Coastal Energy Announces Successful Appraisal Well and Major Field Extension at Bua Ban North B
June 27 2011 - 4:15PM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO) announces the results of two wells drilled at the Bua
Ban North B field, offshore Thailand.
The Bua Ban North B-08 well was drilled to a total depth of
5,900 feet TVD and encountered 92 feet of net pay with 28 percent
porosity and 25 percent water saturation in the Miocene interval.
The B-08 well was drilled on the easternmost fault block of the
field and successfully appraised the discovery made by the B-03
well. As a result of the B-08 drilling, the lowest known oil was
moved 140 feet lower in this fault block.
The B-07 well was drilled as a water injection well and to
establish the oil water contact in the field. The B-07 encountered
the oil water contact at 3,824 feet, which was in line with the
prognosis based upon previous drilling results. Pressure and log
data from the B-08 well indicate that the oil water contact may be
deeper on the eastern side of the field.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"The results of the B-07 and B-08 wells serve as further
confirmation of the Miocene trend in the Songkhla basin. Updated
mapping based on drilling results indicates that the structural
closure at Bua Ban North B is approximately 2,800 acres in size.
The positive appraisal of the eastern fault block has major
implications for the extension of this field as it has
significantly increased the prospectivity along the major eastern
Miocene fault which extends over three kilometers between Bua Ban
North A & B.
"The drilling rig is going to mobilize to the Songkhla H
prospect next, which is a commitment well outside of the two
established production areas on G5/43. We will proceed with the
installation of the mobile offshore production unit to begin
production at Bua Ban North B once the rig is 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
Ben Romney Jonathan Rivlin
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