CEN Claren Energy Corp

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH
UNITED STATES NEWSWIRE SERVICES


Coastal Energy Company (the "Company" or "Coastal") (TSX VENTURE:CEN)(AIM:CEO)
an independent exploration and production company with assets in South-East Asia
announced the appointment of Bernard de Combret as senior independent director.


On 6 February 2008, Coastal announced the retirement of Albert Whitehead from
his position of Non-Executive Chairman of Coastal and the appointment of Frank
Inouye as Executive Chairman. In accordance with recommended Corporate
Governance and Best Practice, the Company has now appointed Director, Bernard de
Combret, to be its senior independent non-executive Director. Mr. de Combret has
served on Coastal's Board of Directors since 25 September 2006. Additionally, he
serves as Chairman of the Board's Executive Committee and also sits on the
Board's Corporate Governance and Nominating Committee. In April 2008, Mr. de
Combret was appointed as a member of the Advisory Council of the French Ministry
of Foreign Affairs.


Mr. de Combret is an international consultant and former Deputy Chairman of
Total Fina Elf S.A. Following senior positions in both foreign affairs and the
Ministry of Finance with the French Civil Service, he spent over 20 years with
the Elf Aquitaine S.A. Group.


During his industry career, Mr. de Combret was heavily involved with building
the trading organization of Elf Aquitaine and then subsequently Total. As Chief
Executive of the Refining and Marketing Division, he played a leading role in
increasing profitability of the downstream sector and, in 2000, became Deputy
Chairman of Total Fina Elf's Executive Committee and President & Chief Executive
for gas and power trading.


Commenting on the Board's appointment of Mr. de Combret, Mr. Bartley said:

"Mr. de Combret's new role will provide shareholders with a specific point of
contact to a non-executive Director on the Board. We are pleased to be able to
offer someone of Mr. de Combret's calibre as an access point to our
shareholders."


Notes to Editors

- Coastal Energy is an oil and gas exploration, development and production
company, with core assets onshore and offshore Thailand


- The Company specialises in identifying and developing under-exploited or
"orphaned" or assets. Management has proven experience at identifying and
unlocking value from overlooked, abandoned, low risk assets with proven
hydrocarbon potential


- This strategy has enabled the Company to assemble an asset base in Thailand
that includes production of approximately 11.5 mmcf/d of gas under long term
contract and offshore oil fields currently under development


- Production growth over the next 12-18 months is expected to grow exponentially
and proven, probable and possible reserves are 45.5 million barrels oil
equivalents(i)


- The Company's current assets include:

- Offshore Thailand

-- 100% of block G5/43 - two oil fields currently under development with several
other appraisal and exploration opportunities. Production is expected to
commence Q4 2008


-- 100% of block G5/50 - within the boundaries of block G5/43 in the Ko Kra basin

- Onshore Thailand

-- 12.6% net interest in blocks EU1 and E5N which include the Phu Horm gas
field, which was producing in excess of 100 mmcf/d at the end of the first
quarter 2008.


-- 36.1% net interest in block L15/43 surrounding the Phu Horm field

-- 36.1% net interest in block L27/43 - containing the undeveloped Dong Mun gas
field


-- 21.7% net interest in block L13/48 located adjacent to blocks L15/43 and
L27/43, contains Si That discovery


Additional information, including the Company's complete competent person's may
be found on the Company's website, www.CoastalEnergy.com or may be found in
documents filed on SEDAR, www.sedar.com.


(i) Per barrel of oil equivalent ("boe") amounts have been calculated using a
conversion rate of six thousand cubic feet of natural gas to one barrel of oil
equivalent (6:1). The term boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6mcf: 1bbl of oil is based upon an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.


These securities have not been registered under United States Securities Act of
1933 (the "US Securities Act") or the securities laws of any state and may not
be offered or sold in the United States or to US persons (as defined in
Regulation S under the US Securities Act) unless an exemption from registration
is available.

Claren Energy (TSXV:CEN)
Historical Stock Chart
From Jun 2024 to Jul 2024

Claren Energy (TSXV:CEN)
Historical Stock Chart
From Jul 2023 to Jul 2024