Oil Production Profile News

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.