Coastal Energy Announces Operational Update
February 16 2010 - 5:14PM
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
Thailand.
Songkhla B
The top drive on the rig has been repaired and is currently
being rigged up. The Company expects to recommence drilling
operations on the Songkhla B-02 sidetrack on Wednesday.
Songkhla A
The workover of the Songkhla A-04 is nearing completion. The
Company expects the well to begin producing within the next two
days.
Phu Kheng-1 (L27/43, Coastal 36.1% Working Interest)
Following an earlier hydraulic fracturing (frac) test, the
operator is planning to conduct a second frac testing program
targeting two shallower intervals in the Phu Kradung sandstones.
Both of these zones exhibited good gas shows during drilling and
logging analysis suggests better porosity and permeability than in
the recently tested, deeper zone.
A hydraulic workover unit has been secured and the testing
program is expected to recommence in early March.
Si That-3 (L13/48, Coastal 21.7% Working Interest)
The operator has suspended the Si That-3 well following
completion of a Production Logging Tool (PLT) survey. Despite gas
flow to the surface being measured during testing, no free gas flow
was detected by the PLT tool from the reservoir above the water
zone. The surface gas seen during testing is believed to be mostly
coming out of solution dissolved under reservoir conditions with
minor free gas contribution below the PLT detection limit.
Following the result of the PLT survey, the operator will
conduct a review of the remaining prospectivity of the L13/48
license.
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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