Cabot Energy Plc conditionally agreed to acquire High Power Petroleum UK Limited from High Power Petroleum LLC for $10.5 million.

Cabot Energy Plc, formerly Northern Petroleum Plc, is an oil and gas exploration, and production company. The Company is engaged in the exploration, appraisal, development and production of oil and gas assets. Its geographical segments are Canada, Italy, French Guiana, the United Kingdom and others, including Australia. Its key assets are in Canada, an onshore oil production play, and in Italy, with both onshore and offshore permits, and applications covering exploration prospects and discovered oil fields. It owns mineral rights covering over 58,000 acres in north west Alberta, Canada. It in Italy owns over four offshore permits, an onshore permit and an area of exploration permit applications in the southern Adriatic. The Company in Australia holds interest of Petroleum Exploration License PEL629, which is located in the Otway Basin, covering an area of over 5,800 square meters. Its exploration program in French Guiana includes Zaedyus oil discovery and additional prospects.