Directorate Changes

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 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

27 July 2018

Cabot Energy Plc

("Cabot Energy" or the "Company")

Directorate Changes

Cabot Energy appoints James Dewar as Interim Chairman

Further to the announcement of 18 June 2018, the Board of Cabot Energy plc (AIM:CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, announces the following changes to the Board of Directors.

Appointment of James Dewar as Interim Independent Chairman

The Board of Directors is pleased to announce the appointment of Mr James David Dewar, 61, as interim independent non-executive Chairman with immediate effect. Mr Dewar has over 35 years of experience in oil & gas as a former divisional CFO of BP plc and ex group CFO of Dana Gas PJSC. He has extensive experience of energy and energy services companies having lived and worked in Europe, Middle East, Africa, Asia, Canada and USA. Mr Dewar is currently focused on his roles as a professional independent non-executive director at Lamprell Plc, PICO International Petroleum and Cheiron Petroleum Corporation, including audit and risk chair, plus remuneration committee member roles.

Mr Dewar will also initially chair the Nominations and Audit Committees. On the recruitment of a new non-executive independent chairman, Mr Dewar will become the senior independent director and the Board will revisit the chair and membership of each of the Board committees.

On his appointment, James Dewar said: "I am delighted to join the Board of Cabot Energy which has great potential, not just in its current Canada production and leading Italy exploration asset base, but also as a platform for further expansion. The scale of the opportunity at Cabot Energy is substantial as we strive towards the next phase of growth. However, we recognise the need to improve the financial management and internal controls, information flow for investors, plus deliver operational excellence and execution in order to deliver shareholder value. As previously announced, the Board is undertaking an extensive operational and financial review of the Company, including the balance sheet ahead of the interim results, and I look forward to working with the highly talented, new management team to help Cabot Energy realise its true potential."

Scott Aitken, Chief Executive Officer of Cabot Energy, said: "We are delighted that James has agreed to join the Board. James is a recognised expert in the field of corporate governance, finance, accounting and control, with extensive industry experience. Everyone on the management team looks forward to working with him."

On the appointment of James Dewar, Jonathan Murphy and Iain Lanaghan have stepped down from the Board and retired from the Company.

On Jonathan Murphy's and Iain Lanaghan's retirement, James Dewar stated: "On behalf of Cabot Energy, I would like to thank Jon and Iain for their contribution to the Company and dedicated service as non-executive independent Chairman and Senior Independent Director. We wish them the best of luck."

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

The newly appointed Directors are currently or have been a director of the following companies within the previous five years:

There is no further information to be disclosed in relation to James Dewar pursuant to AIM Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies. 

-Ends-

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Note to Editors:

Cabot Energy is an oil and gas company focused on production led growth. The Company is building production from a redevelopment project in north west Alberta, Canada, and has a portfolio of exploration and appraisal opportunities in Italy. Comprehensive information on Cabot Energy and its oil and gas operations, including press releases, annual reports and interim reports are available from Cabot Energy's website: www.cabot-energy.com.