Operations
Coastal Energy's current asset base is in Thailand, where Coastal has interests in two concessions offshore (G5/43 and G5/50 in the Gulf of Thailand) and interests in four concessions onshore in the Khorat plateau in northeasstern Thailand.
The majority of Coastal's current production is from the Songkhla A field in the Gulf of Thailand. The Company has five wells on the field which are producing approximately 9,000 bopd in aggregate. Coastal is currently performing exploration drilling on the Benjarong prospect on G5/43. Following Benjarong, the Company plans to pursue development drilling activities on its proved reserve base at the Bua Ban field.
Coastal's onshore production is from its 12.6% working interest in the Sinphuhorm gas field located on production licenses EU1/E5N. The gas produced from Sinphuhorm in being sold to PTT under a 15-year gas sales agreement. The pricing received for the gas sales is linked to the price of Singapore fuel oil. Coastal also has working interests in three exploration blocks onshore Thailand around the Sinphuhorm field.
The Company continues to review new business opportunities on a corporate and asset level. Thailand provides a stable long term base for the Company and a foundation for future growth in Asia. Technical reviews have already been conducted in several other Asian countries, including China, Indonesia, Vietnam and India.
