Cabot Energy Regulatory News (CAB)

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

24 November 2017

Cabot Energy Plc

("Cabot Energy" or "the Company")

Production and Operational Update

Board Appointment

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 production and announces the appointment of a new Executive Director to the board.

Canada

§ Current production in Canada is between 750 and 850 barrels of oil per day ("bopd") gross (Company working interest of 75 per cent.)

- the 16-05 sidetrack well drilled in October this year is currently producing more than 200 bopd on pump

§ The 13-33 dual completion well has now received all regulatory approvals and is scheduled to start production shortly with initial production rates forecast to be greater than 50 bopd

- following positive results on the two wells treated earlier this year, the 13-33 well has received well stimulation treatment from Blue Spark Energy Inc. ("Blue Spark") in order to enhance production since it was last produced

- the Company is looking to employ further Blue Spark well simulation as part of the upcoming winter work programme

§ In addition, the Company is planning further well activities prior to year end, which, if successful would add 150 bopd (gross) production upon successful completion

- the drilling of a second sidetrack well from the existing 10-32 well bore, targeting an undrilled reef

- the completion of the Company's second dual completion on the 14-22 well

Italy

§ In Italy, the Civita gas field is still producing 130 barrels of oil equivalent per day, which is accruing to the Company's benefit and will be paid as a working capital adjustment on closing of the previously announced asset acquisition from Rockhopper Exploration Plc, estimated to occur in the first quarter of 2018 

Board appointment

§ Paul Lafferty has been appointed to the Board of Directors as an Executive Director with immediate effect.

§ Paul joined Cabot Energy as Chief Operating Officer in September 2014:

- currently President of Cabot Energy Inc., the Company's wholly owned Canadian subsidiary

- has more than 35 years' experience in upstream oil and gas facilities engineering

- held senior positions with Consort Resources, Caledonia Oil and Gas and E.ON Exploration and Production Ltd.

Jon Murphy, Chairman of Cabot Energy, commented:

"Paul has been instrumental in developing operations in Canada and increasing production. Following his move to Calgary earlier this year, he is successfully building the Canadian team to deliver on the Company's production and reserve growth plans. We are pleased to welcome him to the Board."

Additional information to be disclosed pursuant to Schedule 2(g) and Rule 17 of the AIM Rules in relation to Paul Lafferty:

Paul John Lafferty, aged 57, is currently a director of Cabot Energy Inc, the Company's wholly owned Canadian subsidiary. Mr Lafferty holds 571,269 ordinary shares in the capital of the Company and 3,993,824 nil cost options over ordinary shares in the capital of the Company.

Other than the information contained within this announcement, there is no further information required to be disclosed under Rule 17 and Schedule Two paragraph (g) of the AIM Rules.

- Ends-

For further information please contact:

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 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