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Coastal Energy Company is an international exploration & production company with principal assets in Thailand and Malaysia, which has been merged with Compañía Española de Petróleos, S.A.U. ("CEPSA"). Coastal Energy owns and operates 100% of Blocks G5/43 and G5/50 in the Gulf of Thailand as well as varying interests onshore northeast Thailand including a 13.7% interest in the Phu Horm gas field. In July 2012, Coastal entered into a Small Field Risk Service Contract with PETRONAS for the development and production of petroleum from the Kapal, Banang and Meranti cluster of small fields offshore Peninsular Malaysia, where it intends to hold a 70% equity interest.
Coastal’s interests in the Gulf of Thailand comprise 1.22 million acres. The Company achieved first production offshore in November 2008 at the Songkhla field. Today, the Company produces greater than 22,000 bopd from three offshore oil fields and expects substantial near-term increases to this rate upon hookup of previously drilled wells and additional development, appraisal and exploratory drilling. The Company is engaged in a continuous drilling program and owns extensive 2-D and 3-D seismic data throughout the concession.
Coastal’s onshore Thailand interests are held via its 39% interest in APICO, LLC. The Company holds a 13.7% net interest in the Phu Horm gas field as well as 39% net interests in surrounding blocks. Significant future development projects onshore include the Dong Mun gas field.
Offshore Malaysia, the Company intends to begin development of the KBM field cluster in late 2012. The KBM Cluster fields are located within 20 kilometers of each other in a water depth of 60 meters. The main oil reservoirs are Miocene aged sandstones ranging in depths from 3,800 feet to 7,800 feet. In addition to the development program, the Company intends to conduct appraisal and step-out drilling to exploit further upside it sees in the properties.
The Company was founded in 2004. In 2005, it acquired a 50% interest in Block G5/43 in the Gulf of Thailand from NuCoastal (Thailand) Limited through a 3 well farm-in on the Bua Ban oil field in the Gulf of Thailand. In 2006, the Company and NuCoastal (Thailand) Limited merged, consolidating 100% ownership of Block G5/43. NuCoastal also contributed its onshore gas assets as part of the transaction. The resulting company was renamed Coastal Energy Company.