Coastal Energy Announces Exploration Results of Bua Ban South A-02 and A-03 Wells
Coastal Energy Company
28.03.2012 22:18
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HOUSTON, 2012-03-28 22:17 CEST (GLOBE NEWSWIRE) --
Coastal Energy Company (the 'Company' or 'Coastal Energy') (TSX:CEN) (AIM:CEO),
an independent exploration and production company with assets in Thailand,
announces the results of the Bua Ban South A-02 and A-03 wells.
The Bua Ban South A-02 well was drilled to a total depth of 8,275 feet TVD. The
well encountered 8 feet of net pay in the Lower Oligocene section with 17
percent porosity, which is consistent with porosities at this depth in the
Songkhla basin. The oil water contact was encountered at 8,120 feet TVD,
indicating an oil column of 1,800 feet. The A-02 well was 700 meters from the
A-01 well at the top of the Lower Oligocene. Pressure data indicate that this
accumulation discovered by the Bua Ban South A-01 and A-02 wells is connected
to the Bua Ban #1 & #3 wells, which were drilled by the Company in 2005. This
accumulation is separate from the currently producing Bua Ban Main field.
Analysis indicates that this reservoir is large enough to be commercial.
The Bua Ban South A-03 well was drilled on the western terrace of the main
bounding fault of the Bua Ban field and encountered high quality Miocene sands
with no hydrocarbon shows.
Randy Bartley, President and CEO of Coastal Energy, commented:
'The Bua Ban South A-02 well penetrated the same reservoir as the A-01 well
close to its downdip limit. It has helped us to delineate the size of the
Oligocene discovery at this location. We look forward to testing this reservoir
in the near future.
'The lack of hydrocarbons in the Bua Ban South A-03 well is disappointing;
however, it was a higher risk prospect given its location outside of the main
bounding fault.
'We have spudded the Bua Ban South A-04 well . It is a Miocene objective in the
eastern flank fault block. The A-04 well is being drilled 2,500 meters south of
the original Bua Ban Main A-11 Miocene discovery in the continued attempt to
delineate the southern boundary of that Miocene accumulation.'
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
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.
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
News Source: NASDAQ OMX
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Coastal Energy Company
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG224041189
WKN:
End of Announcement DGAP News-Service
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Coastal Energy Company
28.03.2012 22:18
---------------------------------------------------------------------------
HOUSTON, 2012-03-28 22:17 CEST (GLOBE NEWSWIRE) --
Coastal Energy Company (the 'Company' or 'Coastal Energy') (TSX:CEN) (AIM:CEO),
an independent exploration and production company with assets in Thailand,
announces the results of the Bua Ban South A-02 and A-03 wells.
The Bua Ban South A-02 well was drilled to a total depth of 8,275 feet TVD. The
well encountered 8 feet of net pay in the Lower Oligocene section with 17
percent porosity, which is consistent with porosities at this depth in the
Songkhla basin. The oil water contact was encountered at 8,120 feet TVD,
indicating an oil column of 1,800 feet. The A-02 well was 700 meters from the
A-01 well at the top of the Lower Oligocene. Pressure data indicate that this
accumulation discovered by the Bua Ban South A-01 and A-02 wells is connected
to the Bua Ban #1 & #3 wells, which were drilled by the Company in 2005. This
accumulation is separate from the currently producing Bua Ban Main field.
Analysis indicates that this reservoir is large enough to be commercial.
The Bua Ban South A-03 well was drilled on the western terrace of the main
bounding fault of the Bua Ban field and encountered high quality Miocene sands
with no hydrocarbon shows.
Randy Bartley, President and CEO of Coastal Energy, commented:
'The Bua Ban South A-02 well penetrated the same reservoir as the A-01 well
close to its downdip limit. It has helped us to delineate the size of the
Oligocene discovery at this location. We look forward to testing this reservoir
in the near future.
'The lack of hydrocarbons in the Bua Ban South A-03 well is disappointing;
however, it was a higher risk prospect given its location outside of the main
bounding fault.
'We have spudded the Bua Ban South A-04 well . It is a Miocene objective in the
eastern flank fault block. The A-04 well is being drilled 2,500 meters south of
the original Bua Ban Main A-11 Miocene discovery in the continued attempt to
delineate the southern boundary of that Miocene accumulation.'
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
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.
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
News Source: NASDAQ OMX
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: Coastal Energy Company
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG224041189
WKN:
End of Announcement DGAP News-Service
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