Coastal Energy Announces Atwood Manta Rig Contract
October 03 2012 - 5:25PM
Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN)
(AIM:CEO) announces the signing of a contract with a subsidiary of
Atwood Oceanics, Inc. for the Manta jackup drilling rig for its
operations in the Gulf of Thailand and offshore Malaysia. In
accordance with the contract, Coastal will pay a $145,000 day rate
throughout the 12 month firm duration. The Company anticipates
delivery of the Manta by late November.
Randy Bartley, President & Chief Executive Officer,
commented:
"We are pleased to announce the signing of this contract with
Atwood and are eager to commence drilling with the Manta later this
year. The addition of a second drilling rig is an important
milestone for Coastal, as it will allow us to conduct our
development and exploration programs simultaneously. Given the
active drilling program that we have outlined, we believe a two rig
program is an appropriate step toward unlocking the value of our
highly prospective asset base."
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.
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 Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062
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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