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Cabot Energy delays release of financial results as funding talks continue

It is exploring deals at both asset level and at group level
oil and gas operations
2018's results will be published before the end of the June

Cabot Energy plc (LON:CAB) shares soared higher on Wednesday as the group told investors that it is continuing financing talks though it may need until the end of June to conclude the discussions, it now intends to release financial results for 2018 in June.

The company, in a statement, noted that it is talking to potential providers of finance – including both third parties and existing shareholders – over potential transactions at asset level and also group level.

READ: Cabot Energy reveals positive production performance

“The company will provide details of the financing arrangements at the conclusion of these talks,” Cabot said.

in afternoon trading, shares in Cabot Energy were 55.3% higher at 14.75p.

Earlier this month, the company flagged a positive operating performance whilst cautioning that it still needs to land a new financing deal to secure its future and cover planned work programmes.

Gross production rose by 71% to 703 barrels of oil per day during 2018, the company noted. It added that an exit rate of 546 bopd was measured at the end of the year, and, production for January and February amounted to 519 bopd.

During the year, proved and probable reserves increased by 26% to 3.6mln barrels and they were valued at US$48.3mln – meanwhile, including reserves, contingent and prospective resources the company had 42.2mln barrels in its inventory.

Cabot said it expects to report US$12.2mln of revenue, which would represent a 154% improvement on the prior year.

"We are pleased to have significantly increased our average annual gross production in Canada,” said Scott Aitken, Cabot chief executive.

“However, as became apparent during 2018, poor historic operational and financial planning and control meant that this increased production was accompanied by cost overruns."

 -- Adds share price --

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