HOUSTON--() August 01, 2012 -- Coastal Energy Company (the “Company” or “Coastal Energy”) (TSX:CEN) (AIM:CEO) announces the results of an interim third party evaluation of its onshore and offshore reserves in Thailand. RPS Energy Ltd. (“RPS”) prepared a report dated July 30, 2012, with an effective date of March 31, 2012, in accordance with the guidelines established by the Society of Petroleum Engineers (“SPE”). The RPS report was prepared to incorporate the Company's drilling results at Bua Ban North & South in 2012 as well as information from core analyses which were completed subsequent to the RPS report published on March 27, 2012, which had an effective date of December 31, 2011. All comparisons made use the reserve numbers from the report effective December 31, 2011 as the base.
Offshore Proved reserves (1P) increased by 30% to 81.0 mmbbl and offshore Proved plus Probable reserves (2P) increased by 60% to 127.7 mmbbl. Total company Proved reserves (1P) increased by 26% to 87.9 mmboe and total company Proved plus Probable reserves (2P) increased by 45% to 149.1 mmboe.
Bua Ban North
1P reserves increased by 29% to 72 mmbbl and 2P reserves increased by 60% to 108.3 mmbbl. The increase in reserves was driven by a substantial increase in the stock tank oil originally in place (STOOIP) figure following analysis of core samples from Bua Ban North. The core analyses indicate that the level of water saturation in the field is approximately 25%; lower than the 40% level which was being used to calculate the original STOOIP volumes. The STOOIP number also increased due to the additional appraisal and development drilling which was performed on the field in the first quarter (Bua Ban North B-12 & B-13).
Bua Ban South
The Company booked 2.6 mmbbl of 1P reserves and 5.3 mmbbl of 2P reserves following the exploration & appraisal program at Bua Ban South. A further 14.7 mmbbl was placed in the Possible reserves category, bringing the 3P reserves to 20.0 mmbbl. The Company expects that it will be able to re-categorize much of the Possible reserves into 1P and 2P once production testing is performed.
Songkhla A & Bua Ban Main
2P reserves at Songkhla A and Bua Ban Main increased by 18% and 20% respectively as reservoir performance in 2012 has been better than modeled.
Following the successful test of the Dong Mun sidetrack well (Coastal 39% working interest) in the first quarter, the Company has recorded 59.7 bcf (10.0 mmboe of high quality contingent resources. This will be reclassified into 1P and 2P reserves once a gas sales agreement is secured. The Company and its partners in the onshore assets are currently working on the development plans for the field as well as securing a sales agreement and evaluating pipeline construction.
Two horizontal development wells and two water injection wells were drilled at Bua Ban North. The two horizontal wells are producing approximately 1,800 bopd each. Current offshore production is 22,500 bopd, with total company production averaging 24,500 boepd.
The lack of aquifer support on the western side of the field had caused the Company to shut in production from three of the existing wells (Bua Ban North A-01, A-03 and A-11). Now that water injection has been established, the Company will begin producing from these three wells again once pressure rebuilds (expected to be in approximately 30 days).
The rig is currently undergoing regulatory inspections and will spud the Songkhla J Buried Hill prospect following completion, which is expected next week.
The Company has purchased the production facilities at Bua Ban North A, which will reduce its lease operating costs going forward as well as provide tax advantages. This brings the number of owned MOPUs to three.
Randy Bartley, President and CEO of Coastal Energy, commented:
"We are extremely pleased with the results of the interim reserves evaluation by RPS. Bua Ban North continues to surprise to the upside. The core analysis gave us a lot of valuable information about the reservoir and helped us to better formulate our field wide development plan. We are looking to contract a second rig so we can execute the Bua Ban North development while continuing our exploration program and expansion into Malaysia.
"Drilling the much needed water injectors will help to bring production from Bua Ban North back up to higher levels. We are already seeing increased rates from the Bua Ban North A-08 well due to the pressure reinjection. We expect to see benefits at the remaining wells on the western flank in the coming month as the water injection brings pressures up throughout the western side of the reservoir and we begin producing from the remaining three producers on that side.
“The Songkhla J exploration prospect is a pre-Tertiary objective approximately 2.5 kilometers north of the discovery well at Songkhla H. The well is expected to spud later this week and will be drilled to a depth of 6,700 feet. We have also commenced the planned 3D seismic acquisition over Block G5/43.”
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company‘s complete competent person’s report may be found on the Company's website at may be found in documents filed on SEDAR at
This statement contains ‘forward-looking statements’ as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.
Glossary of Technical Terms & Definitions
The following defined terms have the respective meanings set out below:
1P : Proved reserves.
2P : Proved reserves + probable reserves.
3P : Proved reserves + probable reserves + possible reserves
Development well : A well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon known to be productive.
