Cabot Energy PLC AGM Statement and Operational Update (9497O)
23 May 2018 - 4:01PM
UK Regulatory
TIDMCAB
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:
+44 (0)20 7469
Cabot Energy Plc 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
+44 (0)20 3470
SP Angel Corporate Finance LLP 0470
Nominated Adviser and Joint Broker
Richard Morrison, Richard Redmayne
+44 (0)20 7448
GMP FirstEnergy 0200
Joint Broker
Jonathan Wright, David van Erp
+44 (0)20 3727
FTI Consulting 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
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