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Nighthawk Energy shares hit as workovers continue to hamper production
Nighthawk Energy shares dropped by over 5% on Friday after the company confirmed that it saw a 27% year-on-year fall in January output as maintenance work on wells interfered with schedules.
The AIM-traded oil and natural gas company saw its net share of production fall to 22,356 barrels compared to 30,543 from January 2017 and the company saw similar, albeit less dramatic, decreases in its net share of production for November and December.
November saw a 21% decrease down to 21,358 barrels while Decembers net share of production at 23,257 barrels represented a 19% drop compared the same month a year earlier.
Net production is based upon Nighthawk's net revenue interest of approximately 82%, save for the Monarch 10-15 well, in which HAWK has a 16% working interest.
A statement from Nighthawk Energy said: "During the period from November 2017 to January 2018 several wells required non-routine workovers to be performed, which partially affected production. These workovers have now been completed."
Nighthawk Energy operates at two primary locations in the Eastern Colorado plains, with its Smoky Hill and Jolly Ranch projects covering approximately 300,000 gross acres in the hydrocarbon producing basin.
As of 0938 GMT, Nighthawk Energy's shares were down 5.88% at 0.40p.