Coastal Energy Announces Results of Songkhla B-01 Exploration Well
January 19 2010 - 4:23PM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO), an independent exploration and production company with
assets in Thailand, announces the results of the Songkhla B-01
exploration well on Block G5/43 in the Gulf of Thailand.
The Songkhla B-01 well was drilled to a total measured depth of
9,050 feet (2,758 meters) and encountered oil-bearing sands in the
Lower Oligocene formation. The well encountered a breached trap in
the Lower Oligocene formation and as a result logged only 10 feet
of net pay. The Eocene formation contained substantial hydrocarbon
shows but with low porosity and permeability. The Company plans to
temporarily abandon the well and will return to complete it
dependent upon commercial discoveries in the Songkhla B area.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The results of the Songkhla B-01 well have provided us with
valuable information about the structure. The next step is to drill
the Songkhla B-02 well on the western side of the fault block in
order to fully evaluate Songkhla B and make decisions regarding
future development, as a commercial discovery will be required to
complete and produce the B-01 well. We expect to move to the
Songkhla B-02 well today.
"Additionally, we have mobilized a workover unit to the Songkhla
A location and have begun repair operations on the Songkhla A-04
well."
Randy Bartley, President and Chief Executive Officer of the
Company and a member of the Society of Petroleum Engineering, and
Jerry Moon, Vice President, Technical & Business Development, a
member of the American Association of Petroleum Geologists, a
Licensed Professional Geoscientist and a Certified Petroleum
Geologist in the state of Texas, have reviewed the contents of this
announcement.
Additional information, including the Company's complete
competent person's report may be found on the Company's website at
www.CoastalEnergy.com or may be found in documents filed on SEDAR
at www.sedar.com.
This statement contains 'forward-looking statements' as defined
by the applicable securities legislation. Statements relating to
current and future drilling results, existence and recoverability
of potential hydrocarbon reserves, production amounts or revenues,
forward capital expenditures, operation costs, oil and gas price
forecasts and similar matters are based on current data and
information and should be viewed as forward-looking statements.
Such statements are not guarantees of future results and are
subject to risks and uncertainties beyond Coastal Energy's control.
Actual results may differ substantially from the forward-looking
statements.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
This news release is not for dissemination in the United States
or through United States newswire services
Enquiries: Coastal Energy Company Randy L. Bartley Chief
Executive Officer +1 713 877 6705 William C. Phelps Chief Financial
Officer +1 713 877 6727 Email: Email Contact Strand Hanson Limited
(Nominated Adviser) +44 (0) 20 7409 3494 Rory Murphy Paul Cocker
Thomas Weisel Partners (Broker) +44 (0) 20 7877 4300 Paul Colucci
Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037 2000
Ben Colegrave Paul Connolly Buchanan Communications +44 (0) 20 7466
5000 Tim Thompson Catherine Breen Katharine Sutton
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