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Buyers returning? Where you getting your data from?
210k bought vs 714k sold and down aka RED at -11.43%
Good to see buyers returning to Cabot Energy, second day of blue.
It will be interesting to see where the open offer price will be set at....0.90p,0.80p, 0.70p, 0.60p, 0.50p ???
5 Dec 2018 12:11 GMT
Newcomer Seapulse contracts Maersk for drilling programme
Newly -formed oil and gas exploration company inks deal with Danish player for 12 offshore wells
Newly formed oil & gas exploration company Seapulse has signed an agreement with Denmark’s Maersk Drilling for a two-year offshore drilling programme in multiple basins, with work expected to start in the middle of next year.
Seapulse, a 50/50 joint venture between private equity player Seacrest and High Power Petroleum, a subsidiary of technology company I-Pulse, said it secured the right to participate in an extensive and diverse range of potentially high-impact wells “by focusing investment specifically on providing the necessary capital for drilling”.
The company farmed into 30 licences across 11 international basins, and now aims to kicks off drilling in the third quarter of 2019.
Under a master alliance agreement, Maersk will provide fully-integrated services, including provision of drilling rigs, related drilling services, well services, and other goods and services.
The alliance plans to drill 12 offshore oil & gas exploration wells targeting over four billion barrels of oil equivalent of gross Pmean prospective resources.
The programme is expected to begin in mid-2019, with an expected duration of 490 days.
“The exploration wells to be drilled in the programme span diverse play types and basins in both frontier and established areas,” Seapulse said.
“The scale of the Seapulse drilling programme rivals that of many supermajors by number of wells and potential scale and impact of the target prospects, but with a considerably compressed timeline and cost exposure,” the company added.
Chief executive and co-founder of Seapulse, Scott Aitken, told Upstream that the company aims to spud in mature basins in the UK North Sea and Italy, as well as frontier basins in Namibia, Brazil, Honduras and Ireland.
“The programme spans shallow water and deep-water wells in several regions requiring a combination of jack-ups, semi-submersibles, and drillships,” Maersk said.
“The specific rigs to be deployed during the course of the programme will be determined on basis of rig suitability and availability,” the company said.
The value of the alliance agreement has not been disclosed, however, Maersk said that the services will be provided on the basis of market rates with an incentive payment scheme to drive performance and provide potential upside for the parties involved in the well programme.
“Our strategy leverages Maersk’s technological and operational expertise, whilst giving access to a cherry-picked global prospect portfolio, creating a sustainable approach to offshore exploration,” Aitken said.
“Seapulse’s strong financial backing gives us the critical advantage"
I think there will be some interesting news after the first equity placement.
Nop had permits off Sicily under the Musgrove regime. Oil was at a much higher price then. They had the same farmout arrangement with Shell. Firstly the Italian government extended their coastal ban on drilling which Nop was supposed to have been clear of, but there was still much opposition. I heard Shell pulled out of the project because the geology was way too complicated, perhaps a euphemism for 'the politics was way too complicated.' We are talking about the Burscaloni era. I see Malcy jokes about the ten years it took for the farmout never to get started previously. NOP had a very good geologist claiming there was a very prominent fan system as found in other oil producing regions. What puzzles me is why Shell would be considering this now in a much weaker oil market. There are several risks here, mostly advertising so vehemently their state as a going concern. Not a great place to negotiate from. The licenses will still be there and the oil if there is any. Italy is notoriously tricky for oil exploration for all the wrong reasons. Again good luck with the investment
I appreciate reading your comments, High Power Petroleum would not be looking to burn more money in Cabot Energy if they thought it was a basket case. Scott Aitken & his colleagues have taken stock of the business since last summer, they have presumably approached debt providers & concluded that this is not a viable funding option.
The sequencing of the equity raising suggests to me that some positive news will come between the first & second Open Offer, my hunch is that they have been progressing negotiations on the farm out of the Italian Offshore Permits. Having already secured one farm out in Italy (with Shell Italia), if they were to able to negotiate farm outs of the Italian offshore assets, the future for Cabot would start to look very different.
I have only recently invested in Cabot Energy and therefore have no knowledge of the previous management team or the last equity placement, I fully understand the anger of long term Cabot Energy shareholders. Fwiw, my view is follow the money, High Power Petroleum's investment in Cabot is heavily underwater along with most other Cab shareholders (including me), Scott & his colleagues have concluded that the only course of action is to invest more money to turn the business around, I will be supporting both Open Offers.
GLA to all Cab shareholders.
I did say the share offer at 3 p was not the bargain' suggested by a poster here.
The share offer at 5 p was obviously not to be touched.
Keith Bush told one shareholder a few years ago that he thought about 30 p (can't remember exactly, but it was a multiple of 10) would be a reasonable price.
I agree - for the whole company.
Shares in Canadian oil producer Cabot Energy PLC (LON:CAB) plunged on Monday as it signalled its intention to raise funds at a deep discount.
The cash-strapped company said it retains the support of its majority shareholders, High Power Petroleum, and is in discussion with other significant shareholders regarding an equity issue.
The company warned that any equity issued is likely to be made at a deep discount to the current market price; smaller shareholders are likely to be offered the opportunity to subscribe for shares at the same price as those major shareholders that take equity.
Shares in Cabot plunged 0.89p to 0.64p on the news.
Cabot said that if it gets the first fund-raising away, the plan is to approach the market again in the second quarter to seek further equity funding to grow the business.
The directors are reasonably optimistic that the company can raise additional equity funding from existing and new shareholders, as it has done in the past, but it is not a done deal.
Failure to complete a fund-raising in January 2019 would cast significant doubt upon the company's continued ability to operate as a going concern as it may be unable to realise its assets and discharge its liabilities in the normal course of business, Cabot advised.
