David Bramhill, the founder and managing director of US focused oil and gas group Nighthawk Energy Plc (LON:HAWK) is retiring from the business with immediate effect. Joe O’Farrell, a co-founder and executive director of Nighthawk is also retiring from the board. The Nighthawk board has appointed Tim Heeley, the company’s commercial director since 2008, as chief executive from today, who will work along side executive chairman, Michael Thomsen, and the non-executive directors, Stuart Eaton and Geoffrey Metzger.
Heeley joined Nighthawk two years ago following four years of equity and debt experience in the City, which included roles as senior manager of Standard Bank's Oil and Gas team and vice president of Oil and Gas at Panmure Gordon. Prior to working in the City, he spent eight years 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.
David Bramhill said: “I have decided that this is the right time for me to retire from Nighthawk having dedicated four years since I founded the company. As a significant shareholder, I am confident that the company will continue to prosper and fulfil its undoubted potential.”
Michael Thomsen added: “I would like to thank David and Joe for their contributions to the development of Nighthawk. David has a strong track record of founding and developing E&P companies and we wish him every success with his new ventures. We believe that Tim is the right person to lead the next phase of Nighthawk's progression from development to production.”
I am very surprised to see nobody has commented on this gem of a story. For those who follow HAWK, your probably aware that I also follow Nighthawk Energy Plc (LON:HAWK) and supported DB despite his failure to deliver the results he set the company he founded (remember, don't worry, he's here until the company is sold !).
Up till last month, I had only contacted DB on four separate occassions (basically, about once a year I have been invested) until I was unsatisfied with the progress relating to the part sale of JR and the recent operations update (some of the well haven't changed their status for over a year).
I explained that IMO, the company were failing to be transparent and the market was clearly concerned and question marks had to be raised. I also said that the stock had become "one to stay clear of" and wish I had taken my own advice.
I was assured and told not to refer to HAWK "as just another AIM company" and that the BOD were working hard to make the company a success. Most of this communication was copied into their brokers/advisors.
Just days later, DB and JF quit without notice or the decency of an explanation to the PI's who have supported them for so long. They spent millions on this venture and have left us with a company with very little production, very little cash, a "world class asset" with little production and a somewhat failed sale attempt and an operator who is incapable. I am not a bitter man, I own shares in Equator Exploration (LON:EEL) and believe Oando have played a blinder but still wouldn't mind a return ;-) I am however, very dissapointed in the manner in which DB has so cowardly capitulated, I guess to move onto OSC ?
TH has such a difficult task ahead of him but will it effect his reputation if he fails to turn things around from here, probably not. I see TH as being in the same situation as Roy Hodgson at Liverpool, take on a nightmare, success and your god, failure and you had no chance anyway.
So I'm a huge five figures down and what have I learnt ?
1) You can put too much faith and belief in the BOD's of the company your invested into. This can be very costly.
2) When you have opposing views between your brain and your emotions when it comes to investing, your brain should have a veto.
3) If you're invested into and Oil E&P company which is failing to go from E to P, re-evaluate.
4) If you have 15 years experience of investing, you still dont' have enough experience !
5) Full respect to Marben ! You know why buddy.
6) Ensure the operator makes sufficinet progress.
7) When you conclude that you already knew the above points and you are down a huge five figures, you'll be a little upset.
For those interested, I stayed in because of shlumberger and that ST/RF have invested the same amount as HAWK and that is private money....basically, failure effects Steve.
From here, I've decided to hold due to the paragraph above and as the acreage the company holds still has value which would equate to more than the current SP and schlumberger report is due soon. That could be the catalyst for a turn around with the company. Although TH has been there for two years and is partly responsible for the failure, I would like to give him a chance to make an impact. Can he go up against ST though ?
I hope for all holders, things improve here no matter what decision I take.
Pezza
