Coastal Energy Company announces the successful results of the Bua Ban North A-08 appraisal well.
The Bua Ban North A-08 well was drilled to a depth of 3,860 feet TVD on the western flank of the Bua Ban North A field 0.5 miles north of the A-06 well. The A-08 encountered 61 feet of net pay in the Lower Miocene sand with 27% average porosity. Pressure data indicate that this northern extension of Bua Ban North A shares a common oil water contact with the western flank of the Bua Ban North B field. The combined area is estimated to have an areal extent of 1,700 acres, in line with previous estimates.
Randy Bartley, President & Chief Executive Officer , commented:
“We are extremely pleased with the results of the A-08 well, which further supports the conclusion that Bua Ban North A & B are likely in communication in the western fault closure of the structure. We now plan to drill an additional delineation well halfway between the A & B fields on the western side of the structure to further confirm this. This well will spud by this weekend.
“Current offshore production remains at approximately 15,500 bopd with total company production at 17,500 boepd.”
[mappress] Source: globenewswire, October 16, 2011