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Coastal Energy Announces Second Quarter 2013 Financial Results & Operations Update

HOUSTON, Aug. 12, 2013 (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, announces the financial results for the three and six months ended June 30, 2013. The functional and reporting currency of the Company is the United States dollar.

Q2 2013 Financial Highlights

  • The Company reported Q2 total production of 23,843 boe/d, up 10% from year ago levels of 21,713 boe/d. Offshore production totaled 21,095 bbl/d, a 9% increase from year ago levels of 20,778 bbl/d. Offshore production was affected by mechanical downtime on two horizontal wells at Bua Ban North due to problems with a new completion technology. One of these wells has since been repaired and is performing in line with expectations. Onshore production was 2,748 boe/d, up 16% from 2,362 boe/d in the same period last year due to stronger natural gas demand in Thailand.
  • EBITDAX for Q2 2013 was $83.3 million, a 36% decline from the $130.2 million recorded in Q2 2012. The decrease in EBITDAX was driven entirely by the timing of crude oil sales, as the Company recorded an increase in crude oil inventory of 526,017 bbl during the second quarter, the revenue from which will be recognized in the third quarter.
  • Cash flow from operations per fully diluted share was $0.82, a decrease from the year ago level of $1.18, also driven by crude oil sales timing and the inventory build.
  • After normalizing revenue to a production basis, rather than based on lifting volumes, Q2 2013 revenue would have been $188.6 million, a 3% increase over year ago levels, driven by a 9% increase in production volumes and offset by a 5% decline in commodity pricing.

Operations Update

The Company has completed repair work on the first of two horizontal wells at Bua Ban North that experienced issues with the "swelling packer" completion. The repair work on the second well will be completed with a hydraulic workover unit later in August. The Company also drilled two additional water injection wells at Bua Ban North B for pressure maintenance in two separate fault blocks. The Manta drilling rig is currently being mobilized to Malaysia to begin the work program at the Kapal field.

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