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Looking at the price chart from 1996 wtf has this really gone from £370 to 5p????
72% now interesting
175,700 buy @ 5.0p just gone through, they obviously like the news released this morning.
The unanswered question is who bought Garraway Capital Management's 9.07% shareholding last month? If it's a Market Maker, will they buy into the Open Offer??
Onwards and upwards....
GLA
Brilliant news! Fully funded for summer and winter work overs. Four new wells to be drilled. Big upside from here.
That is the key question, can Scott Aitken deliver a funding deal? If he can't, we are looking at another Open Offer at presumably a discount to the current share price.
Come on Scott, get that funding sorted, let's get back to full well production, 10 new wells due to be drilled next year. Great prospects in Italy. Looking very good.
Today's RNS confirms what was thought, Garraway was the large seller. Garraway have sold their entire 9.07% Cabot Energy shareholding. The key question is, who has purchased those Cab shares?
H2P's shareholding does not appear to have increased from 66.22%, and the holdings of the "other large shareholders" does not appear to have increased.
Garraway Capital Management (formerly City Financial Investment) must have been the large seller yesterday.....it looks as though they sold the majority of their holdings, very strange given they bought into the March 2019 Open Offer at 10p per share.
One of CAB's largest shareholders have sold 3,420,728 shares @ 5.00p today, RNS should be issued informing the name of the seller...… H2P has confirmed that they are prepared to invest in new equity plus provide funds for 2019 drilling campaign.
Can’t beat loosing a third of your company value in a days trading. Will take some weeks to recover, if ever
I have emailed Cabot Energy and asked whether the planned 2019 Summer drilling programme is to go ahead and be funded by either debt or equity funding .
Scott Aitken might have secured a debt finance deal by September 2019....."the company reasonably expects to finalise an agreement in Q3 2019".
The planned drilling programme will go ahead in 2019, it will either be debt or equity financed.
GLA
Reads like they fancy a September placing.
Get ready for another beating from the bod, to go with all the others.
Hurrah.
Taken from today's RNS....
"Discussions are progressing and the Company reasonably expects to finalise an agreement in Q3 2019. While the Board remains confident that these financing discussions will result in a successful outcome for the Group, no new commitments have yet been secured.
Further to the Subscription, H2P has indicated that, pending the conclusion and terms of the ongoing Canada asset-level debt finance discussions, it will consider providing additional equity funding, if needed, to support the Company's operational activities and work programme through to the end of 2019, alongside other shareholders".
The Company "reasonably expects to finalise an agreement in Q3 2019".....that has not be said in the previous RNS's, looks like progress is being made imo.
Just spotted this afternoon's RNS, High Power Petroleum has subscribed for 4,336,466 new CAB shares @ 9.25p raising GBP 401,123....good to see CAB's largest shareholder putting more cash into the company, is this a sign that new debt discussions are progressing positively? We shall see in the comings weeks / months.
GLA
My view is that we have reached the bottom, High Power Petroleum are providing short term funding whilst a specialist advisory funding is trying to secure long term funding for CAB. Interested to see a 100,000 trade through after 4.00pm today @ 9.00p, is it a sale or a buy?
Positive messages coming from Scott Aitken regarding the quality of assets, all we need is a decent funding deal for this share to re-rate.
GLA
Do you think its reached the bottom yet? I lost a bundle but at least got out with something. Jobs for the boys for years. directors come and go. but delivering value to shareholders, no. amazed they can find investors. Italy will never happen in a million years. Too much conflicting red tape putting it politely. Shell will probably forget they ever said dig like last time
Lol, deliver value to shareholders, due to consolidation and fundraising i now have an average here of over £78. That's £ not pence.
I wonder when I'm going to see the value. Lmfao.
"As a result, the Group entered 2019 in a stronger position to create a sustainable platform and deliver our strategy of creating predictable production growth and investing in high-impact exploration. The funds raised in February 2019, plus the recent funding arrangement announced on 5 June 2019 with our supportive majority shareholder, High Power Petroleum LLC ("H2P"), are sufficient to see the Group through to mid July 2019. The Company continues to work with the specialist financial advisory firm it has engaged to source Canada asset-level debt financing to ensure full funding to commence a late-summer 2019 work programme. In the interim, the Company is in discussions with H2P to provide additional short-term funding, pending the satisfactory progression of the ongoing debt finance discussions. Whilst the Board remains confident that these financing discussions will result in a successful outcome for the Group, no new commitments have yet been secured. I look forward to providing Cabot's shareholders with further updates as appropriate.
"The Directors believe that Cabot's assets and reserves remain fundamentally strong and our aim, subject to securing future funding, is to position the Group to unlock the inherent value of its production and development assets to deliver value to our shareholders.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAB/14098712.html
"The Board is currently in advanced discussions to secure both short-term funding from its shareholder H2P and has also engaged a specialist financial advisory firm to source Canada asset-level debt financing to ensure that Cabot Energy is fully funded to commence its 2019 summer work programme and support the growth of the business. The heavy lifting has now been completed and, provided we secure appropriate financing, we believe we will be in a greatly improved position to deliver sustainable value for all shareholders from our contrasting portfolio of production and exploration assets." Scott Aitken - Chief Executive
· Cabot Energy has engaged a specialist financial advisory firm to source Canada asset-level debt finance for the development drilling of the Company's proven and probable reserves in Canada, commencing with a fully funded 2019 summer work programme
· While management remain confident that the debt finance discussions will result in a successful outcome for the Group, no debt commitments have yet been secured
· Supportive majority shareholder, High Power Petroleum ("H2P"), has indicated its willingness to provide limited short-term funding, pending the satisfactory progression of the ongoing debt finance discussions
Scott Aitken, Chief Executive Officer, said: "The first quarter of 2019 has seen the Edmonton oil price rebound strongly towards its historic price differential with WTI. Crude sales prices were therefore significantly above our planning assumption and this, alongside tight cost control and anticipated short-term funding from H2P, has provided us with a longer period to negotiate the debt funding for the planned drilling and workover operations in the summer. We look forward to updating the market as soon as practicable, although no assurances can be given at this stage that the debt financing discussions will result in a successful outcome for the Group."
Scott Aitken is keeping busy with Seapulse work.....
https://www.energyvoice.com/oilandgas/north-sea/199084/further-north-sea-wells-on-the-horizon-for-newcomer-seapulse/
Scott Aitken has announced a Seapulse North Sea drilling programme
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/14061792.html
Is Seapulse interested in funding Cabot's Canadian drilling programme? Proven, dependable cash flows are available to Seapulse in Canada.