Coastal Energy Co (TSX-V: CEN; AIM: CEO), an independent exploration and production company with assets in Southeast Asia, said its wholly-owned subsidiary NuCoastal (Thailand) Ltd has entered into a three month contract with Atwood Oceanics Pacific Ltd for the charter of the Atwood Vicksburg jackup rig.
The contract gives the company the option to extend the duration of the contract by an additional three months.
Coastal plans to utilize the Vicksburg in developing its properties offshore Thailand.
President and CEO Randy Bartley commented: “This is the first step toward the commencement of our 2009 drilling program. Coastal is excited to return to the development of its offshore assets. We expect further development of our proven reserves at Songkhla to bolster current offshore production rates.”
Current drilling plans include further development drilling on the Songkhla Lower Oligocene formation, development of the Songkhla B prospect and the initial development of the Bua Ban field. The program also includes the drilling of a water injector on the Songkhla Lower Oligocene and workovers of existing producing wells.
The company expects the Vicksburg to be on location in late August 2009.
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