Overview
Coastal’s near term focus is to establish early production and cash flow from its existing asset base. The Company’s portfolio in Thailand contains significant proven, probable and possible reserves in both the onshore and offshore. In addition to the established reserves, the Company has exposure to several hundred million barrels of contingent and prospective resources. One of the objectives of the company in the next few years will be to convert these resources to proven reserves.
Coastal’s strategy for expanding its current portfolio is based on identifying ‘orphaned’ opportunities. Those that have undergone previous exploration activity which resulted in discovered hydrocarbons. Confirming the presence of hydrocarbons is a key factor in identifying orphaned opportunities and the company’s strategy of exploiting value from these assets is based on the management’s proven track record and expertise in this field.
The Company currently has proven and probable reserves of 36.7 million barrels of oil equivalent (mmboe) and production of approximately 2000 boepd.
