Cabot Energy, the AIM quoted oil company focusing on production led growth with high impact exploration upside, today announces its interim results for the six months ended 30 June 2018.
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 $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.”