Coastal Energy Announces Results of Songkhla B-01

Source: www.gulfoilandgas.com 1/20/2010, Location: Asia

Coastal Energy Company, an independent exploration and production company with assets in Thailand, announces the results of the Songkhla B-01 exploration well on Block G5/43 in the Gulf of Thailand.

The Songkhla B-01 well was drilled to a total measured depth of 9,050 feet (2,758 meters) and encountered oil-bearing sands in the Lower Oligocene formation. The well encountered a breached trap in the Lower Oligocene formation and as a result logged only 10 feet of net pay. The Eocene formation contained substantial hydrocarbon shows but with low porosity and permeability. The Company plans to temporarily abandon the well and will return to complete it dependent upon commercial discoveries in the Songkhla B area.

Randy Bartley, Chief Executive Officer of Coastal Energy, commented: "The results of the Songkhla B-01 well have provided us with valuable information about the structure. The next step is to drill the Songkhla B-02 well on the western side of the fault block in order to fully evaluate Songkhla B and make decisions regarding future development, as a commercial discovery will be required to complete and produce the B-01 well.

We expect to move to the Songkhla B-02 well today.

"Additionally, we have mobilized a workover unit to the Songkhla A location and have begun repair operations on the Songkhla A-04 well."

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 Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.


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