“Our immediate focus was to stabilise the business with the aim of creating a sustainable production platform to unlock the long-term growth potential of the company,” said James Dewar, interim non-executive chairman.
"To that end, a comprehensive strategic, operational and financial review of the business was undertaken in the second half of 2018 and a series of key progressive changes were implemented, which have led to significant improvements in the group's financial controls, corporate governance, and operations.”
He added: “As a result, the group entered 2019 in a stronger position to create a sustainable platform and deliver our strategy of creating predictable production growth and investing in high-impact exploration.”
The company, which raised interim funds in February and June, continues to work on a longer term financing deal with a view to enabling a drill programme in Canada by late summer.
“Whilst the board remains confident that these financing discussions will result in a successful outcome for the group, no new commitments have yet been secured,” Dewar said.
"The directors believe that Cabot's assets and reserves remain fundamentally strong and our aim, subject to securing future funding, is to position the group to unlock the inherent value of its production and development assets to deliver value to our shareholders.”