Cabot Energy Share Discussion Threads

[investoroilandgas] 03/6/2019 06:14

"The Board is currently in advanced discussions to secure both short-term funding from its shareholder H2P and has also engaged a specialist financial advisory firm to source Canada asset-level debt financing to ensure that Cabot Energy is fully funded to commence its 2019 summer work programme and support the growth of the business. The heavy lifting has now been completed and, provided we secure appropriate financing, we believe we will be in a greatly improved position to deliver sustainable value for all shareholders from our contrasting portfolio of production and exploration assets." Scott Aitken - Chief Executive

[investoroilandgas] 15/5/2019 07:17

. Cabot Energy has engaged a specialist financial advisory firm to source Canada asset-level debt finance for the development drilling of the Company's proven and probable reserves in Canada, commencing with a fully funded 2019 summer work programme
· While management remain confident that the debt finance discussions will result in a successful outcome for the Group, no debt commitments have yet been secured
· Supportive majority shareholder, High Power Petroleum ("H2P"), has indicated its willingness to provide limited short-term funding, pending the satisfactory progression of the ongoing debt finance discussions

[investoroilandgas] 14/5/2019 08:30

Scott Aitken is keeping busy with Seapulse work.....
hxxps://www.energyvoice.com/oilandgas/north-sea/199084/further-north-sea-wells-on-the-horizon-for-newcomer-seapulse/

[investoroilandgas] 03/5/2019 06:46

Scott Aitken has announced a Seapulse North Sea drilling programme


Is Seapulse interested in funding Cabot's Canadian drilling programme? Proven, dependable cash flows are available to Seapulse in Canada.

[jimarilo] 19/4/2019 18:55

Indeed, he is presenting at the Africa E&P Summit in May

Seapulse has the deep pockets of Seacrest as backers and an alliance with Enquest and Maersk. Certainly Scott Aitken keeps good company

[investoroilandgas] 19/4/2019 15:35

Scott Aitken is clearly a very able individual given that he is both CEO of Cabot Energy and CEO of Seapulse. I understand that he is about to make a number of presentations on behalf of Seapulse, the last Cabot RNS stated that Debt discussions were ongoing with third parties & existing shareholders. I wonder whether Scott is spending time on Seapulse promotional activities because Cabot Energy Debt negotiations are nearing a (satisfactory) conclusion?

[wanderingmariner] 19/4/2019 13:28

Jimarilo,

As always its case of do your own research however the Italian assets that Cabot hold are not, from my understanding, easy to get producing if they are ever drilled.

Offshore Sicily waste of time, offshore Adriatic possible but expensive and not the greatest quality from an API point of view and Cascina Alberto hived off to Shell and is in an environmentally sensitive area as well as being High Temp High Pressure so again expensive.

Italy would have been a game changer for NOP years ago when at $100+ a barrel but its questionable now.

[jimarilo] 19/4/2019 12:09

But for the exploration ban in Italy, Scott's Seapulse would have been drilling two wells in Italy this year. They have 12 wells lined up in the current programme, Italy maybe be back on the agenda in due course

[nutty1] 11/4/2019 14:48

Thanks wanderingmariner. I appreciate the need for care.

I suppose what I'd like is some reassurance that the "creditors" that brought this company to its knees, and the people who were responsible for "poor historic operational and financial planning and control" are not one and the same.

Alternatively, I'd like some reassurance that the creditors are not connected to H2P in any way.

[wanderingmariner] 11/4/2019 14:13

Nutty1 I have a fair idea however wouldn't want to speculate on a public forum. Very few businesses would ever release this type of information into the public domain hence why when they do it is always anonymised as supplier A, B, C etc. in the financials.

Good luck all

[nutty1] 11/4/2019 12:50

wanderingmariner

You seem to have a bit more insight into Canada than I do, and who the various actors are. At the last raise, it was stated that some of the monies would be used for paying off creditors.

Do you know who the 'creditors' were?

