(HAWK) Nighthawk Energy
Summary
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| Tue 07:00 | RNS |
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RNS Number : 2424H Nighthawk Energy plc 18 June 2013 18 June 2013 NIGHTHAWK ENERGY PLC ("Nighthawk" or "the Company")
Production Update
Arikaree Creek Oil Production exceeds 1,000 barrels per day as Taos 1-10 well commences Production
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production from its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.
Highlights
· The Taos 1-10 well, located on the Arikaree Creek oil-field, commenced production on 14 June 2013
· Initial production rates since coming on-stream are in the range of 400-500 barrels of oil per day ("bbls/d") with no water production
· Production from the Steamboat Hansen 8-10 and Big Sky 4-11 wells, also located on the Arikaree Creek oil-field, is continuing at a combined rate of around 700 bbls/d with no water production
· Additional producing wells located on the Jolly Ranch project are currently contributing approximately 60-80 bbls/d in total
· Total production from all producing wells has averaged over 1,200 bbls/day over the four days since the Taos 1-10 came on-stream
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.
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Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 04-06-13 | RNS |
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RNS Number : 1873G Nighthawk Energy plc 04 June 2013
4 June 2013
NIGHTHAWK ENERGY PLC ("Nighthawk" or "the Company")
Drilling and Development Update
Oil column confirmed in Taos 1-10 well Arikaree Creek Development to continue with two additional Appraisal Wells
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on the drilling and development of the Arikaree Creek oilfield at its 100% controlled and operated Smoky Hill project in the Denver-Julesburg Basin, Colorado.
Highlights
· Logging and coring of the Taos 1-10 well has identified an oil column in the Mississippian Spergen formation consistent with discoveries at Steamboat Hansen 8-10 and Big Sky 4-11 wells
· Testing and completion of the Taos 1-10 well is underway
· The drilling rig has been retained to immediately drill two further Arikaree Creek appraisal wells, the Silverton 16-10 and the Snowbird 9-15 wells
· Convertible loan notes to the value of £3.8 million (US$5.8 million) have been issued to fund additional drilling and development costs
Arikaree Creek Development
Taos 1-10 Well
The Taos 1-10 well has been drilled to a target depth of 8,315 feet and the well has been cored, logged and cased for production. Data from the coring and logging has identified a minimum of 35 feet of gross pay interval at 8,056 feet in the target formation of the Mississippian Spergen. The pay interval identified appears to be thicker in size and with similar characteristics to the productive intervals in the Steamboat Hansen 8-10 and Big Sky 4-11 wells.
The well is currently undergoing testing and completion. It is located close to the Steamboat Hansen 8-10 topside facilities and work is underway to expand these facilities to accommodate production from the Taos 1-10 well. The Company expects production to commence by mid June 2013.
Logs from the Taos 1-10 well have also confirmed a number of stacked pay opportunities up-hole from the Mississippian.
Additional Drilling and Development
The Steamboat Hansen 8-10, Big Sky 4-11 and Taos 1-10 wells have all been drilled on an uplifted structure, clearly identified from Nighthawk's 3D seismic, and bounded by fault lines to the north-west and south-east. Analysis of the 3D seismic and the comprehensive well data obtained from 2012 and 2013 drilling indicates the strong possibility that the Arikaree Creek oilfield extends beyond the south-east fault into a much larger structure that is also fault-bound and uplifted. The Company believes the potential in this larger structure is considerable but requires additional drilling to prove up that potential.
With the recent successful drilling adding substantially to production and cash-flow, Nighthawk has expanded its immediate drilling plans to include two appraisal wells on this larger structure. Both of these locations are drill-ready, the current drilling rig will be retained, and it has already moved to the first of these locations, the Silverton 16-10 well.
The Silverton 16-10 well is located close to, and due south, of the Steamboat Hansen 8-10 well and the objective is to evaluate the extent of the oil column immediately adjacent to, and on the south side of, the fault line. The second well, the Snowbird 9-15, is located one mile south of the Silverton 16-10 location and will aim to establish the southerly extent of the Arikaree Creek oilfield.
