Coastal Energy Announces Bua Ban North Drilling Update
March 22 2011 - 4:32PM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO) announces an update of its operations in the Gulf of
Thailand.
Bua Ban North
The Bua Ban North A-02 exploration well was drilled to a depth
of 8,100 feet into an upthrown fault block adjacent to the recent
discovery in the Bua Ban North A-01 well. The A-02 well encountered
205 feet of net sand in the Eocene interval with 16% average
porosity. The Eocene interval in the A-02 well appears to have good
reservoir characteristics and formation pressure data obtained from
wireline logging (MDT measurements) indicate an oil gradient.
However, log results were inconclusive and fluid samples were not
obtainable. The Company is uncertain of the commerciality of the
well until it can be flow tested. Coastal plans to perforate and
test the Eocene in the A-02 well once suitable testing facilities
are installed.
Following suspension of the A-02 well, the Bua Ban North A-04
well was spudded and will test the Miocene interval in an upthrown
block relative to the productive Miocene sands encountered in the
A-01 well, along with a step-out of the Upper Oligocene discovery
from the A-01 well. The Company plans to drill an additional two to
three appraisal/development wells at Bua Ban North A following the
A-04 well.
Coastal is currently mobilizing a MOPU (mobile offshore
production unit) to the Bua Ban North A location which is expected
to be installed in early May. Following installation of the MOPU,
the Company will begin extended production tests of the wells at
Bua Ban North A.
The Bua Ban A-04 and A-07 wells are continuing to clean up
following the single stage fracs on each well. The A-04 and A-07
wells are flowing at 200 bopd and 220 bopd, respectively.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"We will be able to determine the commerciality of this new well
following testing, which will begin in early May. Following the
completion of this phase of appraisal and development drilling at
Bua Ban North A, we plan to move the rig to Bua Ban North B, which
is further north and has prospective targets in all three
intervals."
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 Email: Email Contact +1
(713) 877-6793 Strand Hanson Limited (Nominated Adviser) +44
(0) 20 7409 3494 Rory Murphy Paul Cocker Macquarie Capital
(Europe) Limited (Broker) +44 (0) 20 3037 2000 Ben Colegrave
Paul Connolly Buchanan Communications Tim Thompson +44 (0)
20 7466 5000 Chris McMahon Ben Romney
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