Nighthawk Energy plc Organisational Changes and Directorate Change (7525C)
October 20 2015 - 2:00AM
UK Regulatory
TIDMHAWK
RNS Number : 7525C
Nighthawk Energy plc
20 October 2015
20 October 2015
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Organisational Changes
and
Directorate Change
Nighthawk, the US focused oil development and production company
(AIM: HAWK and OTCQX: NHEGY),
announces that it has completed an internal review of its
current cost structure and has identified a number of margin
enhancement and operational efficiency opportunities that it has
begun implementing. Many of these improvements will begin to be
realized later this year with the full impact being realized in
2016.
These margin enhancement and operational efficiency
opportunities are:
-- Consolidation of finance and accounting functions to the Denver Office;
-- Staffing changes; and
-- Reduction of Corporate G&A.
Consolidation of Finance Function
In an effort to streamline the accounting and finance functions
and to integrate them more fully with the operations functions, the
Company plans to consolidate its financial and accounting functions
to the Denver office. As a result of this consolidation, Mr.
Richard Swindells, CFO and a Board member, who has served with the
Company in the UK since 2011 and has been key in the Company's
successes during a period of considerable growth, has agreed to
leave the Company effective as of November 7, 2015 and will be
resigning as a director and as Company Secretary.
Mr. Kurtis Hooley will be joining the Company in Denver as the
new CFO and Company Secretary, effective as of November 7, 2015,
and will be responsible for all accounting, finance and
administrative functions of the Company. Previously, these
functions have been split between Denver and London and the Company
believes this consolidation will result in better alignment of
these functions with its US operations and more streamlined
accounting and financial functions with all personnel now in the
same office. Mr. Hooley will not join the Board of Directors.
Mr. Hooley has over 25 years of financial and operational
management experience, which includes 11 years of experience with
an international accounting and audit firm and 10 years of
experience with a US public Exploration and Production energy
company, Double Eagle Petroleum Co., where he held both the CFO and
COO titles.
Staffing Changes
Mr. Mike Thomsen, Nighthawk's VP of Geology, has left the
Company with immediate effect to pursue other opportunities. Mr.
Thomsen was a founder of the Company and held a series of senior
management positions during his tenure. This change does not affect
Nighthawk's geological team who were instrumental in the discovery
of the Mississippian Spergen geological play within the Company's
acreage.
In addition, Nighthawk has reduced its field personnel by two
positions.
Reduction of Corporate G&A costs
In conjunction with the planned consolidation of the financial
and accounting functions in Denver, the Company will be reducing
its UK administrative activities that are duplicative to those
performed in the US office. Although the Company will maintain a UK
presence, it is expected that these changes will not only reduce
costs but will substantially streamline Nighthawk's corporate
functions.
The Board will continue to review costs, head count and
reporting structures in order to realize further cost savings and
operation efficiencies where achievable.
Mr. McCullough, Executive Chairman, said:
"While we are always looking for ways to cut our costs and
improve our operations and efficiencies, this is particularly
important in the current, tough oil price environment. We'd like to
thank Richard Swindells for his service and contribution to the
Company since 2011, and in particular I'd like to thank Richard for
his support and assistance during my first year as Nighthawk's
Chairman.
"We also wish to thank Mike Thomsen for his service and
contributions to Nighthawk Energy since 2006. We wish Richard and
Mike well in their respective new endeavors.
"I am pleased to welcome Kurtis Hooley to our company and
believe the consolidation of our accounting and financial functions
in Denver will result in considerable efficiencies being realized.
Kurtis brings a unique combination of energy finance and operations
experience that will further enhance our Denver team."
Enquiries:
Nighthawk Energy plc
Rick McCullough, Executive
Chairman +1 303 407 9600
Kurtis Hooley, Chief
Financial Officer elect +44 (0) 20 3582 1350
Westhouse Securities
Limited +44 (0) 20 7601 6100
Alastair Stratton
Robert Finlay
Canaccord Genuity +44 (0) 20 7523 8000
Manuel Santiago
Henry Fitzgerald-O'Connor
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton ben.brewerton@fticonsulting.com
Ed Westropp edward.westropp@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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