Coastal Energy Announces Successful Appraisal Well at Songkhla A
HOUSTON, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (CEN.TO) (CEO.L) announces the successful results of the Songkhla A-10 well.
The Songkhla A-10 well was drilled to a depth of 7,400 feet TVD and encountered 213 feet of net pay in the Lower Oligocene with 20% porosity. The gross oil column in the well was approximately 550 feet thick. The A-10 well was drilled into the same fault block as the A-12ST#1, which is the easternmost fault block at Songkhla A. The A-12ST#1 originally tested at 3,500 bopd with 105 feet of net pay.
Randy Bartley, President & Chief Executive Officer, commented:
"The A-10 well result is outstanding. This well encountered a record amount of net pay for the Songkhla basin with some of the best reservoir characteristics we've seen in the Lower Oligocene interval. We estimate that this doubles the volumetric estimates for this particular fault block. Production will be tied in from this well shortly. The next well will test the fault block immediately to the north and, if successful, could warrant an additional production facility in this location to develop these two fault blocks."
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.
