Coastal Energy Announces Operational Update
February 09 2010 - 8:30AM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO), an independent exploration and production company with
assets in Thailand, announces an update of its operations in the
Gulf of Thailand.
Songkhla B-02
The Songkhla B-02 well reached a total measured depth of 9,606
feet (2,928 meters) and encountered 7 feet of net pay in the Lower
Oligocene reservoir. A sidetrack well is being drilled targeting an
area down structure into a seismically identified thicker section
of the reservoir. The sidetrack well will help to define the size
and potential of the reservoir. The B-02 sidetrack well has been
temporarily delayed due to a mechanical issue with the drilling rig
top drive. The top drive is being transported to Singapore for
repair and the rig is expected to be operational again in
approximately 10 days.
In addition to the discovery in the Lower Oligocene formation,
the B-02 well also encountered several hundred feet of oil shows in
a fractured Lower Oligocene Lacustrine shale interval. Further
evaluation of this fractured shale interval is required to
determine its viability as a prospective reservoir.
Songkhla A
Workover operations have commenced on the Songkhla A-04 well and
are expected to be completed early next week. Following the
workover of Songkhla A-04, the A-01 and A-03 electric submersible
pumps will be replaced with higher volume ESPs.
Bua Ban Facilities
The Bua Ban platform installation was completed ahead of
schedule. Hookup and commissioning operations have begun and the
platform is expected to be ready for operations in April. The
refurbishment of the Coastal Energy Resolution FSO is also on
schedule and the vessel is expected to be ready for installation at
Bua Ban in mid-April.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The initial results of the Songkhla B-02 well confirm the
existence of a seal and trap on the western side of the Songkhla B
structure. Further evaluation is required to determine the size and
potential of the reservoir. We look forward to continuing the
sidetrack well once the rig is repaired. Meanwhile, workover
operations at Songkhla A continue to progress and we expect to have
production restored from the A-04 well shortly. The Bua Ban
facilities installation is ahead of schedule and the field will be
ready for development drilling in the second quarter."
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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