ShiteHawk!
Yes it’s all over at Nighthawk. They are in such a rush to offload their assets (recently they had us all believing that their assets were worth $110 million dollars!) that they’re writing down $65 million dollars! and refocusing the company’s potential on The Jolly( Roger) Ranch!
Tim Heely has certainly ran amok with the hatchet chopping and slicing at every asset so much so that it would appear to me that Nighthawk are in terminal decline. I just can’t see Jolly Ranch doing anything worth while particularly as they were, if my memory serves me right, trying to flog this very asset some time back! “Yes we will now focus on our lead project the very same one that we were trying to sell! Time for all the long-suffering LOYAL investors to walk away with their heads held high. You stuck with this company through thick and thin and we here take our hats off to you. There is not one piece of good news in Nighthawks strategic review even the Schlumberger reserves estimate at Jolly Ranch is expected to be thus “Although at this stage of development the actual reserve figure is expected to be low” Nighthawk are telling the market that they are getting out of their assets while at the same time focusing on Jolly Ranch and other potential assets ! So they are writing down $65 million dollars in failed assets that they invested in and failed. Now we are informed that they want to buy some more with your money! Here’s what’s going to happen. They’ll re-finance, issue more shares and concentrate on Jolly Roger! Let’s hope that Jolly roger comes good. Otherwise it’s good night Vienna!
No trust here.
Hola!
Daniel
They have had a data room open on Jolly Ranch for quite some time and apparently many companies have taken a look and yet no offer of any kind has come. What does that tell you about the ‘world class asset’ they were banging on about for so long?
It was clear that all was not well with the waterflood projects when they suddenly stopped mentioning them! Now they are getting shot after spending a fortune while keeping investors out of the loop.
Disgraceful.
Tadge harsh. Your title gives the impression the firm is about to enter bankrupcy aha CNT.L. Effectivly the firm over expanded with Bramhill (who in hindsight should have stood down ages ago) and Heeley who has the industry experience has realised the to survive to fight another day drastic measures are required. It reminds me of SEY one key asset and a couple of peripheral ones.
Its a kick in the nuts for investors but as Emerald Energy proved a new board and a refocusing can sometimes prove dividends. Time will tell but it will be a LONG process now
I take your point. But there are much safer investments out there. Nighthawk have consistently failed their share-holders.
Now we learn that they are writing off $65 million. A huge amount by any standards! The bankruptcy you allude to comes from your mind not mine. There’s no mention of bankruptcy in the post.
Nighthawk’s survival is based upon returning to Jolly ranch an asset they were trying to sell. You must judge your investment on a company’s track-record and Nighthawks is terrible. Hence why it is game over. Confidence has gone.
Dan
GCM. News slowly coming out of BD. Looking good.
What do you think.
Thanks for your time.
Steve.
It’s a done deal and has been for several months.
They will explode on the official news.
Dan
Ldp’s rns today doesn’t inspire me with confidence….non exec here involved with connaught. thoughts please?
BMD
Just wondering if some comments could be made on these two.
There seems to alot going on here at the moment and value to be had seeing ALO have just secured 5 new Gold and Uranium Licenses – with some exploratory work carried out already.
Damien Conboy is worth keeping on eye with fingers in a alot of resource pies – also in the successful spot light recently through Strait Oil.
Any thoughts would be appreciated
Hi Dan,
Your quite right you dont mention the ‘B’ word. Though for many game over would allude to that. And your right the board under Bramhill constantly failed shareholders – being more interested in chasing ‘de-rampers’ on boards than working at what needed to be done. Heeley has his work cut out, but as a new man in charge he has taken a brave and necessary course of action to take the firm to ground zero. Now he has done the to focus the firm and ensure its survival lets see if he can do the next task – increase shareholder value. Long and winding road.
Better value elsewhere
Yes we certainly wish them well.
Thanks for your post always good read well thought out opinion.
Dan