawk, commented:

 

"The rapid growth in production as a result of the highly successful spring drilling campaign has transformed Nighthawk. At current prices and production levels, monthly net revenues are at a run rate in excess of US$3 million. With a payback on drilling at Arikaree Creek of less than three months and multiple new drilling locations on the field, we look forward to being able to boost production and revenue further with our planned Q4 2013 drilling campaign."

 

 

Chuck Wilson, Chief Operating Officer of Nighthawk, who has over 32 years of experience in the oil and gas industry and meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.

 

- Ends-

 

Enquiries:

Nighthawk Energy plc

Stephen Gutteridge, Chairman

Richard Swindells, Chief Financial Officer

 

 

020 3582 1350

 

Westhouse Securities Limited

Richard Baty

Ian Napier

020 7601 6100

[email protected]

[email protected]

Investec Bank plc

Chris Sim

George Price 

020 7597 4000

[email protected]

[email protected] 

FTI Consulting

Ben Brewerton

Ed Westropp

 

 

020 7831 3113

[email protected]

[email protected]

 

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLKFLFFXDFZBBK

Related Shares:

Nighthawk Energy
FTSE 100 Latest
Value8,809.74
Change53.53