Coastal Energy

Latest Coastal Energy News

• The Company reported record levels of production, cash flow and earnings in the first quarter of 2012.
• EBITDAX for Q1 2012 was $128.4 million, 202% higher than the $42.5 million recorded in Q1 2011.
• The Company announced successful discoveries in the Miocene and Oligocene reservoirs at Bua Ban South.
• The Company acquired an additional 2.9% of Apico LLC, which holds its onshore oil & gas concessions.

• The Bua Ban South A-05 well was drilled to a depth of 3,525 feet TVD approximately 1,650 feet to the east of the A-04 well.
• The Bua Ban South A-03ST was drilled to a depth of 9,700 feet TVD. The well encountered 31 feet of net pay in the Lower Oligocene with 15% porosity, based on log analysis.

• The Bua Ban South A-04 well was drilled to a depth of 3,250 feet TVD on the eastern flank fault block at Bua Ban South, approximately 1.5 miles south of the Bua Ban Main A-11 well.

• Total Company production increased to 14,508 boe/d in the fourth quarter from 7,552 boe/d in the same period last year.
• Total Company production averaged 11,540 boe/d for the full year of 2011, 19% above 2010 levels.

• The Bua Ban South A-02 well was drilled to a total depth of 8,275 feet TVD.
• The A-02 well was 700 meters from the A-01 well at the top of the Lower Oligocene.

• The Bua Ban South A-01 well was drilled to a total depth of 8,500 feet TVD. The well encountered 88 feet of net pay in the Lower Oligocene section.
• The successful results of Bua Ban South A-01 are being incorporated into the ongoing technical review, operational planning and guidance on the potential size of the discovery will be forthcoming once complete.

• Coastal Energy has drilled two additional producing wells and one water injection well at Bua Ban North.
• The sidetrack of the Dong Mun 3 well, located on Block L27/43 onshore Thailand, reached a total depth of 2,539 meters TVDSS.
• Coastal has entered into an agreement to acquire an additional 2.9% stake in APICO.

• Coastal Energy has extended its crude oil sales agreement for an additional two years and has secured a discount of $1.70 per bbl to the Dubai benchmark crude price, which is at a premium to the previous discount to Dubai of $4.25 per bbl.

• Coastal Energy's Bua Ban North B-09 was drilled as appraisal well.
• The well was drilled to a depth of 5,200 feet TVD and encountered five Miocene pay zones.

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