Coastal Energy Company has announced an update on its operations offshore Thailand.
The Company's wholly owned subsidiary, NuCoastal (Thailand) Limited, has finalized its previously announced contract with Deep Drilling 7 Pte. Ltd. for a charter of the Deep Driller 7. The contract is for an initial term of three months and is extendable up to an additional three months. The rig is expected to begin mobilizing to the Songkhla location in mid-September 2008.
Randy Bartley, Chief Executive Officer of Coastal Energy commented, "The Company has government approval for extended production testing while drilling at our Songkhla field development. We expect to be drilling by late September, with completion and testing of the first Songkhla well by mid-October.
"We will continue to test and produce our first well to test facilities while continuing simultaneous drilling operations. This early extended testing and production will allow the Company to establish production and cash flow from offshore properties ahead of final Environmental Impact Assessment approval and platform and facilities installation."
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