Coastal Energy has successfully drilled the Bua Ban North B-01 exploration well offshore Thailand. The well was drilled to a total vertical depth of 7,960 feet (2,426 meters), encountering 28 feet (8 meters) of net pay in the Upper Oligocene with 23% average porosity and 29 feet (9 meters) of net pay in the Lower Oligocene with 16% average porosity.
Coastal estimates that this fault block contains a total of 13 million barrels of oil-in-place across these two intervals. The B-01 well also encountered good oil shows in three zones in the Miocene level; however, this interval was targeted in this well and the Miocene was not encountered in an optimal structural position. There was also an oil show in the Eocene interval.
Coastal has now spud the Bua Ban North B-02 well to test two Miocene intervals in an optimal structural position. The Bua Ban field is located on Block G5/43 in the Gulf of Thailand. Coastal Energy wholly owns and operates the block.
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