Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCabot Energy Regulatory News (CAB)

  • There is currently no data for CAB

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

AGM Statement and Operational Update

23 May 2018 07:00

RNS Number : 9497O
Cabot Energy PLC
23 May 2018
 

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

 

23 May 2018

 

Cabot Energy Plc

("Cabot Energy" or the "Company")

AGM and operational update

Cabot Energy (AIM:CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, will hold its annual general meeting later today and Keith Bush, the Company's Chief Executive Officer, will be making a presentation to shareholders. In advance of the AGM, the Company is providing the following operational update.

§ As previously announced, the Company has completed its Canadian winter work programme in Rainbow which included the drilling of four new side track wells

- latest combined production test rate from the four wells is line with expectation at approximately 350 bopd

§ In addition, the Company was required to invest additional capital in the infrastructure of the Rainbow assets, including pipeline replacement and integrity work, abandonments and well workover activity

§ The planned summer drilling programme will now be deferred in order to:

- fully integrate the operational data obtained from the winter work programme

- confirm the production performance of the new wells over an extended period

- manage group capital requirements

§ The Company is assessing a potential well reinstatement programme during the summer of 2018 on a number of existing wells to increase production

§ With the changes to the summer work programme, the production for the year is expected to be below previous guidance and the Company will provide new guidance once the programme for the second half of the year has been finalised

§ The Company's average production during April was 851 bopd and average sales for the month was 914 bopd, with seasonal road bans impacting production during the second half of the month from single well batteries

 

Keith Bush, Chief Executive Officer of Cabot Energy, commented:

"Understanding the performance of the new wells is important for the long term development of the Rainbow assets and the deferral of the summer work programme is a prudent step to maximise oil recovery over the medium to long term.

"The valuable lessons learned from the winter drilling programme will enable more cost effective well options to be developed, including the drilling of new wells as opposed to side track wells, which is expected to improve the development of the area."

Cabot Energy will make available a copy of the presentation on its website later today. The presentation contains no previously unpublished information that could be considered price sensitive.

For further information please contact:

 

Cabot Energy Plc

+44 (0)20 7469 2900

Keith Bush, Chief Executive Officer

Nick Morgan, Finance Director

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser and Joint Broker

Richard Morrison, Richard Redmayne

GMP FirstEnergy

+44 (0)20 7448 0200

Joint Broker

Jonathan Wright, David van Erp

FTI Consulting

+44 (0)20 3727 1000 

Financial PR

Edward Westropp

 

In Accordance with AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the CEO of Cabot Energy, Mr Keith Bush, who has 26 years' experience as a petroleum engineer. He has read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE standard.

 

Note to Editors:

Cabot Energy is an oil and gas company focused on production led growth. The Company is building production from a redevelopment project in north west Alberta, Canada, and has a portfolio of exploration and appraisal opportunities in Italy. Comprehensive information on Cabot Energy and its oil and gas operations, including press releases, annual reports and interim reports are available from Cabot Energy's website: www.cabot-energy.com.

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCFKBDDDBKBAPB
Date   Source Headline
2nd Dec 201911:05 amRNSSecond Price Monitoring Extn
2nd Dec 201911:00 amRNSPrice Monitoring Extension
2nd Dec 20197:00 amRNSCancellation of Admission to Trading on AIM
27th Nov 20195:30 pmRNSCabot Energy
25th Nov 201912:13 pmRNSResult of EGM
19th Nov 20197:00 amRNSTR-1: Notification of Major Interest in Shares
18th Nov 201911:05 amRNSSecond Price Monitoring Extn
18th Nov 201911:00 amRNSPrice Monitoring Extension
15th Nov 20197:00 amRNSDirectorate and Management Changes
14th Nov 201911:05 amRNSSecond Price Monitoring Extn
14th Nov 201911:00 amRNSPrice Monitoring Extension
8th Nov 20197:00 amRNSPosting of Circular, Subscription, Notice of EGM
5th Nov 201912:46 pmRNSHolding(s) in Company
31st Oct 20192:02 pmRNSProposed date of cancellation of trading on AIM
29th Oct 20199:05 amRNSSecond Price Monitoring Extn
29th Oct 20199:00 amRNSPrice Monitoring Extension
29th Oct 20197:00 amRNSProposed cancellation of AIM admission
30th Sep 201912:45 pmRNSInterim Results
26th Sep 20197:00 amRNSUpdate on Italian Assets
19th Sep 20197:00 amRNSSubscription to raise US$350,000
6th Sep 201912:29 pmRNSTR-1: Notification of Major Interest in Shares
2nd Sep 20197:00 amRNSUpdate on Financial Position
20th Aug 20199:05 amRNSSecond Price Monitoring Extn
20th Aug 20199:00 amRNSPrice Monitoring Extension
20th Aug 20197:00 amRNSQ2 2019 Financial, Operational and Trading Update
15th Aug 20191:05 pmRNSTR-1: Notification of Major Interest in Shares
13th Aug 201911:05 amRNSSecond Price Monitoring Extn
13th Aug 201911:00 amRNSPrice Monitoring Extension
6th Aug 201911:05 amRNSSecond Price Monitoring Extn
6th Aug 201911:00 amRNSPrice Monitoring Extension
1st Aug 20192:05 pmRNSSecond Price Monitoring Extn
1st Aug 20192:00 pmRNSPrice Monitoring Extension
31st Jul 20197:00 amRNSTotal Voting Rights
10th Jul 20192:40 pmRNSSubscription to raise US$0.5 million
28th Jun 201912:29 pmRNSTotal Voting Rights
25th Jun 201912:41 pmRNSResult of AGM
25th Jun 20197:00 amRNSAGM Statement
13th Jun 20197:00 amRNSBroker Update
5th Jun 20197:00 amRNSFunding Arrangement and the Issue of New Shares
3rd Jun 20197:00 amRNSFinal Results, Annual Report and Notice of AGM
15th May 20197:00 amRNSQ1 2019 Financial, Operational and Trading Update
10th Apr 20197:00 amRNSUpdate on Financing and Publication of FY Results
9th Apr 20197:00 amRNSRelinquishment of Australian PEL 629 Licence
1st Apr 20197:00 amRNSFinancial, Operational and Trading Update
29th Mar 20198:49 amRNSTotal Voting Rights
29th Mar 20198:41 amRNSHolding(s) in Company
28th Mar 20199:09 amRNSHolding(s) in Company
27th Mar 20199:50 amRNSHolding(s) in Company
6th Mar 20194:45 pmRNSHolding(s) in Company
6th Mar 20194:45 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.