Coastal Energy Announces Successful Appraisal Well at Songkhla A
September 10 2012 - 7:30AM
Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN)
(AIM:CEO) announces the successful results of the Songkhla A-10
well.
The Songkhla A-10 well was drilled to a depth of 7,400 feet TVD
and encountered 213 feet of net pay in the Lower Oligocene with 20%
porosity. The gross oil column in the well was approximately 550
feet thick. The A-10 well was drilled into the same fault
block as the A-12ST#1, which is the easternmost fault block at
Songkhla A. The A-12ST#1 originally tested at 3,500 bopd with
105 feet of net pay.
Randy Bartley, President & Chief Executive Officer,
commented:
"The A-10 well result is outstanding. This well encountered
a record amount of net pay for the Songkhla basin with some of the
best reservoir characteristics we've seen in the Lower Oligocene
interval. We estimate that this doubles the volumetric
estimates for this particular fault block. Production will be
tied in from this well shortly. The next well will test the
fault block immediately to the north and, if successful, could
warrant an additional production facility in this location to
develop these two fault blocks."
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
Certified Petroleum Geologist and a Licensed Professional
Geoscientist 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.
The Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062
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.
CONTACT: Enquiries:
Coastal Energy Company
Email: investor@CoastalEnergy.com
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
Rory Murphy / Paul Cocker
+44 (0) 20 7409 3494
Macquarie Capital (Europe) Limited (Broker)
Paul Connolly / Jeffrey Auld
+44 (0) 20 3037 2000
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan Communications
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
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