US-based Coastal Energy to Place Second Offshore Thailand Rig

Press Release
Monday, November 26, 2012

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. 2012 capital expenditures were largely driven by substantial facilities purchases which will be significantly lower in 2013. The reduction in facilities expenditures is offset largely by the doubling of drilling capex as the Company adds a second drilling rig for the full year. The Company is also expecting to incur higher than average capex onshore in Thailand due to the beginning of pipeline construction and the development drilling at the Dong Mun field. The breakdown of the Company's capex budget is $200MM offshore Thailand, $40MM onshore Thailand and $75MM Malaysia.

Randy Bartley, President & CEO of Coastal Energy commented:
"As our guidance demonstrates, we expect a strong 2013. Our business is performing well and, given our highly prospective inventory, significant asset base, exploration success and growing oil production profile, we are well positioned to continue delivering value to our shareholders.

"We continue to be pleased with our operational results. The first hydraulic fracturing program at Bua Ban South is underway and initial results are encouraging. If successful, this would be a viable solution to unlocking the millions of barrels in lower porosity and permeability sands in the Songkhla basin. We expect to provide a comprehensive update on this program prior to year end. Coastal is anticipating a busy 2013 as we put a second drilling rig to work in Thailand."


 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Hogan Named VP at Newport News Shipbuilding

Rob Hogan has been appointed vice president of manufacturing at the Newport News Shipbuilding division of Huntington Ingalls Industries (HII), the company announced.

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Offshore

Damen Delivers Custom-Made Offshore Winches to Fugro

Damen Maaskant Shipyards, part of Damen Shipyards Group, has delivered two dedicated offshore winches to Fugro. The Dutch shipyard was responsible for the design,

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

Finance

Matson Announces Quarterly Dividend

Matson, Inc. declared a first quarter dividend of $0.17 per common share, the company’s board of directors announced. The dividend will be paid on March 5, 2015

Kirby Reports Record Earnings

Kirby Corporation announced record net earnings of $68.1 million, or $1.19 per share, for the fourth quarter 2014 (ended December 31). The results bested 2013’s fourth quarter figures of $64.

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1728 sec (6 req/sec)