About Us
Positioned for success – our management team has a proven track record in finding, developing and producing oil and gas reserves that offer significant upside for investors.
Coastal Energy Company is an international exploration & production company with principal assets in Thailand. Coastal currently has oil production from its 100% owned and operated offshore fields in the Gulf of Thailand and natural gas production from its non-operated working interests onshore Thailand.
Coastal brought the offshore oil production onstream in November 2008 from the Songkhla oil field. First production from the second proven offshore oil field, Bua Ban, is expected in 2Q10.
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 12.6% interest in the Phu Horm gas field.
Coastal’s offshore holdings amount to roughly 2 million acres. Coastal acquired 3-D seismic over the western half of the Songkhla Basin in early 2008 to supplement existing 3-D in the southern million acres of the offshore holdings. All of Coastal’s booked reserves and resources; lie in the southern million acres, are under 3-D seismic, and have received the requisite government approvals for drilling and production.
In the first half of 2009, the Company acquired 2-D seismic on the northern million acres of Blocks G5/43 and G5/50. This data has almost been fully processed and will be evaluated in 1Q10.
History
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.
