Offshore staff
HOUSTON –Coastal Energy Co. (TSX:CEN;AIM:CEO) has entered into a small field risk service contract (“RSC”) with Petroliam Nasional Berhad to develop and produce petroleum from the Kapal, Banang, and Meranti cluster of small fields offshore peninsular Malaysia.
The KBM Cluster fields are within 20 km (12.5 mi) of each other in a water depth of 60 m (197 ft). The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 ft (1,158 m) to 7,800 ft (2,377 m).
Coastal will be the operator and will develop the fields using mobile offshore production units and floating storage and offloading tankers similar to themethod used to develop its assets offshore Thailand. A total of 17 wells will be drilled, 10 planned at Kapal, four at Banang, and three at Meranti.
“The KBM Cluster has similar characteristics to ourexisting fields offshore Thailand and we are confident that our experience and expertise in developing smaller fields quickly and efficiently will prove valuable,” said Randy Bartley, president and CEO of Coastal. “There is also appraisal and step-out drilling potential at the KBM Cluster which we plan to exploit during the development program.”
7/06/2012
