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Coastal Eng Share News (CEO)
Share News for Coastal Eng (CEO)
| Share Price: 1,187.50 | Bid: 1,160.00 | Ask: 1,200.00 | Change: -7.50 (-0.63%) |  | ||||||
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Coastal Energy secures Thai govt approval for Songkhla oil project
Mon, 9th Jun 2008 07:57
LONDON (Thomson Financial) - Coastal Energy Co said the government of Thailand has approved th
The Department of Mineral Fuels approved the project, which covers an area of 75 square kilometres, including the Songkhla field and surrounding satellite sites.
'The extended production area is significant in that it enables the company to fully exploit the prospects surrounding the primary Songkhla development without the need to apply for additional government approvals,' Coastal Energy said in a statement.
The area is believed to hold proved, probable and possible reserves of around 6.4 million barrels of oil. It also contains eight prospects with potential oil in place of over 200 million barrels.
Drilling is expected to start in August, with production still on course with plans to begin in the fourth quarter despite delays in the arrival of the rig, the company said, adding the drilling of the Bua Ban appraisal wells will start in early 2009.
monicca.egoy@thomsonreuters.com
mbe
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
LONDON (Thomson Financial) - Coastal Energy Co said the government of Thailand has approved th
e development plan for the Songkhla field, allowing the AIM-listed group to begin pumping oil from the field in the fourth quarter of 2008.
The Department of Mineral Fuels approved the project, which covers an area of 75 square kilometres, including the Songkhla field and surrounding satellite sites.
'The extended production area is significant in that it enables the company to fully exploit the prospects surrounding the primary Songkhla development without the need to apply for additional government approvals,' Coastal Energy said in a statement.
The area is believed to hold proved, probable and possible reserves of around 6.4 million barrels of oil. It also contains eight prospects with potential oil in place of over 200 million barrels.
Drilling is expected to start in August, with production still on course with plans to begin in the fourth quarter despite delays in the arrival of the rig, the company said, adding the drilling of the Bua Ban appraisal wells will start in early 2009.
monicca.egoy@thomsonreuters.com
mbe
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Coastal Energy unit signs deal for rig; to begin Songkhla drilling by late Sept
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Coastal Energy swings to Q2 net profit
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Coastal Energy secures Thai govt approval for Songkhla oil project
LONDON (Thomson Financial) - Coastal Energy Co said the government of Thailand has approved the development plan for the Songkhla field, allowin[9 Jun '08]
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