Nighthawk's shares slip as Q1 2017 production slips

Shares in Nighthawk are down more than 2% as its gross and net production for the first three months of 2017 came in below that for the same period in 2016.

Output for January, February and March was 118,444 barrels, from 127,059 a year earlier. Net output was 83,710, from 104,012.

On a daily average basis, gross output was 1316 for the first three months of 2017, versus 1396 in 2016. Net output was 930, from 1143.

"The net production previously disclosed for January 2017 has been adjusted from 35,544 barrels to 30,543 barrels, reflecting the terms of the settlement agreement with Cascade Petroleum LLC (including the Monarch 10-15 well) and sales adjustments," said Nighthawk.

"During February 2017, certain wells were not in production as they were being worked over, both as part of routine maintenance and in conjunction with the Arikaree Creek water flood pilot project," the company said.

It added that these wells had returned to production during March 2017, as reflected in the net daily average production rates.

The company currently expected augmented volumes from its Pilot water flood project to be realized in Q2 of 2017.

At 12:39 BST, shares in AIM-traded Nighthawk were down 2.5% to 0.98p each.