Cabot Energy Share Discussion Threads

[bionicdog] 31/12/2018 10:11

Looking good!

[knicol46] 31/12/2018 10:04

If you have assets worth $55.4m (as of last report) you should easily be able to get a secured bank loan - otherwise something is not right.

Current mcap around £5m.

'Deep Discount' placing still to come with a 2nd placing required few months later.

[heaven] 31/12/2018 10:02

How many placings?

[spangle93] 31/12/2018 09:47

It doesn't seem like other avenues have been explored, e.g. sale of any assets.

Sounds more like job preservation than maintenance of a viable concern.

One name change, two board changes of this company, same old treatment of PIs.

[soulsauce] 31/12/2018 09:46

And the reincarnation of the dog Northern Petroleum continues to screw over shareholders.

[knicol46] 31/12/2018 09:37

3 shaftings expected coming up for the ordinary investor:

1) A placing could have been done at a discount to the previous closing price. They clearly unwilling to pay this so request 'mates rates'. The update today adjusts the price to what they desire.

2) A GM will be on the table to request a reduction in nominal value from the current 1p to probably 0.1p. The price is currently below the 1p level.

3) A further shafting expected in q2 2019 as stated in todays corporate update.

Welcome to AIM 2019

[maxk] 31/12/2018 08:22

All academic, but it's not a cab thats needed, more like an undertaker.

[tomboyb] 21/11/2018 12:42

21 November 2018

Cabot Energy Plc

("Cabot Energy" or the "Company")

Italian Resources Report

Cabot Energy (AIM: CAB), the AIM quoted oil and gas company creating predictable production growth in Canada balanced with high impact exploration in Italy, announces the results of the independent resources report on its 100% owned and operated, offshore permits in the Southern Adriatic and Sicily Channel. The results are as determined by Lloyds Register Senergy ("LR Senergy").

Summary of Resources

-- Mean Gross Prospective Resources of 933 MMboe of which 793 MMboe are Net to Cabot
o 653 MMboe in the Adriatic Cygnus Prospect, with 513 MMboe net to Cabot

o 280 MMbbl in the Sicily Channel Vesta Prospect, all net to Cabot

Scott Aitken, Chief Executive Officer, commented: "We are pleased to announce the results of the independent resources report on our 100% owned and operated assets in Italy. This reinforces that the Company has a leading position in Italy with over 1 Bboe identified prospects and discoveries. In particular, our Southern Adriatic and Sicily Channel permits provide world scale exposure to high-impact offshore exploration.

"Onshore, we have already secured seismic and exploration drilling funding for the Po Valley exploration oil leads through a farm-in from Shell Italia. Offshore, we are in negotiations to secure the funding for 100% of the drilling costs for exploration wells in each of the Cygnus and Vesta oil prospects."

The tables below summarise the findings of the resources report as at 16 November 2018:

Prospective Resources

[forcemode] 07/11/2018 10:11

More biscuits required....! But, seriously, it looks like a very good addition...

[bionicdog] 06/11/2018 10:08

A few less biscuits and a bit more oil by the sound of it.

[hashertu] 28/9/2018 10:06

The paragraphs under the Financial Review section make for interesting (grim) reading.
Post 88 above seems prescient.
On the plus side, there is still a weak pulse.

[buggy] 10/8/2018 10:30

wanderingmariner,
If I understand the new CEO correctly he is hopping to farm-in /swap part of the Italian acreage for interest in other parts of the world.

the Interim Chairman seems to think that they are actually also considering interest in producing assets as well as development assets.


www.proactiveinvestors.co.uk/companies/stocktube/9975/cabot-energy-s-new-interim-chairman-sees-substantial-growth-opportunities-9975.html



No matter at least if this team do not perform I will be guaranteed that they are hurting same as me.
As a matter of fact I will be in profit before they break even on their investment.

[wanderingmariner] 09/8/2018 14:52

Buggy,

The systems and processes H2P are talking about were all put in place under the Musgrove regime and were then canned under Cabot management. You are indeed spot on that holes were being drilled in the ground in Canada basically to justify salaries under the guise of something was happening. There was no cash control of any kind with relation to Canadian assets and when UK staff tried to rwign the spending in they were told to butt out. To make any of the reef wells cost effective you basically have to buy a work over rig or two and keep it/them in circulation during the freeze and then pray you have no issues when you cant truck non pipeline connected wells production during the summer. Dont bank on H2P making any head way anytime soon. As for Italy the new guy better have contacts in the ministries in Italy and at a high level otherwise he will purely be another nose in the trough.

