Wednesday, June 15, 2011
Coastal Energy Co.
Coastal announced that the Bua Ban North B-06 well was drilled to a total depth of 6,800 feet TVD and encountered 69 feet of net pay with 28 percent porosity in the Miocene interval. MDT (Modular Dynamic Testing) pressure analysis confirms that the well is in communication with the B-02 and B-04 wells and oil samples recovered have an API gravity of 36 degrees.
The B-06 also encountered 17 feet of net pay with 22 percent porosity in the Eocene in the western upthrown fault block, which has also been referred to as the Bua Ban North Terrace. This is the highest porosity Eocene pay zone that has been encountered in the basin.
Randy Bartley, Chief Executive Officer of Coastal Energy, commented, "We are pleasantly surprised with the results of the B-06 well. The well was expected to encounter a wet section of the reservoir and be used for aquifer support; however, the fact that it encountered a significant oil pay zone in the Miocene which is connected to the other wells in the same fault block has several positive implications.
The lowest known oil in this fault block has been moved lower by 100 feet and has nearly tripled the extent of the structural closure to 425 acres. The oil water contact here is much deeper than originally anticipated. Following this discovery, we will drill an additional well (B-07), to confirm the MDT data which indicate an oil water contact at 3,825 feet. The B-07 well can be used for water injection. We then plan to drill a well (B-08) on the eastern side of the field and northeast of the B-03 well to further evaluate the full extent of this closure. If successful, this would materially increase the size of the productive field.
In addition, the high quality of the Eocene reservoir which was seen confirms our assessment that the Eocene is conventionally producible above 6,500 feet. The B-06 well supports further exploration to the north and west and reduces the risk of the Company's Eocene targets.
The mobile offshore production unit is on standby and will mobilize to Bua Ban North B to begin testing operations as soon as the drilling rig moves off location."
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