Cabot Energy Plc was admitted to trading on the Alternative Investment Market of the London Stock Exchange in 1995 as an exploration and production company. The Company’s original name was Northern Petroleum Plc, in reference to the assets the Company owned at that time which were located in the Former Soviet Union.
The Company acquired and divested different assets over the following 18 years in countries including the Netherlands and the UK. A change of board and management in 2013 led to a more focused strategy on production led growth. The Company divested its non-core assets and focused on growing production in Canada and progressing its exploration and appraisal assets in Italy. This change in strategy was fundamental to ensuring the Company survived the oil price crash and industry downturn, which began during the second half of 2014.
With successful support from the Company’s shareholders and the introduction of a new strategic investor at the end of 2016, the Company was able to increase production further in Canada and provide a solid financial base from which to grow. With the significant changes made to the business since 2013, the Board decided it was appropriate to change the Company’s name to break with a history no longer relevant. The Company’s name was changed to Cabot Energy Plc on the 28th June 2017, with reference to the Italian explorer who raised capital in London to lead an expedition to Canada.
John Cabot was an Italian explorer who travelled to England in 1484, to raise money from merchants in London and Bristol to pay for his planned expedition to the West. In 1496 King Henry VII provided funding and authorisation for Cabot and his son to make a voyage of discovery and to return with goods for sale on the English market. In 1497 Cabot’s ship, the Matthew, sailed west from Bristol with a crew of 18. After a month at sea he discovered what is today known as Newfoundland in Canada and took the area in the name of Henry VII. Cabot is credited for claiming North America for England and initiating a century of English transatlantic exploration.