Coastal Energy Company Q3 2012 Results (8641Q)
12 Novembro 2012 - 11:30AM
UK Regulatory
TIDMCEO
RNS Number : 8641Q
Coastal Energy Company
12 November 2012
TSX: CEN 12 November 12, 2012
AIM: CEO
Coastal Energy Announces Third Quarter 2012 Financial Results
& Operations Update
Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:
CEN, AIM: CEO), an independent exploration and production company
with assets in Thailand, announces the financial results for the
three and nine months ended September 30, 2012. The functional and
reporting currency of the Company is the United States dollar.
Third Quarter 2012 Highlights
Ø Total Company production increased to 21,798 boe/d in the
third quarter from 12,028 boe/d in the same period last year. The
Company's offshore production was 19,626 bbl/d compared to 10,191
bbl/d in Q3 2011, with the increase due to the inclusion of
production from both platforms at Bua Ban North. Offshore
production was impacted by downtime at Bua Ban North and Songkhla
during rig moves as well as the MOPU replacement at Bua Ban North.
Onshore production of 2,172 boe/d increased from Q3 2011 levels of
1,837 boe/d as natural gas demand continued to recover following
the flooding in Thailand in late 2011.
Ø EBITDAX for Q3 2012 was $114.6 million, 157% higher than the
$44.7 million recorded in Q3 2011. Revenue and EBITDAX were driven
higher by increased oil liftings and commodity prices. Crude oil
inventory was 577,863 barrels at September 30, 2012, the revenue
from which will be recognized in the fourth quarter. The Company
saw closing inventory increase by 121,445 barrels (approximately
27%) during Q3 2012.
Ø The Company announced successful drilling results in the
Songkhla A field. The A-10 well, drilled in the eastern most fault
block of the field, encountered a record amount of net pay for the
basin and exhibited very favorable reservoir characteristics in the
Lower Oligocene interval. In late September 2012, the well was
brought on production at approximately 4,000 bbl/d. Subsequently,
the Company drilled the A-13 well in the previously untested
northeast fault block and encountered 67 feet of net pay in the
Lower Oligocene. Successful results from the A-13 provide the
opportunity for an additional well (Songkhla A-19) higher up
structure to add additional pay thickness.
Ø The Company completed the conversion of the Richmond mobile
offshore production unit (MOPU). Subsequently, in October 2012, the
Richmond was installed at the Bua Ban North B field, increasing
production capabilities to 55,000 bbl/d. The previous MOPU in the
Bua Ban North B field was purchased by the Company and reinstalled
at Bua Ban South.
Ø The Company signed a contract with a subsidiary of Atwood
Oceanics, Inc. for the Manta jackup drilling rig. The rig is
scheduled to be delivered by late November and will conduct
drilling operations for the Company in the Gulf of Thailand and
offshore Malaysia.
Ø The Company upsized and amended its senior secured revolving
credit facility with BNP Paribas and Commonwealth Bank of
Australia. The facility has been increased from $100 million to
$200 million and includes two additional banks, Standard Bank and
Standard Chartered Bank.
Ø The Company is approximately 60% complete with the acquisition
of new 3D seismic data being shot over the entire Songkhla basin.
Current expectations are for delivery of the processed data in Q1
2013.
The following financial statements for the Company are
abbreviated versions. The Company's complete financial statements
for the three and nine months ended September 30, 2012 with the
notes thereto and the related Management Discussion and Analysis
can be found either on Coastal's website at www.CoastalEnergy.com
or on SEDAR at www.sedar.com. All amounts are in US$ thousands,
except share and per share amounts.
For the full results, please click on the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8641Q_-2012-11-12.pdf
Additional information, including the Company's complete
competent person's report may be found on the Company's website at
www.CoastalEnergy.comor may be found in documents filed on SEDAR at
www.sedar.com.
This statement contains 'forward-looking statements' as defined
by the applicable securities legislation. Statements relating to
current and future drilling results, existence and recoverability
of potential hydrocarbon reserves, production amounts or revenues,
forward capital expenditures, operation costs, oil and gas price
forecasts and similar matters are based on current data and
information and should be viewed as forward-looking statements.
Such statements are not guarantees of future results and are
subject to risks and uncertainties beyond Coastal Energy's control.
Actual results may differ substantially from the forward-looking
statements.
Enquiries:
Coastal Energy Company
Email: investor@CoastalEnergy.com +1 (713) 877-6793
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
3494
Rory Murphy / Andrew Emmott
Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037
2000
Paul Connolly / Jeffrey Auld
FirstEnergy Capital LLP(Broker)
Hugh Sanderson / Travis Inlow +44(0) 20 7448 0200
Buchanan
Tim Thompson / Ben Romney +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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