Bua Ban South
Block G5/43: Bua Ban South Field
Coastal announced the discovery of the Bua Ban South (Songkhla G area) field in the first quarter of 2012. The initial appraisal program in the field comprised six wells, which discovered oil accumulations in the Miocene, Lower Oligocene and Eocene formations. The Company plans to establish production at Bua Ban South in late 2012 upon arrival of a MOPU facility to the field. Moreover, additional appraisal drilling is anticipated in late 2012 following the installation of the facilities.
At March 31, 2012 2P reserves at Bua Ban South were 5.3 Mmbbls and 3P reserves were 20.0 Mmbbls per the Company’s third party interim reserves evaluation performed by RPS Energy Ltd. All of these reserves are associated with the Miocene formation. The Company is optimistic about the potential for reserve additions and reclassifications upon successful flow tests in the field. Moreover, management estimates the field contains 47 Mmbbls of prospective resources.