Coastal Energy Issues Phu Horm Gas Field Update

abarrelfullabarrelfull wrote on 24 Apr 2014 12:45

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Nov 26, 2007

Coastal Energy (the "Company") (TSX-V: CEN, AIM: CEO), an independent exploration and production company with assets in South-East Asia, announces the Phu Horm-10 well ("PH-10") located on the Phu Horm gas field, northeast Thailand, has been brought into production.

The PH-10 well was drilled in September to support the three existing producing wells; PH-3, PH-4, PH-5. It has commenced production at 7-8 million cubic feet per day ("mmcfd"). Total production from the Phu Horm field is currently averaging 90 mmcfd.

Coastal's interest in the gas field is held indirectly through APICO LLC which retains a 35% equity share in the gas field. Coastal is APICO's largest shareholder with 36.1% interest.

Coastal's Chief Executive Frank Inouye commented:
"The Phu Horm field, which has been on stream for almost 12 months, continues to produce in line with expectations. The PH-10 well will ensure that the field has the capability to not only meet the current production demands, but any future increases."

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