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Cabot Energy Plc: annual reserves and resources report

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Oilfield Technology,

Cabot Energy, the AIM quoted oil and gas company creating predictable production growth in Canada balanced with high impact exploration in Italy, announces the results of its annual reserves and resources report for its production and development assets in Canada. The results are as determined by McDaniel & Associates Consultants Ltd as at 30 September 2018. The data is compared with and reconciled to the position at 30 September 2017.

Summary of reserves & resources

  • Net Proven plus Probable (2P) reserves of 3.6 million boe.
  • Net 2P reserves plus Mid-Case contingent and prospective resources of 42.2 million boe.
  • The net present value (before tax), using a 10 per cent. discount rate (NPV10), of the 2P reserves is US$48.3 million to the company, or $13.4/boe

Changes to reserves & resources from last year

  • Increase in gross 2P reserves of 26% and net resources of 339%.
    • 90% of prior year Probable reserves upgraded to Proven.
  • 2P Reserves increase of 0.75 million boe is in addition to 0.25 million boe of production.

Scott Aitken, Chief Executive Officer, commented: "We are pleased by the annual increase in gross 2P reserves by 26% to 3.6 million boe, and proud to have demonstrated the growth potential of the Canadian asset through the 339% increase in gross reserves and resources to 42.2 million boe. With 33 000 bpd facilities and pipeline capacity combined with 282 well locations, the Company has demonstrated that predictable production growth beyond September 2018’s 653 bpd, can be delivered in Canada through the drillbit, without major facilities capital investment, at attractive financial netbacks.

“This outcome reflects the efforts of the new management team that have studied and documented the Canadian subsurface and surface facilities as a priority for the company and the increases announced today reflect these activities. We are now focussed on structuring the balance sheet to fund a scalable and repeatable development drilling programme in Canada. Additionally, an independent resources report on our 100% owned and operated, high-impact offshore Italian exploration acreage is currently being finalised and we continue to make progress on farm-out negotiations to fund our exploration activities."

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