Coastal Energy announced the successful results of the Bua Ban North B-03 exploration well.
The Bua Ban North B-03 well was drilled to 4,420 feet TVD and encountered 48 feet of net pay in the Miocene objective with average porosity and water saturations of 28% and 33%, respectively. The water saturations are the lowest seen thus far in the Miocene trend. The B-03 is currently being cased and will then be suspended pending the arrival of testing equipment. The Company then plans to spud the B-05 well to appraise the Lower Oligocene reservoir updip from the discovery in the B-01 well.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented, "The B-03 discovery is significant as it proves that all Miocene fault block configurations along the western edge of the basin are capable of trapping hydrocarbons. This well also continues to highlight the high reservoir quality in the Lower Miocene and Upper Oligocene intervals on the western side of the basin. Based on this discovery we plan to begin evaluating any potential Miocene targets in the central part of the basin between Songkhla and Bua Ban.
"Our 2011 exploration program has been successful thus far with 6 of the 7 wells being successful and adding new reserves."
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.
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