Thread: Coastal makes discoveries offshore Thailand

Anybody translate this into English?

money .

Jeez, more potential wellheads for us to design and build....

much needed investment in the south

Won't provide a great deal of work down there, our Songkhla office is 3 people....

any jobs going..

With us, nope, no more expats will be hired.

With the opening story....probably.

Originally Posted by BigRed

Anybody translate this into English?

If they find much more America will invade.

Plenty of oil around the world and yet the libs cry. I love my Triton V10 engine - 11 miles to the gallon!!

Well's in Thailand tend to have a very short life, 2,000 BPD (Bbls per day) is good, if it lasts! the manner this has been released looks like they are looking for investors or trying to boost there share value.

Coastal hits gas in Thailand
Eoin O'Cinneide
23 February 2012

Coastal Energy has made another gas strike at an onshore play in Thailand as it increases its stake in a block.

The US independent hit a 113 metre gas column at a sidetrack to the Dong Mun 3 well on Block L27/43, it said on Thursday.

The sidetrack was drilled to a total depth of 2539 metres with the gas column, of 6% porosity, tested for 24 hours.

Shares in London-listed Coastal rocketed over 6% before the opening of trading on Thursday on news of the discovery.

Coastal currently holds a 36.1% stake in the joint venture which operates the block, Apico. However, the company revealed on Thursday that it is taking a further 2.9% slice for $9.25 million in cash to take its holding up to 39%.

Coastal also said it has drilled two additional producing wells and a water injection well at Bua Ban North offshore Thailand.

“One of the producing wells was drilled horizontally, has been tied in and is currently producing. The Company has two more wells to bring online at Bua Ban North.

“Current offshore production is averaging 26,000 barrels of oil per day, bringing total company production to 28,000 barrels of oil equivalent per day.

“The rig is now being mobilized to Bua Ban South and is expected to spud the first well there by the end of February.”

upstreamonline.com

So they are not in direct competition with Qatar Petroleum or Qatar Gas? Or in fact any major oil companies, an extra 2000bbls per day is pocket money for the Hiso in Bangkok it might get the Thai Chairmans wife a new pair of shoes from Central..

Originally Posted by thehighlander959

So they are not in direct competition with Qatar Petroleum or Qatar Gas? Or in fact any major oil companies, an extra 2000bbls per day is pocket money for the Hiso in Bangkok it might get the Thai Chairmans wife a new pair of shoes from Central..

2000 x $120 (ish) x 365 = $87.6 million a year.

Gets you slightly more than a new pair of shoes, no?

Excellent news for the Thai population. More energy security, more investment in local expertise .......

^
"You know what I mean Arry" as Frank Bruno would say, by the way is this really news??? And will they give the people who lost their homes the 5000 baht each that the government owes them.
Nah didn,t think so....

Originally Posted by good2bhappy

much needed investment in the south

I doubt any benefits or investments will be seen for the good people of the south.

Surfaced token, perhaps.....not nothing significant.

Trickle down theories [directly or indirectly] don't apply when where talking mega-profits from corporations or governments.

It will just make the shareholder Hiso richer,I don,t know many Thai working people who have shares portfolios anyone????
It will be of no benefit to the ordinary Thai in the street or anybody in the south of the country.
TiT remember.....

Are there no Thais working, in whatever manner, in the Thai offshore industry?

^ Lots of Thai's work in the oil sector, majority in low paying jobs, though not all.
Thailand is going to get a lot busier in the offshore market in the next couple of years, mobile rig count will double from 7 - 14 units.

Does Thailand not have design offices, fabrication yards or service companies?

Several! I suspect the two biggest are too busy to handle Coastal's small business model.....

Coastal Energy Announces Offshore Operations Update and Onshore Discovery
Monday, Feb 27, 2012

Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Thailand, announces an update of its offshore operations and the successful discovery and production testing results from the sidetrack of the Dong Mun 3 onshore gas well and acquisition of increased working interest there.

Offshore

Coastal Energy has drilled two additional producing wells and one water injection well at Bua Ban North. One of the producing wells was drilled horizontally, has been tied in and is currently producing. The Company has two more wells to bring online at Bua Ban North. Current offshore production is averaging 26,000 bopd, bringing total company production to 28,000 boepd. The rig is now being mobilized to Bua Ban South and is expected to spud the first well there by the end of February.

