|This is the big news CEN holders have been waiting for. It's too bad they didn't find the Miocene, but the Oligocene is good compensation.|
Coastal Energy Announces Successful Results of Bua Ban South A-01 Well
Press Release: Coastal Energy Company – 4 hours ago
HOUSTON, March 13, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal Energy ") (TSX: CEN.TO - News) (AIM: CEO.L - News), 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 globenewswire.com
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.
Coastal Energy Company
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