Coastal Energy Announces Extension of Miocene Trend at Bua Ban North B
June 15 2011 - 7:30AM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO) announces that the Bua Ban North B-06 well was drilled
to a total depth of 6,800 feet TVD and encountered 69 feet of net
pay with 28 percent porosity in the Miocene interval. MDT analysis
confirms that the well is in communication with the B-02 and B-04
wells and oil samples recovered have an API gravity of 36 degrees.
The B-06 also encountered 17 feet of net pay with 22 percent
porosity in the Eocene in the western upthrown fault block, which
has also been referred to as the Bua Ban North Terrace. This is the
highest porosity Eocene pay zone that has been encountered in the
basin.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"We are pleasantly surprised with the results of the B-06 well.
The well was expected to encounter a wet section of the reservoir
and be used for aquifer support; however, the fact that it
encountered a significant oil pay zone in the Miocene which is
connected to the other wells in the same fault block has several
positive implications.
"The lowest known oil in this fault block has been moved lower
by 100 feet and has nearly tripled the extent of the structural
closure to 425 acres. The oil water contact here is much deeper
than originally anticipated. Following this discovery, we will
drill an additional well (B-07) to confirm the MDT data which
indicate an oil water contact at 3,825 feet. The B-07 well can be
used for water injection. We then plan to drill a well (B-08) on
the eastern side of the field and northeast of the B-03 well to
further evaluate the full extent of this closure. If successful,
this would materially increase the size of the productive
field.
"In addition, the high quality of the Eocene reservoir which was
seen confirms our assessment that the Eocene is conventionally
producible above 6,500 feet. The B-06 well supports further
exploration to the north and west and reduces the risk of the
Company's Eocene targets.
"The mobile offshore production unit is on standby and will
mobilize to Bua Ban North B to begin testing operations as soon as
the drilling rig moves off location."
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 +1 (713) 877-6793
Email: Email Contact 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) +44
(0) 20 7448 0200 Hugh Sanderson Travis Inlow Buchanan
Communications +44 (0) 20 7466 5000 Tim Thompson Chris McMahon
Ben Romney
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