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Coastal Eng ShareCast News (CEO)
ShareCast News for Coastal Eng (CEO)
| Share Price: 1,202.50 | Bid: 1,190.00 | Ask: 1,200.00 | Change: 7.50 (+0.63%) |  | ||||||
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Coastal confirms commerciality of two Thai wells
Wed, 2nd May 2012 07:54
Thailand-focused oil and gas group Coastal Energy said it has reported successful results of the Bua Ban South A-03ST and A-05, which have confirmed the commerciality of the wells.
The A-03ST well was drilled to a dept of 9,700 feet TVD (true vertical depth) and encountered 31ft of net pay in the Lower Oligocene with 15% porosity. Meanwhile, the A-05 well was drilled to 3,525ft TVD and encountered 20ft of net pay across two Miocene zones with average porosity of 29%.
"We are extremely pleased with the results of both of these wells. Now that we have confirmed the commerciality based on expected recoverable resources of both the Miocene and Oligocene plays at Bua Ban South we have purchased production facilities which will arrive in the third quarter of this year," said Coastal's Chief Executive Officer and President Randy Bartley.
"We are going to return the rig to Bua Ban North and drill horizontal development wells and water injection wells until the MOPU is on location at Bua Ban South, after which time we will proceed with further appraisal drilling."
The company said that offshore production is "holding steady" at 21,700 barrels of oil per day. "We expect rates to return to and exceed previous levels once we begin drilling the additional development and injection wells at Bua Ban North."
BC
The A-03ST well was drilled to a dept of 9,700 feet TVD (true vertical depth) and encountered 31ft of net pay in the Lower Oligocene with 15% porosity. Meanwhile, the A-05 well was drilled to 3,525ft TVD and encountered 20ft of net pay across two Miocene zones with average porosity of 29%.
"We are extremely pleased with the results of both of these wells. Now that we have confirmed the commerciality based on expected recoverable resources of both the Miocene and Oligocene plays at Bua Ban South we have purchased production facilities which will arrive in the third quarter of this year," said Coastal's Chief Executive Officer and President Randy Bartley.
"We are going to return the rig to Bua Ban North and drill horizontal development wells and water injection wells until the MOPU is on location at Bua Ban South, after which time we will proceed with further appraisal drilling."
The company said that offshore production is "holding steady" at 21,700 barrels of oil per day. "We expect rates to return to and exceed previous levels once we begin drilling the additional development and injection wells at Bua Ban North."
BC
Tuesday broker round-up UPDATE
Admiral Group: JP Morgan reduces target price from 1246p to 1108p downgrading to underweight.[7 May '13]
Wednesday broker round-up UPDATE
Aberdeen Asset Management: Societe Generale downgrades to hold, while its target price of 375p is not altered.[23 Jan '13]
Coastal Energy in talks with Indonesian company - UPDATE
Following media reports in Canada, Coastal Energy has given credence to reports that it is talks with Indonesia's state-owned oil company Pertamina.[7 Nov '12]
Coastal Energy finds more oil
Coastal Energy said it had discovered further resources in the northeast area of its Songkhla field in Thailand.[17 Oct '12]
Coastal Energy stumps up for second rig
Coastal Energy has contracted the Manta jackup drilling rig for its operations in the Gulf of Thailand and offshore Malaysia.[4 Oct '12]
Tuesday broker round-up
3i, AB Foods, ARM, ASOS, Bunzl, Burberry, Betfair, Cape, Chariot, Coastal, Drax, ENRC, G4S, Hilton Food, Huntsworth, IG, Morgan Sindall, Morrisons, Premier Farnell, Severn Trent, Taylor Wimpey[11 Sep '12]
Coastal Energy shares leap on 'outstanding' result
Coastal Energy Company, an oil and gas firm, has cheered its investors with news of an 'outstanding' result at the Songkhla A-10 well in Thailand.[10 Sep '12]
Friday broker round-up
Afren, Borders & Southern, Coastal, CRH, ENRC, Faroe, FirstGroup, Genel, JKX, Kazakhmys, Laird, Lloyds, Max, Melrose, Ophir, Pennon, Petra, Premier Oil, Reckitt, Resolution, Smiths News, Travis Perkins[17 Aug '12]
