CAB Cabot Energy Plc

TIDMCAB

RNS Number : 5453T

Cabot Energy PLC

15 November 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.

15 November 2019

Cabot Energy Plc

("Cabot Energy", "Cabot" or the "Company")

Directorate and Management Changes

Cabot Energy Plc (AIM: CAB), the AIM quoted oil and gas company focused on creating predictable production growth in Canada, announces the appointment of David ("Dave") Kimery as Chief Executive Officer of Cabot Energy Inc., the Canadian operating subsidiary, with immediate effect. Dave has been employed by Cabot Energy Inc. as Chief Operating Officer since 23 September 2019.

Cabot also announces the departure of Paul Lafferty as President, Cabot Energy Inc. by mutual agreement, with Paul also stepping down as a director of the Company with immediate effect. Dave Kimery will take over Paul's responsibilities as CEO of Cabot Energy Inc but will not be appointed to the Board of the Company.

Dave Kimery, a Calgarian aged 43, is an exploration and production executive with a broad range of experience in Alberta and internationally. He has been successful in several key aspects of the sector, from reservoir engineering, operational design and execution (both in the office and in the field), field development planning and optimisation, budgeting and forecasting. Dave brings strong leadership and managerial experience to the Company's 100% owned and operated light oil production in North West Alberta.

James Dewar, Independent Interim Chairman of Cabot Energy, commented:

"We are delighted that Dave Kimery will be joining the management team of Cabot Energy Inc. His knowledge and insights gained from his experience in technical and operational leadership roles at Weatherford, Seven Energy and Verano Energy will be complementary to our current management team.

"I would also like to extend the Board's thanks to Paul Lafferty for his contribution to Cabot over his past five years with the Company."

Dave Kimery, Chief Executive Officer of Cabot Energy Inc., commented:

"I am delighted to support the management team and the Board's strategy and focus to unlock the inherent value in the Canadian assets, aimed at delivering predictable production growth. Production growth is at a key inflection point and I look forward to working with Scott Aitken and the team in this exciting phase of development."

In accordance with the terms of the Company's Relationship Agreement with majority shareholder High Power Petroleum LLC ("H2P") dated 19 December 2017, Cabot and H2P agreed that there will always be a majority of non-connected directors on the Board of the Company. Following Paul Lafferty's departure from the Company, James Dewar, Independent Interim Chairman of Cabot Energy, will now hold a casting vote on Board matters.

-Ends-

Enquiries:

 
Cabot Energy Plc                          +44 (0)20 7469 2900 
James Dewar, Chairman 
 Scott Aitken, CEO 
 Petro Mychalkiw, CFO 
 
SP Angel Corporate Finance LLP            +44 (0)20 3470 0470 
Nominated Adviser and Broker 
David Hignell, Richard Hail, Richard 
 Redmayne 
 
Luther Pendragon                          +44 (0)20 7618 9100 
Financial PR 
Harry Chathli, Alexis Gore, Joe Quinlan 
 

Note to Editors:

Cabot Energy Plc (AIM: CAB) is an oil and gas company focussed on creating predictable production growth in Canada. Comprehensive information on Cabot and its oil and gas operations, including press releases, annual reports and interim reports are available from Cabot'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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