Coastal Energy owns a 100% interest in Blocks G5/43 and G5/50 in the Gulf of Thailand. The current combined area of the blocks is approximately 4,926 square kilometers (1.22 million acres) spanning across the Songkhla, Nakhon and Ko Kra basins.
The Company currently has two approved 20-year production licenses on Block G5/43, one for the Songkhla field (granted in 2008) and one for the Bua Ban field (granted in 2009). These two licenses cover 357 square kilometers in the Songkhla basin and encompass the Company’s three currently producing fields - Bua Ban North, Bua Ban Main and Songkhla. In addition to these producing fields, in early 2012 the Company announced new oil discoveries in the Bua Ban South field, which it intends to bring online toward the end of 2012. Coastal’s offshore Thailand assets contain 2P reserves of 127.7 mmbbl* net to the company. Furthermore, the licenses contain over 30 identified prospects comprising approximately 450 mmbbl of prospective resources, as estimated by Company management.
Coastal is engaged in a continuous drilling program in the Gulf of Thailand. The company owns extensive 2-D and 3-D seismic data throughout the concession and is actively acquiring additional data to enhance its knowledge of the Songkhla basin.
*As estimated by RPS Energy, Ltd. as of March 31, 2012