Coastal Energy announces exploration results of Bua Ban South A-02 and A-03 wells
Thursday, Mar 29, 2012Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Thailand, announces the results of the Bua Ban South A-02 and A-03 wells.
The Bua Ban South A-02 well was drilled to a total depth of 8,275 feet
TVD. The well encountered 8 feet of net pay in the Lower Oligocene
section with 17 percent porosity, which is consistent with porosities
at this depth in the Songkhla basin. The oil water contact was encountered at 8,120 feet TVD, indicating an oil column of 1,800 feet.
The A-02 well was 700 meters from the A-01 well at the top of the Lower Oligocene. Pressure data indicate that this accumulation discovered by the Bua Ban South A-01 and A-02 wells is connected to the Bua Ban #1 & #3 wells, which were drilled by the Company in 2005. This accumulation is separate from the currently producing Bua Ban Main field. Analysis indicates that this reservoir is large enough to be commercial.
The Bua Ban South A-03 well was drilled on the western terrace of the
main bounding fault of the Bua Ban field and encountered high quality
Miocene sands with no hydrocarbon shows.
Randy Bartley, President and CEO of Coastal Energy, commented:
"The Bua Ban South A-02 well penetrated the same reservoir as the A-01 well close to its downdip limit. It has helped us to delineate the size
of the Oligocene discovery at this location. We look forward to testing
this reservoir in the near future.
"The lack of hydrocarbons in the Bua Ban South A-03 well is disappointing; however, it was a higher risk prospect given its location outside of the main bounding fault.
"We have spudded the Bua Ban South A-04 well . It is a Miocene objective in the eastern flank fault block. The A-04 well is being drilled 2,500 meters south of the original Bua Ban Main A-11 Miocene discovery in the continued attempt to delineate the southern boundary of that Miocene accumulation."
Randy Bartley, President and Chief Executive Officer of the Company and
a member of the Society of Petroleum Engineering and Jerry Moon, Vice
President, Technical & Business Development, a member of the American
Association of Petroleum Geologists, a Certified Petroleum Geologist and a Licensed Professional Geoscientist in the state of Texas, have reviewed the contents of this announcement.
Source: Coastal Energy
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