CEN.to hits oil in Bua Ban South.
Coastal Energy Announces Successful Results Of Bua Ban South A-01 Well
Tuesday, March 13, 2012
HOUSTON, March 13, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Thailand, announces the successful results of the Bua Ban South A-01 well.
The Bua Ban South A-01 well was drilled to a total depth of 8,500 feet TVD. The well encountered 88 feet of net pay in the Lower Oligocene section. The new discovery demonstrated good reservoir characteristics with 12 percent porosity and recorded pressure data indicate that this is a new and separate accumulation from the Bua Ban Main field.
The successful results of Bua Ban South A-01 are being incorporated into the ongoing technical review, operational planning and guidance on the potential size of the discovery will be forthcoming once complete.
The Lower Miocene sands which were present in the Bua Ban Main A-11 well were not present in this particular fault block.
Randy Bartley, President and CEO of Coastal Energy, commented:
"The Bua Ban South A-01 well has discovered a new oil accumulation. This successful well has re-enthused us for the Lower Oligocene at the Bua Ban South area. We will also be testing two adjacent upthrown Miocene fault blocks with the next two wells."
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