Coastal Energy Announces Results of Benjarong A-01 Exploration Well
April 14 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 the results of the Benjarong A-01
exploration well in the Gulf of Thailand.
The Benjarong A-01 well was drilled to a total depth of 10,565
feet TVD (3,242 meters). The well appears to be an oil discovery
and encountered 83.5 feet (25.5 meters) of apparent net oil pay in
the Eocene primary reservoir, based on wireline log data. Porosity
in the reservoir averages 11.9%. Additionally, the well encountered
16.5 feet (5 meters) of apparent net oil pay with 15.1% porosity in
a shallower section of the Eocene reservoir.
The Company has spudded a second well, the Benjarong A-02, which
will test Lower Oligocene and Eocene objectives in a structure
separate from the Benjarong A-01 well. Following drilling of
Benjarong A-02, the Company will perform a flow test on Benjarong
A-01.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The Benjarong A-01 well has characteristics similar to that of
the original Benjarong-1 well which was drilled in 1996. We have
yet to determine the commerciality of the well at this porosity and
will not be able to establish its productivity until a flow test is
conducted. The flow test of the A-01 well is scheduled to begin
once drilling of Benjarong A-02 is complete. In the event of an
additional discovery at Benjarong A-02, it will be more cost
effective to flow test both at the same time. Production from both
wells would then be tied into a MOPU and produced in a manner
similar to Songkhla A."
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 Tim
Thompson +44 (0) 20 7466 5000 Catherine Breen Katharine Sutton
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