Oil Explorers Update on Thailand Assets
US-based Coastal Energy Company updates progress on Thailand rig location and pilot offshore facturing program. The Atwood Manta has arrived on location at the Bua Ban North B field and is currently rigging up. The Company plans to drill eight development and appraisal wells at Bua Ban North with the Manta. Following completion of these eight wells, the Company plans to mobilize the Manta to the KBM cluster offshore Malaysia in early Q213 to begin appraisal drilling there. The Company has recently tested hydraulic fracturing ("fraccing") with a three stage fracturing program in the Lower Oligocene in the Bua Ban South A-01 well. All three zones which were fracced have flowed back oil naturally during cleanup.
US-based Coastal Energy to Place Second Offshore Thailand Rig
Coastal Energy Company, an independent exploration and production company with assets in Thailand, issues 2013 guidance. • The Company expects operating expenses to average approximately $19.00 per bbl offshore Thailand, well below 2012 levels as the Company realizes a full year of facilities purchases for its Thailand operations. • The Company expects total company production to average 33,000 boepd (net to Coastal) for the full year. This estimate includes 27,000 bopd from offshore Thailand, 2,300 boepd onshore Thailand and net production from Malaysia averaging 3,700 bopd (Production expected to begin in early Q3). • Total capital expenditures are expected to be approximately $315MM, down from the estimated $360MM in 2012.
Coastal Energy Charters Atwood Manta Rig
Coastal Energy Company contracts 'Manta' jackup drilling rig from an Atwood Oceanics subsidiary for operations in the Gulf of Thailand & offshore Malaysia. In accordance with the contract, US-based Coastal will pay a $145,000 day rate throughout the 12 month firm duration. The Company anticipates delivery of the Manta by late November. "We are pleased to announce the signing of this contract with Atwood and are eager to commence drilling with the Manta later this year. The addition of a second drilling rig is an important milestone for Coastal, as it will allow us to conduct our development and exploration programs simultaneously.
