Coastal Energy Announces Operational Update
April 07 2010 - 6:00PM
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.
Offshore Production (Songkhla A)
Coastal's offshore production from Songkhla A averaged
approximately 7,100 bbl/d for the first quarter of 2010. Q110
offshore production was impacted by downtime on the Songkhla A-04
well while the submersible pump was being replaced as well as
downtime on the A-01 and A-03 wells while larger submersible pumps
were installed. Currently, Coastal's offshore production is
averaging approximately 9,500 bbl/d. Combined with its onshore
production from the Sinphuhorm gas field, total production is
approximately 11,500 boe/d.
Bua Ban EIA
The Company also announces that it has received government
approval of its Environmental Impact Assessment for the Bua Ban
field development, allowing it to proceed with development of the
field later in 2010.
Phu Kheng-1 (L27/43, Coastal 36.1% working
interest)
The operator of onshore block L27/43 in northeastern Thailand
completed a hydraulic fracturing test targeting a shallower
interval in the Phu Kradung sandstone than was previously tested.
Despite the presence of gas saturation and porosity determined from
wireline logs, the targeted interval did not flow after the frac
operation. The partners in the block have agreed to plug and
abandon the well.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"I am delighted to announce that Coastal Energy has received
government approval of its EIA for Bua Ban. This will allow us to
proceed with the development of this field in 2010 in line with
expectations and unlock its 21.8 mmbbl of proved plus probable
reserves.
"Despite delays caused by issues with some of the submersible
pumps at Songkhla A, I am also pleased to report that production
levels for the quarter were strong and Coastal is on track for a
robust 2010."
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 Tim
Thompson +44 (0) 20 7466 5000 Catherine Breen Katharine Sutton
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