Sidetrack Well Result and General Meeting Reminder

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

5 January 2018

Cabot Energy Plc

("Cabot Energy" or "the Company")

Sidetrack well result

General Meeting

Cabot Energy (AIM: CAB), the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, provides the provisional results from the drilling and flow test of the 10-32 sidetrack well in the Rainbow area in Canada, which was drilled in December 2017.

Drilling

§ The 10-32 sidetrack kicked off from the original well bore at a depth of 1,244 metres and extended for an additional 988 metres in length

- the true vertical depth of the well is 1,541 metres

§ Approximately 400 metres were drilled through the targeted reef with around 200 metres of the wellbore encountering high porosity reservoir

§ The well took longer to drill than planned to ensure the directional leg remained on the planned trajectory through the Muskeg overburden

Flow test

§ The well was swab tested over a total period of 38 hours and cleaned up throughout the test

§ During the final four hour flow period, the well was producing at an extrapolated daily rate of 408 barrels of fluid per day, of which 344 barrels was oil

§ The well is expected to produce dry oil once all the completion fluid has been recovered

The 10-32 well is tied into the 13-36 facility and it is planned that it will be put on production with a pump later in January. The initial rate is expected to be approximately 200 barrels of oil per day to manage the longer term production potential of the reservoir. The work on the 14-22 recompletion well will now be undertaken as part of the winter work programme commencing in January. A full Company production and operational update, including 2018 guidance, will be provided later in January.

Keith Bush, Chief Executive Officer of Cabot Energy, commented:

"This is the Company's second sidetrack well and the results have again exceeded expectations. These higher production rates will further improve the robust economics of the project.

"The next phase of the development of the Rainbow and Virgo areas will focus on sidetrack wells from existing well bores, of which up to 10 are planned for this year. The valuable experience gained in the directional drilling phase of these two sidetrack wells will be applied to the benefit of the winter work programme due to start shortly."

General Meeting

Cabot Energy is holding a General Meeting today at 11.00 a.m. at the offices of Fieldfisher LLP, 9th Floor, Riverbank House, 2 Swan Lane, London EC4R 3TT. Keith Bush, the Company's Chief Executive Officer, will be making a presentation to shareholders. Cabot Energy will make available a copy of the presentation on its website (www.cabot-energy.com) later today. The presentation contains no previously unpublished price sensitive information.

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In Accordance with AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the CEO of Cabot Energy, Mr Keith Bush, who has 26 years' experience as a petroleum engineer. He has read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE standard.

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.