Nighthawk Energy has issued an update to current production levels, water flood injection wells, recompletion results and pricing.
The company says that as reported on 16 December, tit reached a settlement with Cascade Petroleum LLC with one of the provisions being that Nighthawk was to complete an up-hole zone in the Monarch 10-15 well, at the company’s expense, estimated at US$75,000.
The recompletion has been finished within estimated costs and for the first 11 days of full production, the average daily production has been 205 barrels per day, gross and 33 barrels per day, net.
Nighthawk owns a 16% net revenue interest in the 10-15 wellbore, and a 76% net revenue interest in the surrounding acreage. Additional results will be announced in due course.
As reported on 3 January, Nighthawk received the final permit on 29 December to commence injection of water into the second of the two planned water flood injection wells. Injection commenced on 30 December 216 and results will be announced in due course. In addition, Nighthawk has entered into a six-month marketing agreement which locks in the transportation deduction costs to the company at $3.15 per barrel. This compares to $7.00 per barrel at 1 January 2016.
At 4:03pm: (LON:HAWK) Nighthawk Energy PLC share price was +0.07p at 1.37p
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