2 Aug 2017 07:00
Cabot Energy Plc
("Cabot Energy" or "the Company")
Commencement of Canadian summer work programme
Cabot Energy (AIM: CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, provides the following update on the Company's Canadian summer work programme.
Canadian summer work programme
§ The Company has commenced its 2017 summer work programme, targeting additional gross production of 300 barrels of oil per day ("bopd") from both the Rainbow and Virgo areas
§ The programme is expected to last between two to three months with operations requiring both a drilling rig and a workover rig
§ The programme includes:
- two side tracks from existing well pads in the Rainbow area
- the recompletion of two wells in the Virgo area to enable water disposal downhole and the trucking of dry oil to the Company's facilities
- three workover operations on wells in the Rainbow area to restart production
§ Gross cost of the programme is expected to be US$3.5 million ($2.6 million net) to be financed from existing cash resources and production revenues
§ Following the summer work programme, gross production in Canada is expected to be between 800 and 1,000 bopd (600 and 750 bopd net)
- Ends-
For further information please contact:
Cabot Energy Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Antonio Bossi
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
FTI Consulting Tel: +44 (0)20 3727 1000
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 25 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 undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily 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