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In Brief: Cabot Energy*** (LON:CAB) (4.80p) – $199mm (22p) – Momentum Gathering: Mosman Oil & Gas*** (LON:MSMN) – (0.75p) – $9.80mm (2.3p) – Arkoma Reserves Statement

Published: 18:31 25 Apr 2018 AEST

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In Brief

 

  • Cabot Energy*** (CAB LN – 4.80p) – $199mm (22p) – Momentum Gathering: Today’s announcement that the environmental permit for the Company’s C.R.146 permit offshore Sicily has been approved is a significant step forward. That it contains one of the more exciting prospects within the Asset portfolio, the 430mm bbl Vesta prospect, means that after such a long hiatus, things in the Italian offshore are moving forwards again. Of our $199mm valuation, Vesta accounts for $27.5mm (3.0p), which if the field is classed a discovery and successfully appraised in line with pre-drill estimates could be valued at $2,428mm (262p). Investors should be pleased with this news and hope for a swift migration to farmout for the Company.

  • Mosman Oil & Gas*** (MSMN LN – 0.75p) – $9.80mm (2.3p) – Arkoma Reserves Statement: Today’s Reserves update from the Company, the second in 3 weeks, continues to indicate that the Company is working towards that all-important point of self-sustaining cash flow. While we need to assess the economic impact of these Reserves, we believe that this underlines the potential of the field. At this stage, we are reiterating our $9.80mm (2.3p) valuation but will update following our assessment.

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