Ex-Northern Petroleum now named after Italian explorer
UK-based oil and gas company Northern Petroleum has changed its name to Cabot Energy, effective from Wednesday, June 28.
The company’s ticker on the London Stock Exchange will be CAB.L as of June 29.
Keith Bush, chief executive officer of Cabot Energy, explained the new name by stating: “John Cabot was an Italian explorer who raised money from merchants in London and Bristol to pay for his expedition to Newfoundland in Canada, initiating a century of British transatlantic exploration. Cabot Energy now looks to follow his success.”
The company has licenses in Canada, Italy, and Australia. When it comes to offshore portfolio, Cabot has two permits and one application in the Sicily Channel as well as two permits and five applications in the Southern Adriatic.
All offshore permits and applications in Italy are 100 percent owned by Cabot Energy.
The Canadian and Australian licenses consist of 237 leases in Alberta, 217 operated by Cabot, with varied interest and one 100 percent-owned permit in Australia, all onshore. The only remaining permit is the onshore Cascina Alberto permit operated by Shell Australia where Cabot holds a 20 percent interest.