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Coastal Energy reveals successful appraisal wells at Bua Ban South

By BFN News | 08:58 AM | Wednesday 02 May, 2012


Coastal Energy has revealed successful results from appraisal wells at Bua Ban South in the Gulf of Thailand. The Bua Ban South A-05 well was drilled to a depth of 3,525 feet TVD approximately 1,650 feet to the east of the A-04 well. The well encountered 20 feet of net pay across two Miocene zones with average porosity of 29%, based on evaluation of downhole logs. The A-05 is downdip from the A-04, and moved the lowest known oil down by 50 feet in the Miocene. The oil water contact was not encountered in either zone at this location, and further appraisal wells will be required to delineate the areal extent of this field. The Bua Ban South A-03ST was drilled to a depth of 9,700 feet TVD. The well encountered 31 feet of net pay in the Lower Oligocene with 15% porosity, based on log analysis. The A-03ST is approximately 5,700 feet to the north of the Bua Ban South A-01 Oligocene discovery. The well encountered 325 feet of reservoir in the Eocene with 11% porosity. It has been cased and will be utilised to test a multi-stage fracturing programme once production facilities arrive. President and chief executive Randy Bartley said: " We are extremely pleased with the results of both of these wells. "Now that we have confirmed the commerciality based on expected recoverable resources of both the Miocene and Oligocene plays at Bua Ban South we have purchased production facilities which will arrive in the third quarterof this year. "We are going to return the rig to Bua Ban North and drill horizontal development wells and water injection wells until the MOPU is on location at Bua Ban South, after which time we will proceed with further appraisal drilling. "Our offshore production is holding steady at 21,700 bopd. "We expect rates to return to and exceed previous levels once we begin drilling the additional development and injection wells at Bua Ban North. "We have also received our permit to drill up to 10 additional wells at Songkhla A and plan to return there later in the year." At 8:58am: (LON:CEO) share price was +55p at 1065p Story provided by StockMarketWire.com