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Future Plans
Offshore Thailand Drilling Program
In November 2007, Coastal Energy announced the signing of a 12 month drilling contract with Swiber Offshore Drilling Pte. Ltd. of Singapore.
The Swiber Jack Up-1 ("JU1") barge mounted rig will be used for the drilling of production, appraisal and explorations wells in the offshore G5/43 block, Gulf of Thailand which is 100% owned and operated by NuCoastal (Thailand) Ltd., a wholly owned subsidiary of Coastal. Drilling is expected to commence in March 2008 with two to three production test wells on the Bua Ban field. These wells will target what are believed to be untested fan delta sand sequences that have been interpreted from the high resolution 3-D seismic survey acquired earlier this year. After completion and testing of the Bua Ban wells the JU1 rig will move to Songkhla field where it will drill a minimum of five production wells. The rig will then commence drilling appraisal wells on several other discovered fields and exploration drilling on mapped prospects in the northern portion of the Songkhla Basin.
The JU1 rig has been specially designed to drill in shallow waters and has the capability and flexibility to accommodate Coastal's diversified well programme which includes open water appraisal, exploration drilling as well as wellhead platform production drilling.
The 12 month contract, which is extendable for an additional 12 months, will enable the Company to drill, test and complete an average of two wells per month at a rig cost of approximately US$65,000 per day which is considerably less than the jack up rates in Asia that are currently averaging US$200,000 per day.