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

People & Company News

Construction of new Stockholm Norvik Port Begins

For Hutchison Port Holdings (HPH), one of the world’s leading container terminal operators, Stockholm is strategically important. In April the final permit was

The Odd Trio - HMM, Maersk and MSC

In one of the more bizarre twists in the container shipping market it emerged last week that financially troubled carrier South Korean Hyundai Merchant Marine

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Offshore

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Finance

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports korea Herald.   A

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.2218 sec (5 req/sec)