Cabot Energy Share Discussion Threads

[maxk] 12/2/2019 09:13

In for the bounce dog?

[bionicdog] 12/2/2019 09:12

Looking good!

[danny baker] 12/2/2019 08:39

Polly's been given the kiss of life! Might be quite interesting at 10p after the consolidation.

[maxk] 11/2/2019 20:56

A dead parrot, that refuses to fall off it's perch.

[bionicdog] 03/2/2019 20:04

A bit late to avoid it now!

[maxk] 03/2/2019 19:12

Minmet, now there's a rave from the grave.

Cheers Dud.

[dudishes] 03/2/2019 17:19

Shades of Minmet here, stay clear!

[heaven] 31/1/2019 14:32

Not quite, first any good assets will be sold to a company where Cabot Directors have 19.9% each of the share holdings. Then Cabot will be would up.

[wanderingmariner] 29/1/2019 15:09

still not received notification of an Open Offer so maybe they have accepted that the end is nigh?

[investoroilandgas] 08/1/2019 09:37

Good to see buyers returning. It is going to be interesting to see at what price the Open Offer shares will be sold at 0.90p, 0.80p, 0.70p, 0.60p, 0.50p?

[jimarilo] 07/1/2019 02:14

Note that they plan to drill 12 offshore wells in multiple basins, including Namibia & Italy

5 Dec 2018 12:11 GMT

Newcomer Seapulse contracts Maersk for drilling programme

Newly -formed oil and gas exploration company inks deal with Danish player for 12 offshore wells

Newly formed oil & gas exploration company Seapulse has signed an agreement with Denmark’s Maersk Drilling for a two-year offshore drilling programme in multiple basins, with work expected to start in the middle of next year.

Seapulse, a 50/50 joint venture between private equity player Seacrest and High Power Petroleum, a subsidiary of technology company I-Pulse, said it secured the right to participate in an extensive and diverse range of potentially high-impact wells “by focusing investment specifically on providing the necessary capital for drilling”.

The company farmed into 30 licences across 11 international basins, and now aims to kicks off drilling in the third quarter of 2019.

Under a master alliance agreement, Maersk will provide fully-integrated services, including provision of drilling rigs, related drilling services, well services, and other goods and services.

The alliance plans to drill 12 offshore oil & gas exploration wells targeting over four billion barrels of oil equivalent of gross Pmean prospective resources.

The programme is expected to begin in mid-2019, with an expected duration of 490 days.

“The exploration wells to be drilled in the programme span diverse play types and basins in both frontier and established areas,” Seapulse said.

“The scale of the Seapulse drilling programme rivals that of many supermajors by number of wells and potential scale and impact of the target prospects, but with a considerably compressed timeline and cost exposure,” the company added.

Chief executive and co-founder of Seapulse, Scott Aitken, told Upstream that the company aims to spud in mature basins in the UK North Sea and Italy, as well as frontier basins in Namibia, Brazil, Honduras and Ireland.

“The programme spans shallow water and deep-water wells in several regions requiring a combination of jack-ups, semi-submersibles, and drillships,” Maersk said.

“The specific rigs to be deployed during the course of the programme will be determined on basis of rig suitability and availability,” the company said.

The value of the alliance agreement has not been disclosed, however, Maersk said that the services will be provided on the basis of market rates with an incentive payment scheme to drive performance and provide potential upside for the parties involved in the well programme.

“Our strategy leverages Maersk’s technological and operational expertise, whilst giving access to a cherry-picked global prospect portfolio, creating a sustainable approach to offshore exploration,” Aitken said.

“Seapulse’s strong financial backing gives us the critical advantage of being able to drill and test a statistically de-risked exploration portfolio normally only associated with supermajor oil companies,” he added.

[investoroilandgas] 05/1/2019 21:05

In the LSE video interview posted on the Cabot Energy website, Scott Aitken says that in Italy Cabot are working jointly in partnership with a local producer on obtaining 3D seismic quotations, he says this at the backend of the interview. I wonder if he means that Cabot Energy are working in partnership with ENI? I would expect further news on 3D seismic work / costs in February or March 2019.

[investoroilandgas] 05/1/2019 19:04

My understanding is that Cabot's South Adriatic Permits are adjacent to oil producing Permits run by ENI. Scott Aitken highlighted in one of video interviews that I watched, that Cabot had now recruited an Italian speaking oil executive to progress the development of Cabot's Italian Permits / Licences, I was slightly puzzled by that comment because it suggests that Cabot did not have an Italian speaking executive managing the "high impact exploration licences" previously !!

