Coastal Energy Company
21.12.2011 00:25
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HOUSTON, 2011-12-21 00:25 CET (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 successful results of the Bua Ban North B-09 well.
The Bua Ban North B-09 was drilled as an appraisal well between the
southernmost Bua Ban North B-04 well and the Bua Ban North A-09 well. The well
was drilled to a depth of 5,200 feet TVD and encountered five Miocene pay
zones. Total aggregate net pay in the well is 175 feet with average porosity of
27%. Pay was encountered in the M75 zone for the first time, which represents a
new productive zone for the field.
Randy Bartley, President and CEO of Coastal Energy, commented:
'The Bua Ban North B-09 well encountered the largest pay zone we have seen to
date in this field. We are particularly excited that we have encountered oil
across five Miocene zones. This confirms the lateral extent of the deeper pay
zones below our main producing reservoir. Following this successful result in
the deeper zones, we plan to drill further appraisal wells to continue testing
the 63.0 mmbbl of prospective resources defined in the RPS report of November
15, 2011, which are incremental to the 67.0 mmbbl of 2P volumes defined in the
report.'
'Testing of the first Bua Ban North A wells is expected to begin in the next
week. MOPU installation and completion activities were delayed due to severe
weather conditions, which disrupted certain parts of the supply chain, as well
as damaged the crane on the MOPU, which has been repaired.'
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
Glossary:
1P - Volumetric numbers corresponding to 'Proven' category for reserves,
reflecting a high degree of confidence that the quantities exist and/or can be
recovered.
2P - Volumetric numbers corresponding to 'Proven' plus 'Probable' categories,
representing volumes that are more likely than not to exist and/or be
recovered.
3P- Volumetric numbers corresponding to 'Proven' plus 'Probable' plus
'Possible' categories, representing an upside estimate.
CONTINGENT RESOURCES are those quantities of petroleum estimated, as of a given
date, to be potentially recoverable from known accumulations, but the applied
project(s) are not yet considered mature enough for commercial development due
to one or more contingencies. Contingent Resources may include, for example,
projects for which there are currently no viable markets, or where commercial
recovery is dependent on technology under development, or where evaluation of
the accumulation is insufficient to clearly assess commerciality. Contingent
Resources are further categorized in accordance with the level of certainty
associated with the estimates and may be subclassified based on project
maturity and/or characterized by their economic status.
PROSPECTIVE RESOURCES are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective Resources have both an
associated chance of discovery and a chance of development. Prospective
Resources are further subdivided in accordance with the level of certainty
associated with recoverable estimates assuming their discovery and development
and may be sub-classified based on project maturity.
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
21.12.2011 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,
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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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DGAP-News: Coastal Energy Announces Results of Bua Ban North B-09 Well
| Source: EQS Group AG