CEPSA agrees to Coastal Energy takeover

Spanish oil company CEPSA has agreed to acquire Coastal Energy via a share purchase.

Coastal Energy Gulf of Thailand assets
Coastal Energy Gulf of Thailand assets

Offshore staff

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.

The company has two 20-year production licenses on G5/43, one for theSongkhla field and one for the Bua Ban field, covering 357 sq km (138 sq mi) in the Songkhla basin. Both are in production.

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.

11/19/2013

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