I see the termination of the Civita acquisition as a positive because it will allow Cabot management to focus on the important things in Italy, namely securing more farm outs. Given that Cabot have already agreed a farm out with Shell Italia, what are the chances of securing a second farm out with them or a farm out with ENI?

I have not taken a large position in Cabot during the last month, but I am comfortable that things are looking a lot better under High Power Petroleum.


GLA.

[nutty1] 05/1/2019 11:14

I sincerely hope Cabot (or whoever they become) are able to drill in Italy in the next 3 years and that I still have a stake. From what I have seen, it is great acreage.

I have to say though I'm not optimistic that it will happen, for several reasons.

There have been no new exploration wells drilled offshore since about 2000. The environmental lobby are very active and the Italian government has proved very adept at stringing things out.

In addition to 2 active permits, CAB have had numerous applications in the Adriatic for eons. I seem to remember an RNS in 2015(?) suggesting these were about to be awarded, but to date they still haven't. Why is that?

I am also concerned by the Civita RNS stating that Cabot failed to meet the requisite regulatory approvals and am wondering if this has wider implications for Cabot's ongoing business in Italy.

The best chance is that, somehow, CAB are able to shoot the 3D under their own steam and then get a heavy-hitting partner to farm-in and bear all the operational and environmental pressure.

I sincerely hope it happens for them in Italy, but if I was Cabot I would be looking for alternative high impact exploration opportunities.

[investoroilandgas] 04/1/2019 23:39

High Power are going to write the biggest cheque in the next couple of months, that gives me some comfort. The RNS on the equity placements stated that PI's would be offered exactly the same terms as the largest investors. I see that CAB have raised new capital on several occasions so the majority of CAB PI's will understandably probably not want to buy more shares.

My hunch is that between the first & second equity placements, positive news will be released which will hopefully mean an increase in the share price I'm basing my hunch on previous Open Offers priced at 3p, 3.5p & 5p.


IMV Scott Aitken comes over as being credible, articulate & diligent in the videos that I have watched, my sense is that HP are trying to get the finances & work programmes sorted, the message that stuck out whilst watching the videos was Scott saying that the objective was to get the high impact Italian Permits drilled during the next three years.


GLA to all Cabot Energy shareholders.

[nutty1] 04/1/2019 22:52

It would certainly make sense to take up Open Offer allocation at this price (and I guess the offer will be discounted even from here?), but none of this sits well with me really.

The Cabot CEO is on the board of High Power (but not on the CAB board), while the CFO and CTO are on the boards of both CAB and High Power.

The Chairman is only there on an interim basis - that perhaps tells us something - and there hasn't been a squeak about appointing a permanent Chairman since Mr Dewar's video interview in July. This leaves Mr Lafferty and Ms Maguire as the only other independent directors. Actually, according to Companies House, Ms Maguire is not even registered as a director of Cabot Energy meaning either information on the Cabot website is wrong or someone has been very sloppy with the company filing and/or checking.

I appreciate that High Power now control >56%, but it doesn't look like there is much support from the Board for the interests of the ordinary PI.

There has been a lot of noise since September about the need for cash to keep the company going until end Q1 2019. Loud warnings driving the share price down would certainly help any organisation with a long term plan aimed at picking up Cabot on the cheap.

Personally, I don't think it will be long before Cabot is rescued by High Power.

[investoroilandgas] 04/1/2019 20:51

High Power Petroleum currently owns 56.9% of the outstanding CAB shares, the three largest shareholders own 75.23%. Assuming most PI's do not participate in the equity placement, I can see High Power ending up with 70% + of the shares post equity placement.

I intend taking up my Open Offer share allocations.

[nutty1] 04/1/2019 12:06

Any bets on what High Power's equity stake will be after the raise?

Looks like H2P getting Cabot on the cheap to me..

[mick_oi] 03/1/2019 10:35

3 January 2019

Cabot Energy plc

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

Civita acquisition terminated

On 8 June 2017, Cabot Energy (AIM: CAB) announced the conditional acquisition from Rockhopper Mediterranean Limited, a wholly owned subsidiary of Rockhopper Exploration Plc ("Rockhopper") of a portfolio of onshore production and development onshore gas assets in Italy.

The proposed acquisition was conditional upon Italian regulatory approval which was originally expected later that year. Such regulatory approval has not yet occurred, and therefore it has not been possible to satisfy all relevant conditions precedent, accordingly Cabot Energy and Rockhopper have mutually agreed not to proceed with the proposed transaction.

[wanderingmariner] 31/12/2018 11:33

Maxk, he probably has been since the jump to Canada. They were warned time and again but no-one listened.