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CAB Cabot Energy Plc

0.00 (0.0%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cabot Energy Plc LSE:CAB London Ordinary Share GB00BGR7LD51 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
1.25 1.75
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1.50 GBX

Cabot Energy (CAB) Latest News

Real-Time news about Cabot Energy Plc (London Stock Exchange): 0 recent articles

Cabot Energy (CAB) Discussions and Chat

Cabot Energy Forums and Chat

Date Time Title Posts
06/2/202221:26Did anyone call for a CAB? ... No , I didn't think so.404
14/12/201708:51Buy Carbo at 9.5p*93
08/11/200520:34CARBO BREAKOUT1,803
26/1/200517:16carbo - boom191
02/12/200319:48Cater Barnard USA (CAB) - Serious Action imminent??1

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Cabot Energy (CAB) Top Chat Posts

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Posted at 29/7/2020 22:07 by nutty1
For anyone interested, this was posted yesterday on the Asset Match page for Cabot. At face value it looks like Cabot is up to its neck in the brown stuff, but the cynic in me wonders if its H2P getting ready to sweep the last remaining private shareholders away.

"28 July 2020
Dear shareholder

Financial update for Cabot Energy Ltd (the “Company”;) and its subsidiaries (together the “Group”)

I would like to provide a further update on the Group’s current financial position in light of the impact of the Covid-19 pandemic on the Group’s operations and financial position.

I am pleased to inform you that we continue to have no reported cases of the Covid-19 virus amongst our staff across all locations.

H2P Loan Facility
Thank you to all shareholders who responded to my previous letter dated 19 June 2020 regarding the further loan facility offered by the Company’s majority shareholder High Power Petroleum LLC (“H2P”). This new facility is on similar terms
to the previous H2P loan facility which was approved by the Company's previous non-executive board in December 2019, updated for current market valuations and secured loan interest rates (the “H2P Loan Facility”).

The H2P Loan Facility was duly approved by the Company’s shareholders and to date, US$3.75 million has been advanced by H2P under both the H2P Facility and the previous loan facility. Shareholders should note, however, that further loan advances under the H2P Loan Facility are uncommitted and at the discretion of H2P, dependent in large part upon the Company’s wholly owned Canadian subsidiary Cabot Energy Inc. (“Cabot Inc.”) reaching a satisfactory voluntary arrangement with its creditors in order to maintain business continuity.

In my last letter I highlighted the urgent need for Cabot Inc. to reach a voluntary arrangement with its creditors during this period of uncertainty and reduced demand for oil. To this end the Board of Cabot Inc. engaged Grant Thornton in Canada in May 2020, however a satisfactory voluntary arrangement was not achieved, placing Cabot Inc. in a precarious financial position.

On 30 June 2020 the Board of Cabot Inc. filed a Notice of Intention to Make a Proposal pursuant to Part III, Division I of the Bankruptcy and Insolvency Act, R.S.C., 1985, c. B-3, and in so doing placed the Company under court protection in
order to stay any further creditor actions against Cabot Inc. in Canada whilst it restructures its financial affairs, including the restructuring of its overdue trade creditor obligations and securing interim financing. On 27 July the Court of Queen's Bench of Alberta granted a stay period until September 11 and the approval of a committed Debtor-In-Possession loan facility from H2P of CAD$645,000. The Company is reasonably confident that, during this stay period and with the
committed interim financing from H2P, Cabot Inc. can reach a satisfactory outcome with its creditors in order for it to continue as a going concern.

However, until such time as the formal creditor process is concluded and the price of oil recovers further, the Board believes that there remains material uncertainty as to the Group's ability to continue as a going concern.

Cabot Inc. continues to receive minor assistance under certain Alberta provincial government business support and payroll saving programmes and we are also continuing to actively investigate Canadian government loan schemes;
however, their availability continues to remain uncertain at this time.

The Board remains focussed on navigating the Group through these unprecedented times and I will continue to keep you appraised as to the position and prospects of the Group when the Board has further clarity.

I trust that you and your families remain safe in this COVID-19 environment.

Yours Sincerely,

Scott H Aitken
Director & Chief Executive Officer"
Posted at 13/7/2020 11:32 by investoroilandgas
I sold out prior to Cab delisting, took my losses & vowed to never forget Scott Aitken & Co.
Posted at 12/7/2020 22:53 by nutty1
The way it disappeared from view was not good and the way shareholders were diluted to oblivion still rankles with me.

