Cabot Energy’s annual reserves report has shown a 50% increase in gross proven reserves.
The AIM-listed firm, primarily Canada focused, has seen reserves increase by 53% since the last independent report was carried out in September last year.
Total gross proven plus probable (“2P”) reserves now equal around 2.9 million barrels of oil equivalent (“mmboe”).
With the company’s working interest of 75% it gives net 2P reserves of 2.2 mmboe – worth around $27million net to the firm.
Keith Bush, chief executive officer, said: “”An increase of over 50% in gross reserves and 20% in net reserves, having divested 25% of the asset, marks great progress for the company in continuing to realise value from the Canadian asset base.
“The movement of reserves up the value chain from Probable to Proven through a small investment of capital indicates the strength and potential of these assets.
“Increasing core value through production and reserves growth is a fundamental component of the Company’s strategy. The results shown by the reserves report now provide a solid value foundation from which the business can continue to grow.”