News

December 03, 2009

Coastal Energy Releases Q3 Results As It Prepares To Seek Another Pearl Offshore Thailand

Shares in Coastal Energy, which has seen its share price on London’s AIM increase more than three-fold this year, saw its share price tick up another 11 pence on Tuesday as it released Q3 financials that showed EBITDAX of US$6.8 million and crude oil sales of US$21.2 million for the three month period. Its shares closed up 3.7 per cent at 301 pence as the Thailand-focused company reported good progress with its development drilling programme on the Songkhla oilfield and the imminent spud of a high impact exploration well, Songkhla B.

The company, which is also listed on the TSX-Venture exchange, has built a nice little business for itself in Thailand, with about 2,000 barrels of oil equivalent per day coming from the Phu Horm gas field in north-east Thailand and another 10,000 boepd from the Songkhla oilfield in the shallow waters of the Gulf of Thailand.  This is a healthy income stream – the company has been predicting cash flows of US$300 million next year based on a US$65 oil price - and, importantly from an...