Coastal Energy Announces Operations Update
September 14 2010 - 4:15PM
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.
Bua Ban
The Bua Ban A-10 well was drilled to a total depth of 7,474 feet
true vertical depth (TVD). The well encountered 130 feet of net pay
in the Lower Oligocene reservoir with 17% average porosity. The
A-10 well was drilled into the same fault block as the A-05 and
encountered the same expanded section of the Lower Oligocene as was
seen in the A-05 well. The well has been tied in to production
facilities and is currently producing 1,150 bopd.
The Bua Ban A-04 and A-07 wells were drilled to 7,908 feet and
8,122 feet, respectively, true vertical depth. Both wells
encountered pay zones in the Lower Oligocene as well as the Eocene
reservoir. The Company is currently isolating testing in the Eocene
to evaluate the potential of the reservoir.
Total offshore production is currently averaging approximately
11,500 bopd, and the Company's aggregate production is
approximately 13,500 boepd.
Songkhla A
Water production at Songkhla A has increased to approximately
56% from 50% in April, which is in line with modelled production
curves. The Company is planning to upgrade facilities at Songkhla A
from 15,000 bbl per day of liquid capacity to 30,000 bbl of total
liquids per day which will increase total throughput and oil
production. Approximately 10 days of downtime will be required in
the fourth quarter for the upgrade.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The initial results from the latest batch of wells at Bua Ban
are encouraging. We have further defined the extent of the expanded
section of the Lower Oligocene seen in the A-05 and A-10 wells. The
A-04 and A-07 wells had some oil shows in deeper zones which are
currently being evaluated.
"The A-08 well is currently being drilled to define the northern
limit of the Bua Ban field. Following that, the A-11 will be
drilled into an upthrown block to test the Miocene and the A-09
will be drilled off structure to be used as a water injector
well.
"Once we finish this phase of drilling at Bua Ban we are
planning to mobilize the rig to Songkhla A to drill development
wells into the Lower Oligocene wedge and Eocene reservoirs. We
expect to move to Bua Ban North and commence exploration drilling
by year end."
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 Stifel Nicolas Weisel (Broker) +44 (0) 20 3205
3615 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
Katharine Sutton Ben Romney
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