Coastal Energy Announces Drilling Update

Coastal Energy Company (LON:CEO) announces an update of its operations in the Gulf of Thailand.

The press release is quoted as saying:

The sidetrack of the Songkhla A-12 well has made a new discovery east of the recent discovery made by the Songkhla A-09 well. The A-12 encountered pay zones in both the Oligocene and Eocene reservoirs. Analysis of the data indicates both reservoirs are separated from the Songkhla Main reservoir by a 400 foot fault. The A-12 encountered 105 feet of net pay in the Oligocene with 20% porosity and 43 feet of net pay in the Eocene with 19% porosity. The Company’s oil in place estimate for this newly discovered Oligocene reservoir is over 20 million barrels. The Company expects to have this well completed within the next week.

Click here to access the entire press release