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Relinquishment of Australian PEL 629 Licence

9 Apr 2019 07:00

RNS Number : 5120V
Cabot Energy PLC
09 April 2019
 

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. With the publication of this announcement, this information is now considered to be in the public domain.

 

9 April 2019

 

Cabot Energy Plc

("Cabot Energy" or the "Company")

 

Relinquishment of Australian PEL 629 Licence

 

Cabot Energy (AIM: CAB), the AIM quoted oil and gas company focussed on creating predictable production growth in Canada, announces that Ouro Preto Resources Pty Ltd, the Company's wholly-owned subsidiary, has reached an agreement with The Department for Energy and Mining of the Government of South Australia ("DEM") to relinquish its PEL 629 onshore exploration licence in the Otway Basin, South Australia (the "Licence").

 

The Company has received confirmation from DEM that it will be granted permission to vary out current commitments of its second year PEL 629 work programme for a nominal fee. The formal application for variation and relinquishment of the Licence has been submitted and the relinquishment is expected to take immediate effect. The Company will not incur any further costs or penalties associated with the outstanding work programme.

 

The Licence had been in suspension since June 2014 to allow the Company to carry out further technical work and evaluation. As at 31 December 2018, the Net Book Value was zero, with the majority of the asset impairment (USD $970,000) booked in 2015.

 

Scott Aitken, CEO of Cabot Energy, commented: "We are grateful to The Department for Energy and Mining for agreeing to a low-cost relinquishment of this licence in South Australia. The management team believes it is responsible practice to focus financial and operational resources on delivering value from the Company's core assets. This means prioritising our Canadian land position, which has a production facility capacity of up to 10,000 barrels of oil per day, along with our highly unique, leading licence position in Italy with 1 billion barrels of identified prospects and discoveries."

 

 

Enquiries:

 

Cabot Energy Plc

+44 (0)20 7469 2900

Scott Aitken, CEO

Petro Mychalkiw, CFO

 

 

 

SP Angel Corporate Finance LLP

+44 (0)20 3470 0470

Nominated Adviser and Joint Broker

 

David Hignell, Richard Hail, Richard Redmayne

 

 

 

GMP FirstEnergy

+44 (0)20 7448 0200

Joint Broker

 

Jonathan Wright

 

 

 

Luther Pendragon

+44 (0)20 7618 9100 

Financial PR

 

Harry Chathli, Alexis Gore, Joe Quinlan

 

 

Note to Editors:

Cabot Energy (AIM: CAB) is an oil and gas company focussed on creating predictable production growth in Canada. 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
 
 
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13th Aug 201911:00 amRNSPrice Monitoring Extension
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6th Aug 201911:00 amRNSPrice Monitoring Extension
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15th May 20197:00 amRNSQ1 2019 Financial, Operational and Trading Update
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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
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6th Mar 20194:45 pmRNSHolding(s) in Company
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