In addition to the drilling of these two appraisal wells, Nighthawk is planning for further development of the Arikaree Creek oilfield during 2013. Existing 3D and 2D seismic is being re-evaluated against well-data and the permitting process for new 3D seismic and additional well locations is underway.
Convertible Loan Notes
To finance this next stage in the development of Arikaree Creek, Nighthawk has issued £3.8 million (US$5.8 million) of unsecured convertible loan notes at par. Parties connected to the Company's largest shareholder, Johan Claesson, have agreed to subscribe for up to £2.635 million (US$4.0 million) of the convertible loan notes.
The principal terms of the convertible loan note are:
· 9% annual coupon payable quarterly in arrear · Convertible at the option of the holder at a price of 5.5 pence per ordinary share at any time before the second anniversary of the date of the loan note instrument · Redeemable by the Company at any time from six months after the date of the loan note instrumentup to the second anniversary
The subscription for convertible loan notes by parties connected to Johan Claesson is a related party transaction under the AIM Rules. Accordingly, the Nighthawk Board considers, having consulted with Westhouse Securities Limited the Company's Nominated Adviser, that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.
Stephen Gutteridge, Chairman of Nighthawk, commented:
"This phase of development of the Arikaree Creek oilfield has been very successful. We expect to have three wells producing from the field by mid June and can now follow up that success by establishing the extent of Arikaree Creek to the south. The objective of this relatively small-scale fund-raising is to deliver two more successful wells, which will not only further increase production and cash generation, but will enable us to establish material 1P and 2P reserves in the field, which would open up a wide range of options for the development of Arikaree Creek and further exploitation of our large acreage position."
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.
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Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 30-05-13 | RNS |
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RNS Number : 8727F Nighthawk Energy plc 30 May 2013
30 May 2013 NIGHTHAWK ENERGY PLC ("Nighthawk" or "the Company")
Production Update Big Sky 4-11 well commences Production
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on production from its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado.
Highlights
· The Big Sky 4-11 well, located on the Arikaree Creek oil-field, commenced production on 24 May 2013
· Initial production rates since coming on-stream are ahead of the Company's expectations and have been in the range of 300-400 barrels of oil/day ("bbls/d") with no water production
· Production from the Steamboat Hansen 8-10 well, also located on the Arikaree Creek oil-field, continues at a steady rate of 280-300 bbls/d with no water production
· Additional producing wells located on the Jolly Ranch project are currently contributing a further 80-100 bbls/d in total
· Further increases in production are anticipated from the current drilling and work-over programs
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.
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Enquiries:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 23-05-13 | RNS |
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RNS Number : 3770F Nighthawk Energy plc 23 May 2013
23 May 2013
NIGHTHAWK ENERGY PLC ("Nighthawk" or "the Company")
Drilling Update Significant Oil Discovery at Big Sky 4-11 Well
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on drilling at its 100% controlled and operated Smoky Hill project in the Denver-Julesburg Basin, Colorado.
Highlights
· Big Sky 4-11 well discovers substantial oil column in Mississippian Spergen formation
· Discovery confirms north-east extension of the Arikaree Creek oilfield discovered by Nighthawk's Steamboat Hansen 8-10 well in October 2012
· Test results from Big Sky 4-11 indicate production potential of 200 - 300 barrels/day (bbls/day) of high quality oil with minimal water production
· Well has been logged and cased and is expected to commence production by the end of May 2013
· The Taos 1-10 well, which is located on the Arikaree Creek structure midway between the Steamboat Hansen 8-10 and Big Sky 4-11 wells, spudded on 17 May 2013
· Cumulative production from the Steamboat Hansen 8-10 well, which commenced production on 28 November 2012, has exceeded 46000 bbls of oil, with no water production
Arikaree Creek Development
Big Sky 4-11 Well
The Big Sky 4-11 well encountered 32 feet of gross pay interval at 8030 feet in the target formation of the Mississippian Spergen. The Big Sky well was drilled on the same structure as the Steamboat Hansen 8-10 discovery well, drilled in October 2012, and has confirmed a significant north-east extension of Nighthawk's Arikaree Creek oilfield.