[buggy] 09/8/2018 10:41

wanderingmariner,

Never liked the old lot. Initially gave them the benefit of doubt but clearly they were out of their depth. Raised over $16M last year and only $6.5M left in thge kitty. Guidance was 1500-2000boe this year and yet they only delivered 750boe. their last drilling campaign was a waste of money which bring into question their analysis before drilling.

None of the key management including the CEO actually spent any money buying shares , so as long as they are getting their salaries they are more than happy.

With the new management mainly from H2P, at least they payed money for their shares and invested heavily at 5p per share in the last fund raising. Not hard to see why they were not too pleased with the performance. At least their interest is aligned to PI, in-spite of what Malcy is saying because he lost one of his cronies.
If the share price collapses H2P will feel it same as me, whereas the previous management has no incentive to perform as long as the company is able to pay their salaries.

Keith's take in most Cabot presentation was that we will be cashflow positive at 400boe, but in-spite of +700bpd the company was still no where cashflow positive.
I had begun to think that they are just digging holes in the ground to justify some activity while drawing salaries. If they really believed in the prospects of the company as he keeps telling Malcy, why not put his own money to invest in the company that would at least have demonstrated some confidence in his own company..

[wanderingmariner] 09/8/2018 10:20

Spangle93, like your comment "The CEO also states that ‘the critical first task is to upgrade the financial planning, reporting and controls procedures to the standard expected by shareholders of a publicly quoted company' which must be pretty galling to the previous board whom I thought had been doing a pretty good job on that front." NOP spent big on a full finance and purchasing controls system only for it to be canned when the company laid off 95% of its staff and replaced it with a Canadian system with no controls etc in place as "that was the way things were done in Canada." Basically NOP/CAB were being run by Canadians when the Alberta asset purchase happened. UK staff challenged the whole thing only to be gradually sidelined and removed from the Company via redundancy. The keg river is a money pit that even the big boys in Canada didnt want due to aging infrastructure and huge abandonment liabilities. Italy has and always will be moneymaker for this firm however with european squeamishness towards any hydrocarbon fuels these days it may be an even longer wait than any of us hoped.

[imperial3] 06/8/2018 20:32

It has sunk already.

[bionicdog] 06/8/2018 20:09

Have we missed the boat?

[maxk] 06/8/2018 20:08

The curse of Muzzer strikes again.

[spangle93] 24/7/2018 07:32

Blimey, even Malcy is downbeat; maybe he's not paid to flog this one, but normally his offerings are just anodyne reworkings of the RNS

Cabot Energy

There are more warning signs in this RNS than on most British motorways, starting with the dreaded strategic review, suspension of drilling activity in Canada whilst ‘high-grading' occurs and hiring of a British former army officer (educated at Sandhurst and Exeter University of course) called Hugo d'Apice as Business Development Director responsible for Italy.

New CEO Scott Aitken, has said that the company will ‘evaluate its ongoing capital requirements in Q4 2018', enough to send shivers down the spine of investors. The CEO also states that ‘the critical first task is to upgrade the financial planning, reporting and controls procedures to the standard expected by shareholders of a publicly quoted company' which must be pretty galling to the previous board whom I thought had been doing a pretty good job on that front. I hope that the company realise how things work in Italy and that Hugo has plenty of patience as this is a slow burning process, if you get my drift.

The announcement comes as no great surprise and after the sacking of the previous board only what was to be expected. There is little value in the company at the moment but expect things to get worse given this grim statement, the only question is probably how low will it go before the major shareholder loses patience and buys in the remainder? It is rare to see value destruction on such a large scale, the shares have halved since November, it could easily happen again.

[buggy] 23/7/2018 12:53

Still waiting on the operational review. the old management was ousted just in time...raised about $16.5M less than 1 year ago and only about 6M left in the kitty.

[forcemode] 23/7/2018 07:20

News.....If anyone's interested!

[maxk] 16/7/2018 14:58

Nearly there .. what happens then?

[bionicdog] 14/7/2018 08:44

Chart says 2.35p.