Coastal Energy Announces Successful Drilling Results at Bua Ban North A and Operations Update

Coastal Energy Company (TSX:CEN) reported the results of the Bua Ban North A-06 well and provides an operations update.

The press release is quoted as saying:

The Bua Ban North A-06 well was drilled to a total depth of 5,950 feet TVD. The well encountered 63 feet of net pay in the Miocene with average porosity of 28 percent. The A-06 well was drilled into the western bounding fault block originally discovered by the A-01 well and encountered the main Miocene objective 50 feet downdip from the original discovery well. The reservoir quality seen in the A-06 is superior to that in the A-01 well, which encountered 32 feet of net pay with 26 percent porosity.

Coastal Energy’s CEO, Randy Bartley, commented:

“We are very pleased with the results of the Bua Ban North A-06 well. Based on log and pressure data, the areal coverage of this western fault block has increased from 160 acres to over 500 acres. The better than expected reservoir quality indicates the A-06 should make an excellent producing well. We plan to drill an additional well further north in this fault block to further test the area between Bua Ban North A & B in the western fault block.

Click here to access the entire press release