News

October 14, 2009

Coastal Energy Has A Slight Hitch With The First Drilling Of Its New Multi Well Programme But Overall The Result Are In Line With Expectations

Board members of Toronto (TSX) and London AIM listed Coastal Energy spent part of September in London having meetings spelling out the investment case for their company, most notably at the 28th oilbarrel.com conference on September 15. Randy Bartley the CEO said that the group envisaged an intensive drilling campaign of at least eight wells on and offshore its core area of Thailand.

We have just had news of the first well in this campaign and the results are more or less in line with expectations. We explain what we mean by “more or less” in just a moment. The background is this: Coastal has had some gas production in Thailand for some time but it said it wanted to go for the bigger prize of oil. During the course of 2008 it’s achieved this ambition by revisiting an old Premier Oil discovery on the G5/DA block on the offshore Songkhla field in the Gulf of Thailand where...