Coastal Energy Announces Results of First Three Bua Ban Development Wells
June 21 2010 - 9:00AM
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 log results of the Bua Ban A-01,
A-02 and A-05 development wells in the Gulf of Thailand.
The Bua Ban A-01 well was drilled to a total depth of 7,725 feet
true vertical depth (TVD). The well encountered 24 feet of net pay
in the Lower Oligocene reservoir with 14% average porosity. The Bua
Ban A-02 well was drilled to a total depth of 7,722 feet TVD and
encountered 26 feet of net pay in the Lower Oligocene reservoir
with 16.5% average porosity. The Bua Ban A-05 well was drilled to a
total depth of 7,492 feet TVD and encountered 170 feet of net pay
in the Upper & Lower Oligocene reservoirs with average porosity
of 15%.
The A-05 well encountered an expanded Lower Oligocene section
containing 85 feet of net pay and six distinct oil reservoirs over
a gross interval of 832 feet. The previous maximum thickness of
Lower Oligocene net pay was 68 feet encountered in the original Bua
Ban 1 discovery well. The additional 85 feet is in new pay zones
located above known field structures. The top of the reservoir in
the A-05 well was encountered at a depth of 7,036 feet and the
lowest known oil in the field is located at 7,880 feet, indicating
a minimum vertical oil column of 844 feet.
The Company is running completion activities on all three wells
and expects to tie in production in the coming days. Following
completion of the three wells, the Company will continue drilling
up to seven more development wells at Bua Ban prior to the end of
the current drilling contract in late September 2010.
Testing operations have begun on Benjarong A-01 and A-02 and are
expected to be complete by mid-July.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The initial log results of the first three Bua Ban wells are
very encouraging. The better than expected net pay figures in the
Bua Ban A-05 well along with better than expected porosity in all
three wells are both positive indications. The presence of the new
Upper Oligocene zones seen in the A-05 well could potentially open
up a new reservoir for development. Production testing will begin
this week."
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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