Offshore staff
HOUSTON –Coastal Energy Co. (TSX:CEN) (AIM:CEO) has found what it says is a new oil reservoir separate from the Bua Ban Main field offshore Thailand.
The Bua Ban South A-01 well, with a TVD of 8,500 ft, hit 88 ft of net pay in the Lower Oligocene. The 12% porosity and recorded pressure data indicate it is separate from themain field. The Lower Miocene sands present in the Bua Ban Main A-11 well were not encountered.
These results will be added to an ongoing technical review, operations planning, and guidance on the size of the area discovery.
“The Bua Ban South A-01 well has discovered a new oil accumulation,” says Randy Bartley, president and CEO of Coastal Energy. “This successful well has re-enthused us for the Lower Oligocene at the Bua Ban South area. We will also be testing two adjacent upthrown Miocene fault blocks with the next two wells.”
3/14/2012
