CEPSA agrees to Coastal Energy takeover
Spanish oil company CEPSA has agreed to acquire Coastal Energy via a share purchase.
HOUSTON – Spanish oil company CEPSA has agreed to acquire Coastal Energy via a share purchase. The transaction is expected to close early next year.
Coastal’s assets include a 100% interest in blocks G5/43 and G5/50 in the Gulf of Thailand spanning the Songkhla, Nakhon, and Ko Kra basins.
Coastal estimates that its offshore Thailand interests hold net 2P reserves of 127.7 MMbbl of oil, with more than 30 additional prospects containing prospective resources totaling 450 MMbbl.