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Cabot Energy to launch farm-out as Vesta project gets environmental approval

Published: 07:28 25 Apr 2018 BST

oil and gas operations
Vesta is seen to have a potential 430mln barrel resource

Cabot Energy PLC (LON:CAB) has taken a step closer to drilling an exploration well to test the Vesta prospect, offshore Sicily.

The company, in a statement, told investors that its Environmental Impact Assessment (EIA) has been approved by the Italian regulatory authorities.

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It now clears the Cabot to launch a farm-in process to bring in a partner to share the costs of drilling the exploration well.

"The approval of the Vesta EIA is further evidence of our ability to work together with the Italian authorities to progress our high potential Italian assets,” said Keith Bush, Cabot chief executive.

“The company is firmly committed to developing three to five company making exploration and appraisal events in Italy and will continue to work closely with the Italian authorities to advance the opportunities already identified within our portfolio."

Vesta is located 50 kilometres off the island, in water with 120 metres depth.

It has been assessed in 2D seismic, shot in 2006, and it is seen as being analogous to the nearby Vega field which has to date yielded 74mln barrels of crude.

Cabot’s in-house estimates see Vesta containing a possible 430mln barrel oil resource.

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on 26/9/19