News..I must say that I was a little disapponted as I expected to hear something about Benjarong. However, it's nice to find out that the workovers and larger pumps have increased production at Songkhla. So, now I will hold and wait for the Robust 2010 to unfold.
HOUSTON, TX--(Marketwire - 04/07/10) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V:CEN - News) (AIM: CEO), an independent exploration and production company with assets in Thailand, announces an update of its operations in Thailand.
Offshore Production (Songkhla A)
Coastal's offshore production from Songkhla A averaged approximately 7,100 bbl/d for the first quarter of 2010. Q110 offshore production was impacted by downtime on the Songkhla A-04 well while the submersible pump was being replaced as well as downtime on the A-01 and A-03 wells while larger submersible pumps were installed. Currently, Coastal's offshore production is averaging approximately 9,500 bbl/d. Combined with its onshore production from the Sinphuhorm gas field, total production is approximately 11,500 boe/d.
Bua Ban EIA
The Company also announces that it has received government approval of its Environmental Impact Assessment for the Bua Ban field development, allowing it to proceed with development of the field later in 2010.
Phu Kheng-1 (L27/43, Coastal 36.1% working interest)
The operator of onshore block L27/43 in northeastern Thailand completed a hydraulic fracturing test targeting a shallower interval in the Phu Kradung sandstone than was previously tested. Despite the presence of gas saturation and porosity determined from wireline logs, the targeted interval did not flow after the frac operation. The partners in the block have agreed to plug and abandon the well.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"I am delighted to announce that Coastal Energy has received government approval of its EIA for Bua Ban. This will allow us to proceed with the development of this field in 2010 in line with expectations and unlock its 21.8 mmbbl of proved plus probable reserves.
"Despite delays caused by issues with some of the submersible pumps at Songkhla A, I am also pleased to report that production levels for the quarter were strong and Coastal is on track for a robust 2010."
Additional information, including the Company's complete competent person's report may be found on the Company's website at https://www.CoastalEnergy.com/ or may be found in documents filed on SEDAR at https://www.sedar.com/.