Coastal Energy drills Benjarong A-01 to 10,565 feet
2010-04-14 06:43 MT - News Release
Mr. Randy Bartley reports
COASTAL ENERGY ANNOUNCES RESULTS OF BENJARONG A-01 EXPLORATION WELL
Coastal Energy Company has released the results of the Benjarong A-01 exploration well in the gulf of Thailand.
The Benjarong A-01 well was drilled to a total depth of 10,565 feet TVD (3,242 meters). The well appears to be an oil discovery and encountered 83.5 feet (25.5 meters) of apparent net oil pay in the Eocene primary reservoir, based on wireline log data. Porosity in the reservoir averages 11.9%. Additionally, the well encountered 16.5 feet (5 meters) of apparent net oil pay with 15.1% porosity in a shallower section of the Eocene reservoir.
The Company has spudded a second well, the Benjarong A-02, which will test Lower Oligocene and Eocene objectives in a structure separate from the Benjarong A-01 well. Following drilling of Benjarong A-02, the Company will perform a flow test on Benjarong A-01.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"The Benjarong A-01 well has characteristics similar to that of the original Benjarong-1 well which was drilled in 1996. We have yet to determine the commerciality of the well at this porosity and will not be able to establish its productivity until a flow test is conducted. The flow test of the A-01 well is scheduled to begin once drilling of Benjarong A-02 is complete. In the event of an additional discovery at Benjarong A-02, it will be more cost effective to flow test both at the same time. Production from both wells would then be tied into a MOPU and produced in a manner similar to Songkhla A."
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 Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
We seek Safe Harbor.
Finally an update.
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