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Nighthawk Production Decreases But Arikaree Natural Decline Slowed

LONDON (Alliance News) - US-focused oil production company Nighthawk Energy PLC said on ...

Alliance News 14 September, 2017 | 12:36PM
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LONDON (Alliance News) - US-focused oil production company Nighthawk Energy PLC said on Thursday production slipped in the first seven months of 2017, though it managed to keep natural decline lower than historically experienced.

Shares in Nighthawk were down 10% at 0.3595 pence on Thursday.

In the seven months to the end of July, Nighthawk produced 254,363 barrels of oil, down from 291,836 barrels in the first seven months of 2016.

On an average daily basis, Nighthawk produced 1,200 barrels in the period, of which 885 barrels were net to the firm, down from 1,370 barrels in the first seven months of 2016, of which 1,121 barrels were net to Nighthawk.

"The effects of the Arikaree Creek water flood pilot project field, along with the efforts from the production operations team, have kept the natural decline from production lower than historically experienced," said Chief Operating Officer Chuck Wilson.

By Lucy Heming; lucyheming@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Nighthawk Energy PLC 0.33 GBX -7.14 -
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