Coastal announced the results of a third party evaluation of the stock tank oil originally in place ("STOOIP") and recoverable oil volumes at the Bua Ban North A & B fields.
RPS assigned 54.9 mmbbl of recoverable volumes to the Proven (1P) category and an additional 12.1 mmbbl to Probable category, resulting in a 2P (Prove + Probable) recoverable volume of 67.0 mmbbl.
The RPS report reaffirms that Bua Ban North A & B are connected on the western side of the field. Given this, in the future the Company will refer to the fields collectively as "Bua Ban North". Bua Ban North is a totally separate field from our existing Bua Ban field, which is located several kilometers south.
RPS did not evaluate the net recoverable volumes with an economic analysis, and the volumes reported are therefore not designated as Reserves at this stage under SPE guidelines. However, an economic analysis resulting in net Reserve volumes is not expected to change the recoverable volume estimates by a material amount.
Randy Bartley, President and CEO of Coastal Energy, commented, "The results of the RPS evaluation confirm the significant extent of the Bua Ban North field. We are pleased that the results are in line with our own internal estimates. We are also encouraged that RPS has assigned unrisked contingent and prospective recoverable resource volumes of an additional 63 mmbbl at Bua Ban North. Further drilling will be required to prove these additional volumes and maximize field recovery. We plan to drill an additional four to five wells to begin appraising these volumes following the completion of the current A-10 well."
The volumes stated above are in addition to Coastal's gross 27.1 mmbbls (net 24.8 mmbbls) 2P Reserves stated for the Songkhla Fields in our year-end 2010 reserves report.
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