Cabot Energy says on track to meet FY production rates

AIM-listed Cabot Energy on Wednesday said it was still on track to meet its full year exit production rate of 1,600 – 2,000 barrels of oil per day (bopd).

It maintained average production guidance of 1,000 to 1,200 bopd.

It added that production from its Canadian operation averaged approximately 950 bopd and that it hoped to produce an extra 200 bopd in the second quarter.

Canadian production for the first quarter averaged 725 bopd, although this was hampered by a 130 bopd cut during an internal pipeline inspection programme and the temporary loss of a high rate well due to casing issues.

Production from the first two sidetrack wells drilled in 2017 were still producing at approximately 180 bopd combined, Cabot added.

The Canadian winter work programme saw four successful sidetrack drilled and tied in to the company's facilities with a combined production rate of 450 bopd.

“With each additional well drilled, the interpretation of the available data improves, allowing for future opportunities to be effectively optimise,” said chief executive Keith Bush.