Coastal Energy Announces Initial Flow Rate From Songkhla A-10 Well
September 24 2012 - 4:48PM
Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN)
(AIM:CEO) announces the initial flow rate from the Songkhla A-10
well.
The Songkhla A-10 well was completed using an electric
submersible pump and is initially flowing approximately 4,000 bopd
while still cleaning up. The next well, the A-13, has been spudded
and will test the northeastern fault block at Songkhla A.
Randy Bartley, President and Chief Executive Officer,
commented:
"We are pleased with the initial flow rate from the A-10 well.
We expect some additional gains in production as the well continues
to clean up. Current offshore production is 23,000 bopd with
total company production at 25,500 boepd.
The A-13 well is an exploration well testing a step-out prospect
across the fault line in the northeastern area of Songkhla
A. If successful, it will add additional reserves and open up
a new area for further appraisal and development."
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.
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.
The Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062
CONTACT: Coastal Energy Company
Email: investor@CoastalEnergy.com
+1 (713) 877-6793
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FirstEnergy Capital LLP (Broker)
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+44 (0) 20 7448 0200
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Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
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