Coastal Energy Company Successful Appraisal Well at Songkhla A (8660L)
September 10 2012 - 7:30AM
UK Regulatory
TIDMCEO
RNS Number : 8660L
Coastal Energy Company
10 September 2012
TSX: CEN September 10, 2012
AIM: CEO
Coastal Energy Announces Successful Appraisal Well at Songkhla
A
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.comor 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.
Enquiries:
Coastal Energy Company
Email: investor@CoastalEnergy.com +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
Paul Connolly / Jeffrey Auld
FirstEnergy Capital LLP(Broker)
Hugh Sanderson / Travis Inlow +44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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