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Oil and gas company Cabot Energy said it had entered into a non-binding agreement for an asset-level loan facility of up to C$5.0m with a private energy lender to fund a winter work programme expected to commence in the fourth quarter of 2019.
Once completed, the loan Facility would be utilised to fund the winter work programme consisting primarily of four new horizontal development wells to produce existing proven reserves, the company said.
The company also said it entered into an agreement with Higher Power Petroleum to raise US$300,000 gross, before expenses, by way of a subscription for 8,130,066 ordinary shares at 3 pence per share at a 4.3% discount to the closing price of 3.5p on 30 August 2019.
Net proceeds of the subscription would be used to fund the commencement of a late summer work programme.
An open offer would also be launched in October 2019, with High Power Petroleum committing a minimum amount of US$0.7m, needed to complete the summer work programme.
At 8:36am: (LON:CAB) Cabot Energy Plc share price was +0.75p at 4.25p