Cabot Energy PLC Relinquishment of Australian PEL 629 Licence (5120V)
09 4월 2019 - 3:01PM
UK Regulatory
TIDMCAB
RNS Number : 5120V
Cabot Energy PLC
09 April 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014. With the publication of this announcement, this
information is now considered to be in the public domain.
9 April 2019
Cabot Energy Plc
("Cabot Energy" or the "Company")
Relinquishment of Australian PEL 629 Licence
Cabot Energy (AIM: CAB), the AIM quoted oil and gas company
focussed on creating predictable production growth in Canada,
announces that Ouro Preto Resources Pty Ltd, the Company's
wholly-owned subsidiary, has reached an agreement with The
Department for Energy and Mining of the Government of South
Australia ("DEM") to relinquish its PEL 629 onshore exploration
licence in the Otway Basin, South Australia (the "Licence").
The Company has received confirmation from DEM that it will be
granted permission to vary out current commitments of its second
year PEL 629 work programme for a nominal fee. The formal
application for variation and relinquishment of the Licence has
been submitted and the relinquishment is expected to take immediate
effect. The Company will not incur any further costs or penalties
associated with the outstanding work programme.
The Licence had been in suspension since June 2014 to allow the
Company to carry out further technical work and evaluation. As at
31 December 2018, the Net Book Value was zero, with the majority of
the asset impairment (USD $970,000) booked in 2015.
Scott Aitken, CEO of Cabot Energy, commented: "We are grateful
to The Department for Energy and Mining for agreeing to a low-cost
relinquishment of this licence in South Australia. The management
team believes it is responsible practice to focus financial and
operational resources on delivering value from the Company's core
assets. This means prioritising our Canadian land position, which
has a production facility capacity of up to 10,000 barrels of oil
per day, along with our highly unique, leading licence position in
Italy with 1 billion barrels of identified prospects and
discoveries."
Enquiries:
Cabot Energy Plc +44 (0)20 7469 2900
Scott Aitken, CEO
Petro Mychalkiw, CFO
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
David Hignell, Richard Hail, Richard
Redmayne
GMP FirstEnergy +44 (0)20 7448 0200
Joint Broker
Jonathan Wright
Luther Pendragon +44 (0)20 7618 9100
Financial PR
Harry Chathli, Alexis Gore, Joe Quinlan
Note to Editors:
Cabot Energy (AIM: CAB) is an oil and gas company focussed on
creating predictable production growth in Canada. Comprehensive
information on Cabot Energy and its oil and gas operations,
including press releases, annual reports and interim reports are
available from Cabot Energy's website: www.cabot-energy.com
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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