LONDON (Alliance News) - Cabot Energy PLC on Monday said it anticipates an improved performance in 2019 following a review of the business and appointment of Italian business development director.
The oil & gas company said production in the three months to the end of June averaged 781 barrels of oil per day. Year-to-day production averaged 761 barrels of oil daily.
Back in June, Cabot said it has initiated a comprehensive strategic, operational and financial review in order to assess the overall position of Cabot Energy and to deliver the best growth strategy.
Upon completion of the operational review, the company said it expects to achieve a clear and deliverable strategy for its key target regions. It also intends to control the costs and assess capital requirements to fulfil its growth plans.
For its Canadian assets, Cabot plans a cost-efficient 2019 drilling programme in the third quarter of 2018. The company said it expects to achieve 30% savings on new wells helped by lower cost drilling rigs.
Meanwhile, in Italy the company said it secured an approvals for 3D seismic survey and drilling at the Adriatic and Sicily Channel prospects, respectively.
It has also appointed Hugo d'Apice as a business development director to strengthen the company's Italian operations.
Cabot said Hugo d'Apice spent 15 years in the oil & gas industry in senior management positions. Prior to that he served seven years as an officer in the British Army.
"Whilst we remain excited by the potential of the Canadian reservoirs, the results of the winter drilling programme were short of our expectations," said Chief Executive Scott Aitken.
"The new executive management team has therefore implemented more robust work streams in subsurface and operational planning, which we are confident will lead to improved performance of the 2019 work programme activities," added Aitken.
Shares in Cabot were trading 3.7% higher on Monday at 2.69 pence each.