The pay interval encountered by the Big Sky 4-11 well is similar in size and characteristics to the productive interval in the Steamboat Hansen 8-10 well. The well has been logged, cased and tested. Oil quality is good, installation of topside facilities is underway, and the Company expects production to commence by the end of May 2013 at an initial rate of 200 - 300 bbls/day, in-line with the six months of production experience from the Steamboat Hansen 8-10 well. Logs from the Big Sky 4-11 well have also confirmed a number of stacked pay opportunities up-hole from the Mississippian.
Taos 1-10 Well
The second well in Nighthawk's current drilling program, the Taos 1-10 well spudded on 17 May 2013 and is progressing on schedule. This well is located on the Arikaree Creek structure midway between the Big Sky 4-11 and Steamboat Hansen 8-10 wells. Taos 1-10 has the same primary target as Big Sky 4-11, the Mississippian Spergen formation at a depth of around 8000 feet. As with all Nighthawk operated wells, additional stacked pay targets in the Pennsylvanian and Mississippian will be closely monitored whilst drilling and logging.
Steamboat Hansen 8-10 Well
The Steamboat Hansen 8-10 well discovered the Arikaree Creek oilfield in October 2012. The discovery is in the Mississipian age Spergen formation, the first discovery of this type in this area of Colorado. The well has been a significant producer since coming on-stream on 28 November 2012. Total production since that date now exceeds 46000 bbls of oil with no water production, and, significantly, production has been on a rising trend over the period.
A petrologic evaluation recently commissioned by Nighthawk has confirmed the existence of enhanced secondary porosity through hydrothermal alteration of the original reservoir. Nighthawk believes that this enhanced reservoir may be a contributing factor for the strong production performance of this well and that the Big Sky and Taos wells are likely to have similarly enhanced reservoir characteristics. The Company will commission an updated Competent Person Report on the Arikaree Creek oilfield at the earliest opportunity.
Stephen Gutteridge, Chairman of Nighthawk, commented:
"The successful oil discovery at the Big Sky 4-11 well is hugely significant for Nighthawk and the area in general. This well has confirmed a potentially sizeable oilfield with strong production characteristics. It has also de-risked the next well in our program, the Taos 1-10, and the potential production from three producing wells in the field should bring our next goal of 1000 bbls/day within reach. At that level of production and at current prices, Nighthawk would be generating significant free cash-flow after operating costs and overheads confirming a major transformation of the Company and a strong platform for further growth."
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:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 14:13 | ||||
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Just seen HAWK has a market cap currently of £51.25m - based on that, I cant now see this going too much higher currently. I always ask myself would I pay that to acquire the business, probably not in all honesty at the moment despite how well I want this to do.
CB |
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you've got to admire this little oiler, doesn't know when to quit, and thankfully is now shaping up to be a little gem it appears.
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| 08:52 |
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No idea on re-rating as I don't believe in efficient markets. If I believe a business case has changed and the market is slow to cotton on...that's an investment opportunity. Current signs are that HAWK is more like a phoenix, rising from the ashes.
These wells seem to take about a week to drill e.g. Taos 1-10 (typo earlier) took between 17-23 May. I don't follow the timings closely as it's quick in comparison to most oilers I'm invested in. As for the span, they report what they believe they know based on 2d/3d, logging, flows, etc. Drilling to confirm extensions firms this up but ultimately the only real proof is continued extraction over the field lifetime. All IMO. Trade this long or short with an interactive markets spread betting or CFD account. |
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| Tue 23:16 | ||||
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Thanks twobeers. If those wells come in, this will re-rate quickly. When can we expect these two wells drilled you reckon? Taos1-11 didn't take long afterall? How long roughly per well?
What gets me is that if they don't know how far it spans, then surely they cant work out the volume overall and hence the number of potential barrels. CB |
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