Coastal Energy Announces Onshore Operations Update
July 16 2013 - 4:45PM
Coastal Energy Company (the "Company" or "Coastal Energy")
(TSX:CEN) (AIM:CEO), an independent exploration and production
company with assets in Southeast Asia, today announces an update to
its onshore operations.
Sinphuhorm East-1
The Sinphuhorm East-1 well ("SPHE-1" or the "Well) has been
recently spud in the L15/43 Block ("L15"), onshore Northeast
Thailand. The objective of SPHE-1 is to test a possible eastern
extension of the natural gas producing Sinphuhorm Field into L15.
The primary target of SPHE-1 is the Pha Nok Khao ("PNK")
carbonates, in the upper Permian formation, from which the
Sinphuhorm field is currently producing approximately 110.00mmcfd.
Natural gas at Sinphuhorm realized a price of $8.54/mmbtu in June
and has averaged $8.32/mmbtu so far this year.
The Well is being drilled "under-balanced" which is specifically
designed to minimize any formation damage, and permit the flow
testing of SPHE-1 during drilling. Coastal Energy has a 39%
participating interest in L15 through its part ownership of the
APICO joint venture. The APICO joint venture is operating the
SPHE-1 well.
The SPHE-1 well is approximately 63.0Km northwest of the Dong
Mun-ST3 discovery in Block L27/43 which holds 160Bcf of gross
contingent resource (net 10.4 mmboe Contingent Resource).
Randy Bartley, President & CEO of Coastal Energy
commented:
"We believe that the Sinphuhorm East-1 well can demonstrate the
continued potential for natural gas onshore, Northeast Thailand.
Any discovery there could swiftly be marketed along with the
existing Dong Mun-ST3 resource in L27/43. So far this year we have
realized $8.32/mmbtu from Sinphuhorm field and are therefore eager
to explore for and market any gas volumes we may discover in
addition to Dong Mun. Thailand's increasing reliance on natural gas
imports should maintain strong demand for any and all domestic gas
resources."
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.
CONTACT: Coastal Energy Company
Email: investor@CoastalEnergy.com
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker)
+44 (0) 20 3037 2000
Steve Baldwin/Andrew Jones
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
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