Onshore

The sidetrack of the Dong Mun 3 well, located on Block L27/43 onshore Thailand, reached a total depth of 2,539 meters TVDSS on the sidetrack of the Dong Mun 3 well. The well encountered a vertical gas column of approximately 113 meters with porosity of up to 6 percent. The well was flow tested for 24 hours and produced at an average rate of 15 mmcfd with flowing pressure of 1,950 psi through a 32/64" choke. Further testing, appraisal and commercialization options for the Dong Mun are being reviewed by the partners. APICO is a joint venture and the operator of the L27/43 concession. Coastal currently owns 36.1% of APICO, making it the largest stakeholder in the joint venture.

Coastal has entered into an agreement to acquire an additional 2.9% stake in APICO, which is currently held by a minority partner, for US$9.25 million in cash, bringing Coastal's interest in APICO to 39%. This transaction is expected to close on or about February 23, 2012. APICO also holds a 35% interest in the nearby Sinphuhorm Gas Field, thus increasing Coastal's net interest in the field to 13.65%.

Randy Bartley, President and CEO of Coastal Energy, commented:

"Our offshore operations continue to progress as planned. The recent wells at Bua Ban North showed results consistent with our prognoses. Most importantly, the horizontal well at Bua Ban North B is performing similarly to the horizontal well which was drilled at Bua Ban North A in 2011. This further confirms our thesis that horizontal wells will be a significant tool in the development of this field.

"The test results of the Dong Mun 3 sidetrack are extremely encouraging. Testing is ongoing to determine the maximum deliverability of the well and evaluate additional stimulation, which could lead to a significant increase in flow rates. The location of this sidetrack was determined using recently acquired 3D seismic. The drilling results combined with the new 3D seismic strongly indicate that this gas structure has an areal extent of over 5,000 acres, giving this resource tremendous potential. Now that the commercial viability of the field has been determined, we have begun the process of applying for a production license.

"We are also pleased with our acquisition of a further stake in APICO. This transaction is accretive to our 1P and 2P NAVs using only Sinphuhorm valuations. The discovery being announced today makes it an even more exciting transaction for us."

Particulars of the Transaction

Coastal acquired the additional 2.9% stake in APICO from Roil Production Thailand, LLC. APICO holds a 35% working interest in the Sinphuhorm natural gas field onshore Thailand, as well as 100% working interests in concessions L27/43 and L15/43 onshore Thailand. APICO had USD33.4MM of net income in 2010.

Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Certified Petroleum Geologist and a Licensed Professional Geoscientist in the state of Texas, have reviewed the contents of this announcement.

Source: Coastal Energy

yourindustrynews.com

Originally Posted by Mid

Coastal hits gas in Thailand
Eoin O'Cinneide
23 February 2012

Coastal Energy has made another gas strike at an onshore play in Thailand as it increases its stake in a block.

The US independent hit a 113 metre gas column at a sidetrack to the Dong Mun 3 well on Block L27/43, it said on Thursday.

The sidetrack was drilled to a total depth of 2539 metres with the gas column, of 6% porosity, tested for 24 hours.

Shares in London-listed Coastal rocketed over 6% before the opening of trading on Thursday on news of the discovery.

Coastal currently holds a 36.1% stake in the joint venture which operates the block, Apico. However, the company revealed on Thursday that it is taking a further 2.9% slice for $9.25 million in cash to take its holding up to 39%.

Coastal also said it has drilled two additional producing wells and a water injection well at Bua Ban North offshore Thailand.

“One of the producing wells was drilled horizontally, has been tied in and is currently producing. The Company has two more wells to bring online at Bua Ban North.

“Current offshore production is averaging 26,000 barrels of oil per day, bringing total company production to 28,000 barrels of oil equivalent per day.

“The rig is now being mobilized to Bua Ban South and is expected to spud the first well there by the end of February.”

upstreamonline.com

almost bought this company shares 1 year ago on the Toronto Exchange when they were trading as low as 4 or 5 CND,

they are now trading at 20 CND