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Cabot Energy Announces Results of Annual Reserves and Resources Report

Posted by OilVoice Press - OilVoice

08-Nov-2018


Cabot Energy (AIM: CAB), 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 barrels of oil equivalent ("mmboe")
  • Net 2P reserves plus Mid-Case contingent and prospective resources of 42.2 mmboe
  • 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 percent and net resources of 339%
    • 90% of prior year Probable reserves upgraded to Proven
  • 2P Reserves increase of 0.75 mmboe is in addition to 0.25 mmboe of production

Scott Aitken, Chief Executive Officer, commented: "We are pleased by the annual increase in gross 2P reserves by 26% to 3.6 mmboe, and proud to have demonstrated the growth potential of the Canadian asset through the 339% increase in gross reserves and resources to 42.2 mmboe. 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 bopd, 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."

The tables below summarise the findings of the reserves report and the resources report as at 30 September 2018:

Reserves

 

Proven

Proven Plus Probable

 

mmboe

NPV101

mmboe

NPV101

Gross

2.52

 

3.63

 

Net attributable to Cabot2

2.50

US$37.3 million

3.60

US$48.3 million

 

  1. US$ NPV calculated using exchange rate: 0.7609 US$/CAD (Bank of Canada, 31 October 2018)
  2. Net attributable reserves equals gross reserves calculated as to Cabot Working Interest less gross over-riding royalties due to non-Crown (Government) third parties

 

Resources

 

Contingent (Mid)

Prospective (Mid)

 

mmboe

Chance of Development

mmboe

Chance of Discovery

Chance of Development

Gross

4.2

 

34.4

 

 

Net  attributable to Cabot1

4.2

50%

34.4

60%

50%

 

  1. Net attributable resources equals gross resources calculated as to Cabot Working Interest less gross over-riding royalties due to non-Crown (Government) third parties

Cabot EnergyAIMEarningsResultsReservesexplorationCanada

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