I occasionally looked at the CAB website for news, but it hasn't been updated since they left AIM in Dec 2019. What I didn't realise was that all the latest company information/news is on their page on the 'Asset Match' website.

I'm sure other folk have realised this, but in case there are other people who have a masochistic fascination with what happened to their company and their money, here is the link:

Posted at 19/11/2019 15:40 by nutty1
One would assume that McDaniels are a reputable company with an established track record for probity and professionalism and that they would undertake a robust assessment of reserves using type wells for the Rainbow/Keg River play with defendable costs, production forecasts and cums/well.

In relation to abandonment/restatement costs, McDaniels have made a provision for these in the report, and the NPV10 should really take these into account.

If the reinstatement costs are far, far higher than prognosed (and I've heard the Apache story too..), then the reserves report might make good toilet paper..

I would point out though, that at the time of the Whitewash when H2P were allowed to take >50% of Cabot, they concurrently sold their share of H2P UK (the owner of 25% of the Canadian assets) back to Cabot, giving Cabot 100% of Canada. The consideration for this sale was based on a McDaniels reserve report.

H2P were happy to use the reserves report when they were a seller and evidently attach credence to it.

They should be happy to use it now.

It may be a rhetorical question, but what do you think Mr Dewar's answer would be if he was offered $2MM today for the H2P holding in Cabot?

If the answer is 'yes', then the company really is in the brown stuff and we can use the reserve report to wipe our bottoms.

If the answer is 'no' Cabot shareholders are being taken to the cleaners.

I suspect the answer will be "blah...blah..fiduciary to our advisers...blah..blah..due diligence...blah blah..Is it time for lunch yet?"
Posted at 06/9/2019 16:45 by investoroilandgas
Good to see the share price rise today, this week's RNS confirmed that H2P will invest more capital & that Scott Aitken has agreed a loan which will allow the Summer & winter drilling programmes & workovers to proceed. I'm particularly pleased that Cabot are allowing "other shareholders" to participate in next month's Open Offer @ 3p per share.

Still no mention of who purchased Garraway Capital Management's 9.07% shareholding last month, I've written to Cabot but I have not received a reply.

Posted at 26/8/2019 09:01 by investoroilandgas
We have been here before with regards to money running out, High Power Petroleum has previously provided additional capital when required. The wording of previous RNS's indicates that H2P wants to invest "alongside other shareholders" so it would appear that it does not want to completely take Cabot Energy, other CAB shareholders do not share this view.
Scott Aitken & the CFO are High Power Petroleum guys, Scott is not actually a Director of Cabot Energy (see Cabot Energy website).
The key issue for me is, can Scott Aitken secure a debt financing deal on reasonable terms? If he can't, we are looking at another capital raise, the March 2019 capital raise was done on an Open Offer basis (see RNS - March 2019).
Posted at 15/8/2019 19:05 by investoroilandgas
High Power Petroleum (H2P) owned c. 53% of Cabot shares prior to the capital raise in March 2019, it would appear that H2P has not been obliged to launch a bid for Cabot Energy. Interestingly, the Cabot Energy website has updated the "Largest Shareholders" page, as expected following today's RNS Garraway are no longer in this table following the entire sale of their shareholding.H2P share holding does not appear to have increased from 66.22%, they declared this percentage holding when they recently bought new shares @ 9.25p.
I'm intrigued to know where Garraway's 9.07% shareholding has gone, is there another RNS about to be released announcing a new shareholder?
Posted at 11/7/2019 19:58 by nutty1
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!
Posted at 10/7/2019 20:33 by investoroilandgas
If H2P wanted to take Cabot over on the cheap, why did they not do this in Q1 2019 when they launched the "deeply discounted open offer"? Why did they allow Mr. E Krafft to buy 5.30% of CAB & Eastern Oilfield Services to buy 4.50% of CAB? H2P could have taken their share of CAB to over 70% in March 2019.

I'm not confident but I am intrigued, Scott Aitken has been using very positive terminology in the recent RNS's concerning asset quality etc & how the new Management team have sorted historical problems out.

I have only been invested since December 2018, so it is good to hear the opinions of other CAB shareholders.

Posted at 04/1/2019 22:52 by nutty1
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.
Cabot Energy share price data is direct from the London Stock Exchange

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