2nd Dec 2019 14:25
(Alliance News) - Cabot Energy PLC on Monday confirmed shares in the company will no longer trade on the London Stock Exchange from Tuesday.
Following this, Interim Non-Executive Chair James Dewar and Non-Executive Director Rachel Maguire will be leaving the company, effective from Christmas Eve.
A week ago, shareholders approved a resolution to cancel Cabot's listing on AIM. In late October, Cabot announced a plan to de-list due to a struggle in attracting significant outside investment.
"The board believes this is largely due to historical challenges faced by the company as well as a drop in investment 'appetite' in oil and gas companies globally, specifically fossil fuels," it said at the time.
Shares were 17% higher on Monday afternoon in London at 1.75 pence each.
Cabot has assets in both Canada and Italy. In the former, it has the Rainbow and Virgo assets in north-west Alberta, while in the latter it has a portfolio of exploration assets in the southern Adriatic Sea and onshore in the Po Valley.
In 2018, production from Canada totalled 256,000 barrels of oil, up 71% on the year before.
By George Collard; [email protected]
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