AIM quoted Nighthawk Energy plc (AIM:HAWK) is a dynamic UK registered energy company with a focus on the development of, and production from, hydrocarbon projects in the USA, a country with low political risk and a major shortfall in domestic oil and gas production.
10/05/12
Price Monitoring Extension27/04/12
Operations Update26/03/12
Interim Results26/03/12
Operations Update22/02/12
Second Price Monitoring Extn
27/04/12
Nighthawk shares soared as it said it was pleased with early results from the Jolly Ranch work-over programme. Two work-over rigs have been in operation at the Jolly Ranch property for the past month and eleven wells have been reworked.
09/02/12
The broker says the work-over programme could demonstrate that the previous operator, Running Foxes Petroleum, had not optimised the completion of the production wells.
25/01/12
Nighthawk is now in control of Jolly Ranch with a 75 per cent stake. And Westhouse Securities reckons the firm will be able to get more value out of the project using its own reservoir exploitation strategy and its own operations team.
17/01/12
Nighthawk Energy’s £2.75 million share placing confirms the company can “harness institutional support” to take its Jolly Ranch shale oil project in Colorado to the next stage of development, according to City firm Westhouse Securities
17/01/12
Nighthawk Energy said this morning it received strong support for a cash call that will bankroll ambitious plans in Colorado. It has placed 155.7 million shares with institutions at 2.5 pence each raising almost £2.9 million gross, or £2.75 million net of expenses.
27/04/12
Nighthawk ‘pleased’ with early Jolly Ranch work-over results; accelerates new drill plans26/03/12
Nighthawk Energy says Jolly Ranch work-over is well underway09/02/12
Nighthawk Energy investing US$7.5 mln in Jolly Ranch workover and new drilling23/01/12
Nighthawk Energy completes acquisition of further 25 per cent stake in Jolly Ranch20/01/12
Nighthawk Energy closes open offer as part of £18.15 mln fundraising
27/05/2011
26/05/2011
12/08/2010
03/06/2010
Nighthawk holds a 50% working interest in a 410,000 gross acre shale oil project in Colorado. Running Foxes Petroleum Inc. holds the remaining working interest and is the operator of the project.
The rise in dominance of shale gas and more recently, shale oil, in the mergers and acquisitions markets of North America reflects a changing in shape of the industry, particularly in the USA.
Within the last decade the gas industry in the USA has undertaken a fundamental U-turn from having to look to source international gas supply to meet its domestic needs by building multiple LNG facilities to being so inundated with potential domestic production that the country has become a virtual LNG exporter.
This massive rise in gas resources and production is down to the rise in prominence and success of the shale gas industry, so much so the price for natural gas has plummeted in the last few years partly due to this success.
The USA is now so gas rich that many of the established players in the Shale Gas industry, such as XTO, EOG and Chesapeake have publically stated that more liquids focused shale plays will be the next game changer and many of them are halting shale gas work to seek shale oil related plays and indeed a number of shale oil plays are bringing to rise in prominence; most notably the Eagle Ford and Niobrara.
Nighthawk holds a 50% interest in the Jolly Ranch Group project (“Jolly Ranch”) comprising the Jolly Ranch, Middle Mist and Mustang Creek areas, covering approximately 410,000 gross acres of Lincoln, Elbert and Washington Counties, Colorado. Running Foxes is the operator of the project and holds the remaining percentage interest.
Jolly Ranch lies within the southeast flank of the Denver-Julesburg Basin, a major mid-continent hydrocarbon producing basin. The source of the produced hydrocarbons is the black organic shales that are interbedded with siliclastic and carbonate rocks. The shales at Jolly Ranch are within the oil generation window and there is reasonable certainty of reservoir and source rock continuity throughout the project area.
To date, 19 wells of 7,500-8,000 feet have been drilled on a core 50,000 acre area by Nighthawk and Running Foxes, all of which have encountered multiple pay horizons. These wells are undergoing completion operations to determine the optimum method of fraccing and several have been placed on long term production. Two wells are being utilised as water disposal wells due to their prime location thereby lowering the costs associated with water transportation.
The current work programme is the undertaking of various testing and fraccing procedures on numerous shale target formations to determine the optimum production plan and also gain a greater understanding of this non-conventional play. In addition to testing, our main efforts have been focused on proving up the extent of the asset to help establish the wider project value.
Michael Thomsen - Executive Chairman
Mike has over 30 years experience in the natural resources industry and has worked in over 40 countries on acquisitions, project development and exploration. He has directed and managed a number of energy and minerals companies and was the former Chairman of Oil Quest Resources plc. Mike was previously Chief Geologist with Freeport-McMoRan Inc, a major US energy and minerals producer, where he directed programs in the Permian Basin of west Texas and the Gulf of Mexico region.
Tim Heeley - Chief Executive
Tim joined Nighthawk with 15 years of equity and debt experience in the City, most recently as Head of Oil and Gas Research at stockbroker Daniel Stewart & Co. Previously he was Senior Manager of Standard Bank's Oil and Gas team and Senior Oil and Gas Analyst at Panmure Gordon. Prior to working in the City, Tim enjoyed an eight year career in the E&P sector as a project development engineer working with such companies as Shell, BP, Exxon and BG on numerous international hydrocarbon projects. Tim is a Chartered Engineer, a member of the Energy Institute and the Society of Petroleum Engineers.
Stuart Eaton - Non-Executive Director
Stuart was Head of UK Equity Alpha at Insight Investment Management Limited. Founded by HBOS in 2002, Insight had assets under management of £119 billion in 2009. Stuart joined Insight in May 2005 and was responsible for the management of UK equity long only portfolios
Geoffrey Metzger - Non-Executive Director
Geoffrey was a member of the London Stock Exchange for 25 years and a member of The Securities Institute. He has been involved with raising finance for companies in the natural resources sector for over 20 years. He was a director of Emerald Energy Plc between 1990 and 1998.
Brian Marshall FCA - Financial Controller and Company Secretary
Brian is a chartered accountant who established his own independent accountancy practice in Bath ten years ago. His practice provides audit, accountancy and taxation services to a diverse range of clients
Nominated Adviser and Broker
Westhouse Securities Limited
One Angel Court
London
EC2R 7HJ
United Kingdom Tel: +44 (0)20 7601 6100
Corporate Finance Fax: +44 (0)20 7796 2713
Sales / Dealing / Research Fax: +44 (0)20 7796 2476
http://westhousesecurities.com/
Joint Broker
Matrix Corporate Capital LLP
One Vine Street
London
W1J 0AH
Campbell O’Connor & Co.
8 Cope Street,
Dublin 2,
Ireland
IR Contact:
Ben Brewerton / Edward Westropp
Financial Dynamics
Holborn Gate,
26 Southampton Buildings
London WC2A 1PB
England.+44 (0)20 7831 3113
Head office
Nighthawk Energy plc
4th Floor
3 Queen Street
London W1J 5PA
+44(0)20 3405 1982
Denver office
Nighthawk Energy plc
1745 Shea Center Drive,
Suite 400
Highlands Ranch,
CO 80129
Registered office
6th Floor
One London Wall
London EC2Y 5EB
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