Cabot Energy Plc’s (LON:CAB) soon to be acquired Civita gas field in Italy has been affected by temporary operational problems
In June 2017, the company agreed a deal with Rockhopper Exploration Plc (LON:RKH) which sees it acquire a portfolio of Italian assets including Civita but on Monday, Rockhopper revealed that production at the field has been suspended due to pipeline problems.
READ: Cabot Energy’s evolution into significant future starts now
Rockhopper, as part of a wider statement, revealed that a “depressurisation event” had occurred in the Civita pipeline and work is underway to remedy the issue and resume production.
The seller added: “Rockhopper and Cabot Energy continue to work towards the completion of the previously announced transaction to divest certain non-core onshore assets in Italy, including Civita, to Cabot Energy."
It was also confirmed that the Civita field, which is presently wholly owned by Rockhopper, had average production of 130 barrels oil equivalent per day for 2017.