CAB Cabot Energy Plc

TIDMCAB

RNS Number : 2680D

Cabot Energy PLC

25 June 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.

25 June 2019

Cabot Energy Plc

("Cabot", the "Group" or the "Company")

AGM Statement

Cabot Energy Plc (AIM: CAB), the AIM quoted oil and gas company focussed on creating predictable production growth in Canada, will be holding its Annual General Meeting ("AGM") today at 11.00am (UK time) at the offices of Baker Botts LLP, 41 Lothbury, London EC2R 7HF. Mr. James Dewar, Interim Non-Executive Chairman, will make the following statement:

"2018 was an important year of transition for the Group which included the appointment of a new management team and Board. Our immediate focus was to stabilise the business with the aim of creating a sustainable production platform to unlock the long-term growth potential of the Company.

"To that end, a comprehensive strategic, operational and financial review of the business was undertaken in the second half of 2018 and a series of key progressive changes were implemented, which have led to significant improvements in the Group's financial controls, corporate governance, and operations.

"As a result, the Group entered 2019 in a stronger position to create a sustainable platform and deliver our strategy of creating predictable production growth and investing in high-impact exploration. The funds raised in February 2019, plus the recent funding arrangement announced on 5 June 2019 with our supportive majority shareholder, High Power Petroleum LLC ("H2P"), are sufficient to see the Group through to mid July 2019. The Company continues to work with the specialist financial advisory firm it has engaged to source Canada asset-level debt financing to ensure full funding to commence a late-summer 2019 work programme. In the interim, the Company is in discussions with H2P to provide additional short-term funding, pending the satisfactory progression of the ongoing debt finance discussions. Whilst the Board remains confident that these financing discussions will result in a successful outcome for the Group, no new commitments have yet been secured. I look forward to providing Cabot's shareholders with further updates as appropriate.

"The Directors believe that Cabot's assets and reserves remain fundamentally strong and our aim, subject to securing future funding, is to position the Group to unlock the inherent value of its production and development assets to deliver value to our shareholders.

"Finally, I would like to thank all our shareholders for their continued support. I would also like to extend my thanks to the management team for the significant progress made over the last year and their tireless commitment towards Cabot."

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 Broker 
David Hignell, Richard Hail, Richard 
 Redmayne 
 
Luther Pendragon                          +44 (0)20 7618 9100 
Financial PR 
Harry Chathli, Alexis Gore, Joe Quinlan 
 

Note to Editors:

Cabot Energy Plc (AIM: CAB) is an oil and gas company focussed on creating predictable production growth in Canada. Comprehensive information on Cabot and its oil and gas operations, including press releases, annual reports and interim reports are available from Cabot's website: www.cabot-energy.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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June 25, 2019 02:01 ET (06:01 GMT)

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