Coastal Energy announced an update of its operations in the Gulf of Thailand.
The Bua Ban A-01, A-02 and A-05 wells have been completed using electric submersible pumps ("ESPs") and tied into production facilities. Combined production from the three wells is averaging 3,000 bopd. The oil being produced is sweet and has API gravity of 30 degrees.
The Bua Ban A-03 well has reached total depth of 8,650 feet TVD. It was drilled off structure to test the lower limits of the Lower Oligocene oil column. The well encountered 20 feet of net pay in a Lower Oligocene section which is 310 feet below the previous lowest known oil point. Additionally, the well encountered 24 of net pay with 20% average porosity in the higher Miocene section at approximately 3,400 feet TVD. The oil tested from the Miocene formation is sweet and has API gravity of 34 degrees. The Company is evaluating the future prospectivity of this play.
The Benjarong A-01 and A-02 wells have been completed and flow tested at uncommercial rates. The Company is evaluating the cost and probability of success of fracture stimulation.
The four wells at Songkhla A continue to perform in line with modeled rates. Production at Songkhla A is currently averaging between 8,000 - 8,500 bopd.
The Company's total offshore production is now approximately 11,000 bopd. Total combined production, including 2,000 boepd from Sinphuhorm, is approximately 13,000 boepd.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented, "The initial test results at Bua Ban are encouraging. Production from the A-05 well is higher than was anticipated in the original development plan. The new Miocene play seen in the A-03 well is exciting as it is the first time that productive Miocene sands have been encountered in Block G5/43. This discovery has significant potential for future appraisal and development. We continue to expect the current development at Bua Ban to bring further success and increases in production."
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