[heaven] 11/4/2019 12:34

Shares up. MM getting ready for next round of funding

[tournesol] 11/4/2019 08:37

wanderingmariner

...but like the rest of the industry there just isn't any value seen in exploration anymore.

The days of the small/medium independents doing the hard yards on the subsurface work and doing deals with the majors seems to have passed. There are one or two exceptions of course, such as Azinor, due to them being well funded, the rest just can't afford to employ decent sized g&g teams with good knowledge anymore…

I suggest you look harder.

HUR was started in the CEO's shed not so long ago. It now has a market cap of about a billion, has resources of several billion barrels, is days away from first oil in an EPS on the Lancaster field and days away from a three well drilling program on the Warwick field. The key thing here is the expertise and professionalism of the founder and his team.

PMG was taken over by Tom Cross using his payoff from the sale of Dana. It employs 20 people. It has profitable onshore gas in Holland (shades of NOP) and strategic projects in the North Sea. It never had much cash but it has used its resources wisely. The key thing here is the grit and determination of its CEO and the professionalism of his team.

NOP was a traincrash. I have not been following Cabot but I get the sense that it has been following in the tradition of the Musgrove Ritual. (fans of ACD will get the reference). The problem is not that life has become impossible for small E&P's. It is that many E&P's are mismanaged by incompetent chancers. The challenge for investors is, as always, to find the gems and avoid the junk. But gems there are.

[wanderingmariner] 11/4/2019 06:26

Yes Investoroilandgas you are correct Mr Cadieux is indeed the Production Manager however the shares may well have been in lieu of invoices owed to him. Bit of a punt for him to take maybe but we will no doubt see in time.

[investoroilandgas] 10/4/2019 22:12

Wanderingmariner - I appreciate and value your comments, you clearly have a much deeper knowledge of Cabot Energy than me.
The comforting thing for me is that Scott Aitken's employers, High Power Petroleum own 60.1% of the equity, they therefore have the most to lose from further dilution and therefore I would hope that Scott will do everything in his powers to stop this happening. Scott's hand in my view has been significantly strengthened by the oil price increase to $60 per barrel, no more talk of more cash needed by the end of April so revenue has clearly increased & I hope that costs are now firmly under control with the new management team.
An ADVFN poster has mentioned that Northeastern Oilfield Services which acquired 4.50% of the shares during the recent capital raise, is owned by the former Canadian CAB Production Manager....now that is very interesting.


It looks like my original post is no longer on this thread??


I echo your message, good luck to all Cabot Energy shareholders.

[wanderingmariner] 10/4/2019 21:03

You're either a ramper or on the inside and the only way they could go is to try and take out one of the Companies looking to exit the reef plays or a big JV with one of them already there.

[a2584728] 10/4/2019 20:05

The next move in CAN will surprise the biggest Bulls amongst you. Watch this space

[wanderingmariner] 10/4/2019 19:45

Investoroilandgas, I have no doubt they are working extremely hard behind the scenes however anyone who has spent anytime in and around the European O&G arena over the last 10 years plus would have known that Italy is a complete basket case despite it having such good levels of reserves.

The political and environmental issues in Italy will not be resolved any time soon and this was the case for a very long time prior to the new boys gaining control of Cabot.

Although the Italian Ministry say things will revert back to "normal" after the moratorium I can assure you that "normal" will be more of the same ridiculous bureaucracy and money down the drain. I highlighted this when the new guy brought in to manage the Ministry relationship started. He either needed someone on the inside or huge luck to get anything done beyond what the previous three guys NOP used had done.

I hold CAB so do hope they bounce back however it's going to either be through massive debt or further dilution of equity.

Good luck to all

[wanderingmariner] 10/4/2019 15:50

It's a shame Imperial3, but like the rest of the industry there just isn't any value seen in exploration anymore.

The days of the small/medium independents doing the hard yards on the subsurface work and doing deals with the majors seems to have passed. There are one or two exceptions of course, such as Azinor, due to them being well funded, the rest just can't afford to employ decent sized g&g teams with good knowledge anymore.