Cabot Energy Share Discussion Threads

[wanderingmariner] 01/8/2019 16:46

Investor why is it so puzzling? H2P have been on course to take this on the cheap for a long time. Delisting is a sensible option especially if you're going to stump up more to support the winter drill programme.

[knowing] 01/8/2019 16:35

If they have raised funds at say 3p then take 5p and bank the rest

[investoroilandgas] 01/8/2019 16:32

3,420,728 shares sold @ 5.00p, last month's RNS stated that Board was confident of securing a funding deal, furthermore, H2P confirmed that they were willing to invest in more equity (alongside existing shareholders) & provide funding for 2019 drilling campaign, makes today's sale puzzling.

[wanderingmariner] 01/8/2019 16:30

Looks like the delisting is on its way

[laptop15] 01/8/2019 16:14

Anyone buying??

[alexios1201] 01/8/2019 16:05

Garraway sold large size and left 875k shares holding

[alexios1201] 01/8/2019 16:05

Yes it was #NOP

[nutty1] 01/8/2019 15:32

Does anyone else think this sudden drop has a bit of a whiff about it?

[caters] 01/8/2019 15:25

Was this Northern Petroleum yonks ago?

[kinwah] 01/8/2019 15:02

Interesting fall today. I wonder if someone has had a tip off that this could be taking itself off AIM. Certainly the expense of employing a NOMAD and financial PR for the smaller shareholders doesn't seem justified.

[laptop15] 01/8/2019 14:59

Why the drop??

[investoroilandgas] 31/7/2019 15:28

Yes - the current situation was confirmed in an RNS earlier this month, RNS is well worth reading. Largest shareholders, H2P, have now confirmed that they will provide equity / funding for the business & the 2019 drilling campaign.

[laptop15] 31/7/2019 09:42

Is the debt financing deal coming? Enough cash till end of August

[jimarilo] 13/7/2019 11:34

Agreed investor, is on my watch list

[investoroilandgas] 13/7/2019 09:03

Hi Jimarilo - Good to hear from you on this share. The key focus at the moment is Cabot Energy securing a debt deal, the Board are making positive comments regarding obtaining a deal by the end of Q3 2019. If a deal is agreed, I hope to see a re-rate of this share. This week's RNS states that CAB's largest shareholder is prepared to invest more equity for working capital purposes & to allow the company to complete it's 2019 working programme.

Cabot has similar characteristics to the other share we are both invested in, limited downside & potentially significant upside imo.

[jimarilo] 12/7/2019 11:46

Just to say, I don't hold here, was just pointing out that, until the exploration suspension, there were plans for two wells to be drilled on CAB assets next year

I imagine that intention has just been put on the back burner until a verdict on the suspension next year

Seapulse are trying to realise a window of opportunity whilst rig rates are at a discount

[wanderingmariner] 12/7/2019 09:16

Trust me the adriatic has been oversold as a commercially viable asset. Great at $100 plus oil but nowhere near viable at the current levels. If I remember correctly the API on the adriatic assets isnt that great either.

Been around this since the NOP days so dont get sucked in too much by the spin.

[nutty1] 12/7/2019 08:55

Jimarilo, thanks for the links - very informative.

Italy has great E&P potential, but I am doubtful that much, if any, of the value that CAB, H2P or Seapulse ascribe to the Adriatic prospects will be realised in our lifetimes.

There have been no exploration wells drilled offshore Italy since about 2001 and the Italian government has been throwing spanners in the works since Macondo in 2010.

The only route I see to Adriatic value realisation will be if Eni decides it wants a piece. They at least have some muscle to grab the government arm throwing the spanners!

[jimarilo] 12/7/2019 00:33

Looks to me that the Italian government threw a spanner in the works by suspending off-shore exploration

before then

"Farm-out process for the Adriatic and Sicily Channel prospects (over 1 Bn bbls Prospective Resources), following Environmental Impact Assessment ("EIA") approvals being received for 3-D seismic and drilling, respectively"

This is the December presentation from the newly formed Seapulse. Slide 4 shows two wells in Italy, this must have been the plan for CAB



Since the above presentation Seapulse updated the presentation in February and dropped the Italian wells with the news from the government



All companies effected with the Italian suspension are confident exploration will re-start, the suspension due to end around October next year

[investoroilandgas] 11/7/2019 23:50

nutty1 - very interesting.
H2P share holding is increasing to c. 66% after this recent subscription, the largest CAB shareholders must have had discussions regarding future dilution during the Q1 2019 capital raise. The latest RNS states that the company "reasonably expects to finalise an agreement in Q3 2019", I'm hopeful that the debt funding is secured and that there is no need for further equity raising.

GLA

[wanderingmariner] 11/7/2019 21:07

Creditors will likely be the rig/workover crews as well as a bunch of freelance first nation contractors. There are few rig companies that will operate up in the north west so a little research should give you the potential answers and we already reasonably know Mr Cadieux took equity in lieu of debts owed.

[nutty1] 11/7/2019 20:58

I am in agreement with you in that I wouldn't like to see CAB delisted, but I think it will happen. At the AGM in response to a question about delisting, the chairman said that the situation is being reviewed and that no formal decision has been taken. (One wonders if informal decisions have been made though).

It appears that there will be a money-raise sometime later in the year and your comment about H2P investing alongside other investors is consistent with what I interpreted the chairman saying at the AGM that existing shareholders will be able to participate on the same terms as the major shareholders (presumably to help pay off the Canadian creditors, the identity of whom no one seems to know).

If shareholders don't take up their entitlement, then it seems to me that's more of the pie for H2P to hoover up. With H2P already at nearly 62%, I wonder why they would want the expense and aggravation of an AIM listing.

I think we have seen the last AGM of Cabot. I think it is greater than 50/50 now, that this time next year, CAB will have been delisted. Small shareholders will be forced out and won't see the benefits of any restructuring.

On the CAB website, there have been no investor or analyst presentations or AGM presentations of any kind since May 2018. I think that speaks volumes about where this company is going.

Anyway, as you always say Mr/Ms Investor... GLA!

[investoroilandgas] 11/7/2019 20:04

No - I would like CAB to stay listed.
Yesterday's RNS made clear that H2P is prepared to invest further equity, if needed, "alongside other shareholders".

[nutty1] 11/7/2019 19:04

A question for Investoroilandgas:

Would you be happy to see CAB delisted?