- Cabot Energy said an independent estimate of its assets in Italy indicated they could hold 993m barrels of oil equivalent.

The company fully owns offshore permits in the Southern Adriatic and Sicily Channel.

Lloyds Register Senergy provided the mean gross prospective resource estimate.

'This reinforces that the company has a leading position in Italy with over 1bn barrels of oil equivalent identified prospects and discoveries.'

'In particular, our Southern Adriatic and Sicily Channel permits provide world scale exposure to high-impact offshore exploration.'

At 1:14pm: [LON:CAB] Cabot Energy Plc share price was +0.15p at 1.6p

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