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US Independent Finds New Oil Play; Adds $130 Million To CapEx For Leasing
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Cabot provided the following update during its 1Q17 operatonal update. Cabot said it found two new "oil plays", that the company has been busy leasing. While the company was scant with details because it is currently leasing, it did orovide that both plays have to potential to compete with the core Marcellus. The company is confident enough in the new plays that is earmarking an additional $125 million for exploration / leasing. Cabot said it spent $68 million in the first quarter with the remaining amount to be spent over the rest of the year.
"As we highlighted in the press release this morning, we have included up to $125 million of capital in this year's budget for exploratory lease acquisition and testing in new areas that have been analyzed. As we communicated on the…
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