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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Offshore

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Staying Afloat Down Under?

In recent years, Australia has been a major growth area for offshore gas production and a key driver of offshore CAPEX, says Clarksons Research.   However, the

Finance

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Diana Containerships in Red, Suspends Dividend

Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.   The shipping

DP World Eyes Taiwan Port

Global marine container terminal operator DP World  will help to expand the development of Kaohsiung Port’s Terminal 7, which is owned by the state run Taiwan International Ports Corporation (TIPC),

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1014 sec (10 req/sec)