DGAP-News: Coastal Energy Announces Onshore Operations Update
(firmenpresse) - Coastal Energy Company
16.07.2013 22:48
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HOUSTON, 2013-07-16 22:47 CEST (GLOBE NEWSWIRE) --
Coastal Energy Company (the 'Company' or 'Coastal Energy') (TSX:CEN) (AIM:CEO),
an independent exploration and production company with assets in Southeast
Asia, today announces an update to its onshore operations.
Sinphuhorm East-1
The Sinphuhorm East-1 well ('SPHE-1' or the 'Well) has been recently spud in
the L15/43 Block ('L15'), onshore Northeast Thailand. The objective of SPHE-1
is to test a possible eastern extension of the natural gas producing Sinphuhorm
Field into L15. The primary target of SPHE-1 is the Pha Nok Khao ('PNK')
carbonates, in the upper Permian formation, from which the Sinphuhorm field is
currently producing approximately 110.00mmcfd. Natural gas at Sinphuhorm
realized a price of $8.54/mmbtu in June and has averaged $8.32/mmbtu so far
this year.
The Well is being drilled 'under-balanced' which is specifically designed to
minimize any formation damage, and permit the flow testing of SPHE-1 during
drilling. Coastal Energy has a 39% participating interest in L15 through its
part ownership of the APICO joint venture. The APICO joint venture is operating
the SPHE-1 well.
The SPHE-1 well is approximately 63.0Km northwest of the Dong Mun-ST3 discovery
in Block L27/43 which holds 160Bcf of gross contingent resource (net 10.4 mmboe
Contingent Resource).
Randy Bartley, President&CEO of Coastal Energy commented:
'We believe that the Sinphuhorm East-1 well can demonstrate the continued
potential for natural gas onshore, Northeast Thailand. Any discovery there
could swiftly be marketed along with the existing Dong Mun-ST3 resource in
L27/43. So far this year we have realized $8.32/mmbtu from Sinphuhorm field and
are therefore eager to explore for and market any gas volumes we may discover
in addition to Dong Mun. Thailand's increasing reliance on natural gas imports
should maintain strong demand for any and all domestic gas resources.'
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.
CONTACT: Coastal Energy Company
Email: investor(at)CoastalEnergy.com
+1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser)
+44 (0) 20 7409 3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker)
+44 (0) 20 3037 2000
Steve Baldwin/Andrew Jones
FirstEnergy Capital LLP (Broker)
Hugh Sanderson / Travis Inlow
+44 (0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
News Source: NASDAQ OMX
16.07.2013 Dissemination of a Corporate News, transmitted by DGAP -
a company of EQS Group 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
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End of Announcement DGAP News-Service
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Datum: 16.07.2013 - 22:48 Uhr
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