Tuesday, May 10, 2011
Coastal Energy Co.
Coastal Energy Co. on Tuesday announced the successful results of the Bua Ban North B-02 exploration well.
The Bua Ban North B-02 well was drilled to 6,513 feet TVD and encountered 62 feet of net pay in the Miocene objective with 26% average porosity. The B-02 well also tested the Eocene interval and encountered 150 feet of net sand with 19% average porosity. The Eocene sand zone was wet as it was not a target in this well and was drilled off structure.
The B-02 has been cased and suspended pending the arrival of testing equipment. Conductor pipe has been set on the B-03 well, which is testing the Miocene in a separate fault block due east from the B-02 well.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented:
"The B-02 well encountered thicker sands in the Miocene than were anticipated with better than expected reservoir quality. The Eocene zone which was encountered was not a target in this well, but delivered the highest reservoir quality sands we've seen to date in the Eocene interval. The reservoir characteristics in the Eocene are better than what we have modelled at this depth. This supports our thesis of higher quality sands in the shallower Eocene and should bode well for the planned drilling of the shallower Eocene prospects to the northwest."
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