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Cabot Energy announces interim results

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Oilfield Technology,

The company has announced its unaudited consolidated interim results for the six months ended 30 June 2018 (the ‘Period’).
Financial highlights
  • Revenue increased to US$7.5 million (H1 2017: US$1.8 million).
  • Gross profit increased to US$0.8 million (H1 2017: US$0.3 million gross loss).
  • EBITDA of US$1.4 million (H1 2017: US$0.8 million loss) stated before net exceptional costs of US$3.6 million (H1 2017: US$1.6 million exceptional gain).
  • Net loss of US$4.2 million (H1 2017: US$0.8 million net profit) including net exceptional costs of US$3.6 million.
  • Group cash balance as at 30 June 2018 of US$6.2 million (31 December 2017: US$1.8 million).
Operational highlights
  • Appointment of new executive management team in June 2018.
  • Bought out minority interest to take 100% control and benefit of Canadian asset ownership in January 2018.
  • Crude sales increased to an average of 767 bpd for the Period (H1 2017: 233 bpd).
  • Production rates for the 6 new horizontal well portfolio consistent with expected performance.
Post-Period highlights
  • Strategic, operational and financial review conducted by new executive management team.
  • Farm-out negotiations commenced over Adriatic and Sicily Channel prospects.

Scott Aitken, Chief Executive Officer, commented: “When I joined the Group in June I made it a priority to significantly improve the financial planning, reporting and controls processes in order to improve cost control and shareholder returns.

We are encouraged by the record positive cashflow from our Canadian operations despite the net loss for the Period after US$3.6 million of non-recurring items. We anticipate continued predictable production and cashflow growth from the Company’s 100% owned and operated Canadian land position, where there is significant potential for incremental production increases at a low operating cost.

The potential for future shareholder returns is further amplified through creating three high-impact exploration events from the Company’s licence position in Italy, where we have already secured drilling funding from Shell for one well and are in negotiations to fund drilling of two additional prospects.

The focus for the remainder of the year is to conclude the operational and financial capacity planning and execution to extract the optimum value from our portfolio.”

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