Exploratory well : A well drilled to find a new field or to find a new reservoir in a field previously found to be productive of oil or gas in another reservoir.
Proved reserves : Those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
Probable reserves : Those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves.
Possible reserves : Those additional reserves that are less certain to be recovered than probable reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable + possible reserves.
Reserves : The estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable. Reserves are further classified according to the level of certainty associated with the estimates and may be subclassified based on development and production status.
Royalties : A payment to the government or others, usually expressed as a percentage of total hydrocarbon production.a summary of the recoverable oil volumes, a summary of the net present values of future cash flows (in USD millions) - below
TAIPEI, TAIWAN--( / ) December 02, 2019 -- The Ministry of Culture (MOC) 야동조아 구구닷컴 MadK TAIPEI,announced the winners of the “Loving Monuments” 안암동포커 TAIPEI,contest. 소라걸스 기프트 The winner is a photograph capturing 개화동풀팟홀덤 TAIPEI,야동조아 미녀훔치기 aesthetic of the Garden Watercourse 소라걸스 Museum 야동조아 2009외국영화 in 소라걸스 뷰토렌트 Tainan, Taiwan.
The contest, 어현동홀덤카페 Thefrom September to October, was held 소라걸스 헐리우드여배우노출 by the 야동조아 MOC’s Taiwan Cultural Memory Bank project in collaboration with 야동조아 사오토메루이 Wiki 소라걸스 사야마아이 Loves Monuments, 야동조아 사와무라레이코 the world’s largest photography contest ICO Thehistorical monuments.
토토넷 Inthis year’s contest, the panel selected three winning 야동조아 베드노출 pieces and 47 outstanding works. The photo 소라걸스 스즈무라아이리 of the Garden Watercourse Museum, which took the first prize, speaks of the historical, cultural, and artistic values of Taiwan’s heritage site through skillful composition, exposure, and 소라걸스 한국여배우노출영화 colors.
Acclaimed for 야동조아 아오이소라 representing the characteristics of Taiwan’s cultural diversity, the photos featuring 일문공 Acclaimed소라걸스 한수연 야동조아 한수연 Catholic Church and 야동조아 Dalongdong Baoan Temple won the second prize and third prize, respectively.
Along with the winning photos, seven works, 소라걸스 박하선영도다리 including images of Dongyindao Lighthouse, Tamshui Yinshan Temple, the Museum of Drinking Water, the Lin 야동조아 아사다마오 Family AVWOW Alongand Garden, Beigang Chaotian Temple, Cihou Fort, and Longteng Bridge, will represent Taiwan to participate in the Wiki Loves Monuments global contest.
The winning photos will 야동조아 김연아경기생중계 be collected by Taiwan Cultural 야동조아 하시모토아리나 야동 TheBank and through the 소라걸스 김연아경기중계 Creative Commons license (CC-BY-SA), 섹스만화 Theimages will be registered as cultural assets that can be used 야동조아 채보미노출 all over the world.
Following the open call for “Loving 야동조아 고두림고등학교 Monuments,” the event held another open call for “Memories Collection,” 소라걸스 고두림남자친구모델 inviting the public to submit photographs that embody collective 소라걸스 동서울터미널 강원랜드카지노추천 Following소라걸스 kt 야동조아 kt of the past.
The event has attracted many people to share individual and group photos, spanning one that captured the 소라걸스 왕뽕비키니후기 제비 Theof elephant 소라걸스 원더풀홀덤 Lin Wang, the most popular and famous animal in Taiwan, the portrait of one’s grandmother working as a 쎅스 Theapprentice when she was young, and the scene 야동조아 한게임하이로우 of ring toss games in 소라걸스 traditional 방송사고 The
Each photo preserves the collective memories 방송사고 Each야동조아 멀티라인 Taiwan and 야동조아 보드라인 echoes the spirit of “compiling each person's memory 방송사고 Eachthe nation’s cultural memories.” The MOC will also partner with Wiki 소라걸스 bikini라인노래 Loves Monuments to organize a workshop 야동조아 for OKCash Eachmemories of people in Taiwan.
Taiwan Cultural Memory Bank 소라걸스 바닐라비키 project aims at preserving and reconstructing collective 올림픽TV Taiwanof 야동조아 뉴원더풀홀덤 the 야동조아 land and the people in Taiwan, and awakens the cultural identity of people 일베야 Taiwan소라걸스 금강제화세일 this island. 야동조아
View source version 야동조아 요시샵 on businesswire.com:Korea Newswire 야동조아 홀덤바 xxx Viewyour news across every 소라넷일탈 Viewchannels through 소라넷일탈 Viewindustry’s largest 소라걸스 여자아이돌그룹왕따 press release distribution 소라걸스 텍사스홀덤사이트 network
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