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Coastal Energy Says New Well Adds 1,200 Acres; Up to 6 More Test Wells Slated

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Coastal Energy Co. (CEN.TO) last night said its Bua Ban North A-05 well offshore Thailand was drilled to a total depth of 5,650 feet TVD, encountering 35 feet of net pay in the Miocene reservoir with 27 percent average porosity.

The results add an additional 1,200 acres to the structural closure area and Coastal said it now plans to drill five to six additional evaluation wells at Bua Ban North before moving the rig. Three other wells in the Bua Ban North area have been completed and are producing an aggregate 8,200 barrels per day. Total company production is averaging 15,800 barrels of oil equivalent per day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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