Coastal Energy succeeds with appraisal wells at Bua Ban South

Offshore staff

HOUSTON – Coastal Energy (TSX:CEN) (AIM:CEO) reports the successful results of the Bua Ban South A-03ST and A-05 wells.

The Bua Ban South A-05 well was drilled to a depth of 3,525 ft (1,074 m) TVD approximately 1,650 ft (503 m) to the east of the A-04 well. The well encountered 20 ft (6 m) 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 ft (15 m) 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 ft (2,957 m) TVD. The well encountered 31 ft (9 m) of net pay in the Lower Oligocene with 15% porosity, based on log analysis. The A-03ST is approximately 5,700 ft (1,737 m) to the north of the Bua Ban South A-01 Oligocene discovery.

The well encountered 325 ft (99 m) of reservoir in the Eocene with 11% porosity. It has been cased and will be utilized to test a multi-stage fracturing program once production facilities arrive.

Randy Bartley, president and CEO, 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 quarter of 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.”

5/02/2012

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