Coastal Energy Company Coastal Energy Announces Atwood Manta Rig Contract (9082N)
October 04 2012 - 2:00AM
UK Regulatory
TIDMCEO
RNS Number : 9082N
Coastal Energy Company
04 October 2012
TSX: CEN October 4, 2012
AIM: CEO
Coastal Energy Announces Atwood Manta Rig Contract
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.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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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