Nighthawk Energy (LON:HAWK) was one of the sector's biggest risers following an update to current production levels, operations and existing litigation matters.
The company's production continues to remain strong through the first seven months of 2016. The effects of a natural water drive in the Arikaree Creek field, along with the efforts from the production operations team, have kept production relatively flat as compared to last year for the first seven months.
Nighthawk says the Arikaree Creek water pilot project was finally approved in early June 2016. The Company has commenced working on the Pilot with the final engineering design phase now completed and the equipment procurement phase beginning. Construction and installation of the water gathering lines and the water injection lines should commence in the second half of September.
The water injection and the polymer facilities are currently being manufactured and are anticipated to be delivered, installed, tested, and become operational in late October. Nighthawk has been negotiating with Cascade (Denham) in regards to the last two commitment wells located within the Monarch Joint Development Area. Nighthawk believes the parties may soon finalize negotiations around a proposed settlement. Once this is reached, Nighthawk will announce the results in a future news release.
The update continued: "As previously disclosed, the ongoing litigation between Running Foxes Petroleum, as plaintiff, and the Company, is the final stages of being settled. There is currently only one remaining outstanding claim and the Company believes that the allegations contained in the remaining complaint are baseless and groundless actions, and will vigorously defend against the remaining complaint.
"Based on participation in the pre hearing conference and related court filings, the Company has recently been approached about the two parties trying to negotiate a settlement prior to the scheduled court date of September 20, 2016.
"In addition, Nighthawk Production has recently filed a formal complaint against Running Foxes Petroleum and American Patriot Oil and Gas Limited, an Australian company listed on the ASX, for a seismic disclosure breach in connection with a Joint Venture the two companies have announced involving acreage near us."
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Exillon Energy's (LON:EXI) output averaged 12,969 barrels per day in August. Average daily production for Exillon Timan-Pechora was 2,922 bpd, and for Exillon West Siberia it was 10,047 bpd during the period. Peak daily production was 13,512 bpd.
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The sector's biggest riser was Xcite Energy (LON:XEL) - up by more than 20.4% in late trading. The biggest fallers were Tower Resources (LON:TRP) and Regal Petroleum (LON:RPT) - down by 8.7% and more than 7.6% respectively.
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