Cabot Energy PLC Italian Environmental Impact Assessment Approval

TIDMCAB

Cabot Energy PLC

25 April 2018

Cabot Energy Plc

("Cabot Energy" or the "Company")

Italian Environmental Impact Assessment Approval

Cabot Energy (AIM:CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, announces that the Environmental Impact Assessment ("EIA"), which was submitted to the Italian Ministry of the Environment for the drilling of an exploration well on the Vesta prospect, offshore Sicily, has been approved by the Italian regulatory authorities.

The Vesta exploration prospect

-- Located in the 100% owned C.R.146 permit, 50 km offshore Sicily in 120 metres of water

-- The Company acquired 620 km of 2D seismic across Vesta in 2006

-- Target reservoirs are the Liassic and deeper Triassic formations

-- Internally estimated unrisked mean prospective resource of 430 mmbbls

-- Analogous with the nearby producing Vega oil field, which has produced 74 mmbbls of oil to date

With the receipt of the approval of the EIA, the Company will now seek a farm in partner prior to drilling the exploration well.

Keith Bush, Chief Executive Officer of Cabot Energy Plc, commented:

"The approval of the Vesta EIA is further evidence of our ability to work together with the Italian authorities to progress our high potential Italian assets. The Company is firmly committed to developing three to five company making exploration and appraisal events in Italy and will continue to work closely with the Italian authorities to advance the opportunities already identified within our portfolio."

For further information please contact:

 
                                      +44 (0)20 
Cabot Energy Plc                       7469 2900 
Keith Bush, Chief Executive Officer 
Nick Morgan, Finance Director 
 
                                      +44 (0)20 
SP Angel Corporate Finance LLP         3470 0470 
Nominated Adviser and Joint Broker 
Richard Morrison, Richard Redmayne 
 
                                      +44 (0)20 
GMP FirstEnergy                        7448 0200 
Joint Broker 
Jonathan Wright, David van Erp 
 
                                      +44 (0)20 
FTI Consulting                         3727 1000 
Financial PR 
Edward Westropp 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

NRALLFFTSEISFIT

(END) Dow Jones Newswires

April 25, 2018 02:01 ET (06:01 GMT)