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DGAP-News: Coastal Energy Announces Successful Results of Bua Ban South A-01 Well
ID: 594900
(firmenpresse) - Coastal Energy Company
13.03.2012 21:57
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HOUSTON, 2012-03-13 21:57 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 South A-01 well.
The Bua Ban South A-01 well was drilled to a total depth of 8,500 feet TVD. The
well encountered 88 feet of net pay in the Lower Oligocene section. The new
discovery demonstrated good reservoir characteristics with 12 percent porosity
and recorded pressure data indicate that this is a new and separate
accumulation from the Bua Ban Main field.
The successful results of Bua Ban South A-01 are being incorporated into the
ongoing technical review, operational planning and guidance on the potential
size of the discovery will be forthcoming once complete.
The Lower Miocene sands which were present in the Bua Ban Main A-11 well were
not present in this particular fault block.
Randy Bartley, President and CEO of Coastal Energy, commented:
'The Bua Ban South A-01 well has discovered a new oil accumulation. This
successful well has re-enthused us for the Lower Oligocene at the Bua Ban South
area. We will also be testing two adjacent upthrown Miocene fault blocks with
the next two wells.'
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.
The Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062
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.
CONTACT: Enquiries:
Coastal Energy Company
Email: investor(at)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
13.03.2012 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
Cayman Islands
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG224041189
WKN:
End of Announcement DGAP News-Service
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Datum: 13.03.2012 - 21:57 Uhr
Sprache: Deutsch
News-ID 594900
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