LONDON (Alliance News) - Cabot Energy PLC said Wednesday an independent resources report carried out on its Italian prospects showed the company has mean gross prospective resources of 933 million barrels of oil.
Cabot Energy's 100% owned offshore permits in the southern Adriatic Sea and Sicily Channel has 653 million barrels of oil and 280 million barrels of oil, respectively.
Of the 933 million barrels of resources identified in the report, 793 million barrels are net to Cabot Energy. The firm said the gross resources are estimated for the total accumulation which may extend to an adjacent licence.
The report highlighted 653 million barrels at the Cygnus prospect in the southern Adriatic - with 513 million net to Cabot - with a 14% chance of discovery.
The report highlighted 280 million barrels at the Vesta prospect in the Sicily Channel - with all net to Cabot - with a 13% chance of discovery.
Shares in Cabot Energy were down 2.1% at 1.42 pence each.