Executive Summary
Nighthawk Energy plc (LON:HAWK) is a hydrocarbon production and development company focused on building a portfolio of assets in the USA. Nighthawk’s core asset is a 50% working interest in the Cisco Springs natural gas production and development project located in Grand County, Utah. In addition the Company has significant interests in several projects which include the Devon Oilfield, Kansas, Centurion, Kansas, Jolly Ranch, Colorado, Cliffs, Illinois and the Buchanan and Worden, Missouri. Nighthawk Energy earned revenue of $497,876 and made an operating loss of £2,013,179.
Company History
Key events in the company's history are as follows:
- March 2007: the company was set up with £56,000, joined the AIM and raised £6.2m
- October 2007: the company announced a smaller full-year operating loss and a strong balance sheet and portfolio of assets, with funds in place for its core projects for at least the next 12 months. [1]
- November 2008: the company raised £5m in new funding
- February 2009: the company raised a further £7m in new funding
Current Events
Recent events for the company are outlined below:
- October 2009: the company reported that it has cut costs and losses, expecting the next 12 months to be 'transformational' at the Jolly Ranch and Revere projects, for which it has secured development funding [2]
- November 2009: the company has added 2 new rigs to wells in its Jolly Ranch project following the discovery of hydrocarbon reserves to accelerate production. [3]
- November 2009: Xenia gas pipeline at the Revere oil and gas project was announced to be fully operational, flowing in excess of 650,000 cubic feet of gas per day from 8 wells. [4]
Business Model
The company's strategy aims to capitalise on increasing oil prices by buying up land previously relinquished by bigger companies. Its production system uses water to pump out the residual oil from the ground. This is a relatively low-cost method of oil production.
Products/Services
Segments/Customers
Production/Operations
The company has interests in a number of oil and gas production regions.
Jolly Ranch: a 50,000 acre site in Colorado with 7 of the wells drilled having produced 1,088 barrels of oil per day. The company owns a 50% interest in this operation.
Revere: located on the state border of Kansas and Missouri, 140 shallow wells have been drilled, each of which has…
