LONDON (Alliance News) - Shares in Cabot Energy PLC fell on Thursday as the Alberta Government in Canada announced planned oil cutbacks.
Shares in the Canada and Italy-focused oil & gas company were trading down 9.1% at 1.43 pence.
Cabot however, noting the cutbacks, said "these do not affect the company's current level of oil production where netbacks remain positive compared to operating and development costs".
At the beginning of December, the Alberta government announced its intention to begin a short-term reduction of oil production by 325,000 barrels of oil per day, or by 8.7%.
The cuts, which are due to begin in January however, "will not impact Cabot Energy due to an exemption each producer receives for their first 10,000bbl/d of production", the firm added.