The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Looks like the cash need for end of April is no longer so prominent.
https://www.bloomberg.com/news/articles/2019-04-02/wildcatters-of-the-prairies-get-big-boost-from-alberta-oil-cuts
They had been getting $20 or so a few months ago $60 now.
Different ball game hence the urgency in timescales seems to have been pushed back.
Recovery mode now I suspect and very very cheap.
The Licence had been in suspension since June 2014 to allow the Company to carry out further technical work and evaluation. As at 31 December 2018, the Net Book Value was zero, with the majority of the asset impairment (USD $970,000) booked in 2015.
Scott Aitken, CEO of Cabot Energy, commented: "We are grateful to The Department for Energy and Mining for agreeing to a low-cost relinquishment of this licence in South Australia. The management team believes it is responsible practice to focus financial and operational resources on delivering value from the Company's core assets. This means prioritising our Canadian land position, which has a production facility capacity of up to 10,000 barrels of oil per day, along with our highly unique, leading licence position in Italy with 1 billion barrels of identified prospects and discoveries."
The 5,420 trade at 9.18am today is a buy (it's mine). That suggests that the two 50,000 trades on 3 April 19 were buys @ 9.25p.
GLA
"We believe Cabot Energy is now in a stronger operational position to recommence drilling and unlock the inherent value of its production and development assets, subject to the necessary funding being in place. During 2018, the technical team carried out extensive subsurface analysis, resulting in significant upgrades to our Canadian resources and reserves, increasing gross 2P reserves by 26% to 3.6 mmboe, and increasing gross reserves and resources by 339% to 42.2 mmboe.
"The Board is in the process of assessing the most effective financing options to provide additional working capital, recommence drilling and efficiently grow production. As previously announced, this may involve raising funds at an asset level - an option which has been made more attractive by the restoration to historic levels of the Edmonton Light Oil selling price - in addition to approaching the market for a further equity raise if needed. Although no guarantees can be given that such funds will be readily available or available on terms that are favourable to the Company, we are encouraged by the discussions we have had to date and look forward to providing shareholders with further updates regarding the Group's financial position as soon as practicable." Scott Aitken - CEO
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/CAB/14022490.html
Five shareholders now own 88.11% of CAB shares, High Power Petroleum is the largest shareholder with 60.10%.
Another day and another Holding(s) in Company RNS - City Financial Investment Company have sold their 13.45% stake in CAB. This is strange given that they participated in the recent subscription @ 10p per share.
Who has bought City Financial's shares? Another RNS expected.
Looking at the dates when Oilfield Services Ltd crossed the threshold, it is the same date as the announcements stating holdings of the other the large CAB shareholders i.e. 6 March 2019. Why has it taken Oilfield Services until 26 March 2019 to notify the issuer?
Interesting.
Information posted by nutty1 on ADVFN.....
The name Dale Cadieux also appears on the holdings press release alongside Northeastern Oilfield Services. I believe Mr Cadieux was also the Northern/Cabot Canada Production Manager - at least he was in 2016.
Two new large shareholders come on to the Share Register in the last month and one of them is the former Northern / Cabot Canada Production Manager, I'm happy to hold.
Northeastern Oilfield Services Ltd have announced that they own 4.50% of the shares in Cabot Energy. So we now have two new Large shareholders, Mr. Krafft & Northeastern Oilfield Services, they must be confident in Cabot's future prospects.
Scott Aitken in his capacity of CEO of Seapulse is to shortly present at the Maersk Drilling's conference in Stavanger, he will be discussing Seapulse's alliances and future plans. Hopefully he gets time to focus on Cabot Energy as the clock is ticking & the finances of the company need sorting before the end of April 2019.
I wonder whether Seapulse is going to participate in Cabot's future Canadian drilling plans?
Maximum buy size of 7500?
You mean one really cannot invest more than £ 750 at a time?
My hope is that Scott Aitken is going to deliver some positive news before the end of April to get the share price to rise in order for him to go for another capital raise (if needed) at a premium to the last Subscription / Open Offer.
The most intriguing thing for me at the moment is that Mr. Krafft turns up and buys 5.30% of Cabot Energy having never held shares before (see recent RNS).
Max buy size 7500
and paying a premium for sells
10p paid this morning, MM's are allowing this to move up slowly.
Limited number of "free" floating shares, four largest shareholders now own 80% + of CAB.
another placing yet to come see the rns
The spread as they hold little free stock
"Looking ahead, the Directors believe that the underlying assets of the business remain strong. As previously stated, we were encouraged by the annual increase of 26% in gross Net Proven plus Probable reserves to 3.6 mmboe as well as the 339% increase in gross reserves and resources of the Canadian asset to 42.2 mmboe. Also, encouragingly, the spread between the West Texas Intermediate benchmark crude price ("WTI") and the Edmonton Light Oil benchmark price ("Edmonton") from December 2018 onwards has been restored to normal historical levels. The immediate next steps will be to pursue joint ventures, debt and equity financing at the asset level before we approach the market to secure additional funding for the development of a drilling programme in Canada and support the growth of the business." Scott Aitken - CEO Cabot Energy - taken from 12 February 2019 RNS
what crazy ?
But shows what will happen when any good news arrives
I hope you're right, I've averaged down with the Open Offer & the few that I bought this morning.
The spread has widened to 15%, that will damp interest for now.
Scott Aitken...what is your next move??
Cannot even get a quote for 1000 shares without going to a negotiated trade.
Any serious new updates with the current illiquidity will see a significant move.