Coastal Energy Announces Discovery at Bua Ban North B
May 10 2011 - 8:30AM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO) announces the successful results of the Bua Ban North
B-02 exploration well.
The Bua Ban North B-02 well was drilled to 6,513 feet TVD and
encountered 62 feet of net pay in the Miocene objective with 26%
average porosity. The B-02 well also tested the Eocene interval and
encountered 150 feet of net sand with 19% average porosity. The
Eocene sand zone was wet as it was not a target in this well and
was drilled off structure.
The B-02 has been cased and suspended pending the arrival of
testing equipment. Conductor pipe has been set on the B-03 well,
which is testing the Miocene in a separate fault block due east
from the B-02 well.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The B-02 well encountered thicker sands in the Miocene than
were anticipated with better than expected reservoir quality. The
Eocene zone which was encountered was not a target in this well,
but delivered the highest reservoir quality sands we've seen to
date in the Eocene interval. The reservoir characteristics in the
Eocene are better than what we have modelled at this depth. This
supports our thesis of higher quality sands in the shallower Eocene
and should bode well for the planned drilling of the shallower
Eocene prospects to the northwest."
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 FirstEnergy Capital LLP (Broker) Hugh
Sanderson +44 (0) 20 7448 0200 Travis Inlow Buchanan
Communications Tim Thompson +44 (0) 20 7466 5000 Chris McMahon
Ben Romney
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