This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Coastal Energy Announces Successful Results Of Songkhla A-13 Well And Operations Update

HOUSTON, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) announces the results of the Songkhla A-13 well and an operations update.

Songkhla A-13

The Songkhla A-13 well was drilled to a depth of 8,000 feet TVD into an untested fault block in the northeast area of the Songkhla field. The well encountered 67 feet of Lower Oligocene net pay with 18% porosity. The Company is currently evaluating an updip location for a confirmation well. In the meantime a water injection well in the A-10 fault block will be drilled.

Production Facilities

Bua Ban North

The conversion of the recently acquired Richmond mobile offshore production unit (MOPU) has been completed and it is now capable of handling 55,000 bbl/d. Due to the increased fluid handling capacity, the Company has replaced the Bua Ban North B MOPU with the Richmond. The replacement is complete and production is in the process of coming back online at Bua Ban North B.

Bua Ban South

The Company also completed its acquisition of the Bua Ban North B MOPU and has re-installed it at Bua Ban South. The Bua Ban South A-05 is presently being completed with the hydraulic workover unit (HWU). The HWU will then commence the hydraulic fracturing program for the Lower Oligocene and Eocene formations in the A-01 and A-03 wells is scheduled to begin in late October.

3D Seismic Acquisition

The acquisition of 3D seismic over the entire Songkhla basin is 60% complete. The Company expects delivery of the processed data in Q113.

Credit Facility

The Company has upsized and amended its senior secured revolving credit facility with BNP Paribas and Commonwealth Bank of Australia. The facility has been increased to $200MM and includes two additional banks, the Standard Bank and Standard Chartered Bank.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs