Cabot Energy Plc (LON:CAB) has told investors that it’s 75% owned Canadian fields are now producing between 750 and 850 barrels of oil per day.
The latest production comes from the addition of the 16-05 side-track well, drilled last month, which is delivering around 200 bopd, and the new 13-33 dual completion well is scheduled to come online shortly to add another 50 bopd.
READ: Cabot Energy’s annual reserves statement reveals 53% upgrade
Well stimulation has enhanced 13-33 which was already present at the field. The operations were conducted by Blue Spark Energy and further wells are expected to receive the same treatment from Blue Spark in the current winter work programme.
Cabot also expects further well operations before year end, and it expects those efforts to yield 150 bopd to the gross production tally.
Specifically, the company intends to drill another side-track (in the existing 10-32 well bore) and it has a second dual-completion planned (for the existing 14-22).
The company added that it is still benefitting from 130 boepd from its disposed Italian assets, which are being sold to Rockhopper Exploration, and the proceeds of production will be paid as a working capital adjustment in the transaction.
READ: Cabot Energy reveals significantly better-than-expected flow rate for new side-track well
Separately, Cabot noted that chief operating officer Paul Lafferty (who is also president of the company’s Canadian subsidiary) will join the board as an executive director.
"Paul has been instrumental in developing operations in Canada and increasing production,” said Jon Murphy, Cabot chairman.
“Following his move to Calgary earlier this year, he is successfully building the Canadian team to deliver on the Company's production and reserve growth plans. We are pleased to welcome him to the Board."