As previously announced, during the past two months the company's Canadian crude oil revenues have been adversely affected by the Edmonton light oil contract price, which has diverged negatively from the West Texas Intermediate (WTI) crude oil benchmark price.
(Reuters) - Oil and gas company Cabot Energy Plc (CABC.L) warned on Monday that it might not be able to operate as a going concern if it does not raise money from shareholders in January to fund its operations and settle debt, hurt by lower Canadian crude oil revenue and contract prices.
AIM-listed Cabot said it was in talks with major shareholders and was “reasonably optimistic” of raising additional equity funding from old and new investors in the company, while expecting any financing to be at a “deep discount” to its current market price.
So, what to do. Its simple don't touch with a barge pole. Love the term 'reasonably optimistic.' So lets announce a placing between Christmas and the new year and see if the market notices! er just wiped out over half the company value. There will be non for the ordinary shareholder if it even sees the end of January
This is a ridiculous gamble even if they do raise yet more cash. If you want to give money away give it to a worthy cause like ex Cab/NP share holders, or even old man Musgrove! Gl anyway
High Power Petroleum (Scott Aitken, Petro Mychalkiw & Campbell Airlie) already own 56.90% of Cabot Energy, Cavendish Asset Management currently own 9.83% & City Financial Investment currently own 8.50% so in total the three largest shareholders currently own 75.23% of Cabot.
The Italian assets look interesting, they have already got Shell Italia to agree to a farm out of the onshore assets & are currently in farm out discussions on the two offshore explorations, I'll be buying in to both equity placements.
GLA.....let's hope we see a turn around in Cabot Energy in 2019.
If you have assets worth $55.4m (as of last report) you should easily be able to get a secured bank loan - otherwise something is not right.
Current mcap around £5m.
'Deep Discount' placing still to come with a 2nd placing required few months later.
for the inevitable share division
Currently below nominal price of 1p.
They were fine for cash at last report: Group cash balance as at 30 June 2018 of $6.2 million (31 December 2017: $1.8 million)
Scott Aitken, Chief Executive Officer, commented: "When I joined the Group in June I made it a priority to significantly improve the financial planning, reporting and controls processes in order to improve cost control and shareholder returns. We are encouraged by the record positive cashflow from our Canadian operations despite the net loss for the Period after $3.6 million of non-recurring items. We anticipate continued predictable production and cashflow growth from the Company's 100% owned and operated Canadian land position, where there is significant potential for incremental production increases at a low operating cost.
The potential for future shareholder returns is further amplified through creating three high-impact exploration events from the Company's licence position in Italy, where we have already secured drilling funding from Shell for one well and are in negotiations to fund drilling of two additional prospects. The focus for the remainder of the year is to conclude the operational and financial capacity planning and execution to extract the optimum value from our portfolio."
another big fall
https://www.upstreamonline.com/live/1649295/newcomer-seapulse-contracts-maersk-for-drilling-programme
Scott Aitken - Chief Executive of Cabot Energy is also Chief Executive & co - founder of Seapulse. The attached link confirms that Seapulse aims to spud in mature basins in the UK North Sea and Italy. So it appears Scott Aitken is moving things along, drilling in Cabot's Southern Adriatic Permits in 2019 is looking like a very real possibility.
GLA
I have taken a small position here, Italian assets are being worked up, placing in December 2017 raised US$16.5 million at 5p per ordinary share.....the share price looks bombed out imho.
GLA.
I was interested to read in the last RNS that Cabot had obtained funding from Shell Italia for seismic and exploration drilling for the Po Valley, does anyone have an indication of timescales on when this work will commence?
Thank you.
Musgrove took nop from a penny share towards 2 quid with gas producing fields in Holland, These gradually got sold down as growth was small and slow. The English assets were a complete red herring, in fact not even a herring. The Italian links were suffocated by red tape and hypocrisy, although in all likelihood there was little there. Their partner Shell kept them dangling till it died of inactivity. The really big hope was British Gyana. Just the small share of drilling was enough to wipe out NOP's assets. It could have had massive upside. If partner Wessex hadn't been so up themselves turning down a very generous offer after the first drill from Total they would have had a decent cash pile to buy something with better prospects than in Canada. All ifs and buts. Never in control of its own destiny and a succession of over optimistic directors making poor decisions while enjoying very pleasant lifestyles paid for by shareholders. Probably 'the end' to a sorry saga
I remember a few years ago reading a post by a shareholder who had just attended a company meeting.
He said Keith Bush told him he thought a reasonable price for Northern Petroleum shares would be x p, naming a figure several times the quoted price.
Since then, the price has collapsed and Bush has departed, taking all the shareholders' hopes with him.
...sorry I will rephrase that - what a shower of ROBBERS!!!!!
'in negotiations to secure the funding for 100% of the drilling costs for exploration wells in each of the Cygnus and Vesta oil prospects."
...yes Brocal53 they have all gone - all these ex directors who have taken our money after spinning us a load of claptrap for years and well and truely screwing the share holders. Keith Bush was as bad as the rest of them - paying themselves wages which the company could not afford. The way the company was run was to pay their wages and sod the share holders - what a shower of tossers!!!
Are Cabots days numbered??
I was in Northern Pet from 9p to nearly 200p. Company seemingly was run well. Keith Bush was CEO and did his best IMO but then things started to go pear shaped and Keith has left and now we are at the lowest point I can remember. Total lack of confidence in ability to get Cabot--as it is now--back on track. Sad as iy was once a really good little company----for some reason although I sold some time ago I have ONE share left!!
Just wiped almost a 3rd off our value.
Doubtful if this will still be around for long.