TIDMCEO
RNS Number : 6167E
Coastal Energy Company
14 May 2013
TSX: CEN May 14, 2013
AIM: CEO
Coastal Energy Announces First Quarter 2013 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 Southeast Asia, announces the financial results for
the three months ended March 31, 2013. The functional and reporting
currency of the Company is the United States dollar.
Q1 2013 Financial Highlights
- The Company reported Q1 total production of 23,163 boe/d, up
from year ago levels of 22,773 boe/d. Offshore production totalled
20,460 bbl/d, a slight decrease from year ago levels of 21,031
bbl/d. Offshore production was impacted by several factors,
including longer than expected completion times for the hydraulic
fracturing program at Bua Ban South, delayed production from two
horizontal wells at Bua Ban North due to the initial installation
of "swelling packers" designed to reduce water production and the
Songkhla A-10 well being down for a majority of the quarter
awaiting pump replacement. Onshore production was 2,703 boe/d, up
from 1,742 boe/d in the same period last year due to stronger gas
demand in Thailand.
- EBITDAX for Q1 2013 was $152.5 million, 19% higher than the
$128.4 million recorded in Q1 2012. Revenue and EBITDAX were driven
higher by increased lifting volumes. Crude oil inventory was
approximately 188,115 barrels at March 31, 2013 the revenue from
which will be recognized in the second quarter.
- Operating costs declined 8% year over year on a per barrel
basis to $19.90 / bbl as the Company realized the benefits of costs
reductions related to the purchase of previously leased production
facilities.
- The Company announced successful discoveries at Songkhla A in
two exploration wells which were drilled into previously untested
fault blocks on the western side of the platform.
Operations Update
The Company recently completed the drilling of one exploration
well at the Songkhla M prospect and one appraisal/exploration well
in the Bua Ban North and Bua Ban Terrace Area.
Bua Ban Terrace
The Bua Ban Terrace A-01 well was drilled to a depth of 5,900
feet TVDSS. The well penetrated the Miocene interval within the
existing Bua Ban North field. The Miocene contained 52 feet of net
pay with 26% average porosity, which was thicker than the 40 feet
of prognosed pay. The well then penetrated the Lower Oligocene and
Eocene intervals on the western side of the fault in the Terrace
area and encountered 7 feet of net pay in the Lower Oligocene
reservoir with 16% porosity. The Eocene contained 313 feet of net
sand with an average porosity of 18.2 %. Very high gas readings
persisted throughout drilling of the Eocene sections. Although, the
majority of the zones in the Eocene were water-bearing, there were
several zones with log indications of high oil saturation levels.
These log readings, in conjunction with the pay zone in the Lower
Oligocene and high gas readings throughout the Eocene, further
confirm oil migration in the Terrace area.
Songkhla M
The Songkhla M-01 well was drilled to a depth of 9,200 feet
TVDSS. The well encountered an extensive section of excellent
quality Miocene reservoirs which were water bearing. The well also
encountered 57 feet of net sand in the Eocene reservoir with
pervasive oil shows. The Eocene sand section had average porosity
of 11%, which is below the Company's conventional commerciality
threshold.
Randy Bartley, President & CEO of Coastal Energy
commented:
"Coastal Energy had another successful quarter in the first
three months of 2013. The second quarter has also started well with
offshore production averaging 22,800 bbl/d and total Company
production averaging 25,700 boe/d during the month of April. The
Company drilled two successful exploration wells at Songkhla A,
making discoveries in two previously untested fault blocks on the
western side of the platform.
"The results of both exploration wells yielded positive data
points for our exploration portfolio.
"The Bua Ban Terrace well was drilled into the same Terrace
fault block as the previously drilled Bua Ban North A-02 well,
which penetrated the Lower Oligocene to the south of this location
and contains a massive section of high quality, water bearing Lower
Oligocene sands. The encounter of Lower Oligocene net pay in this
well, combined with the A-02 results, points to a potential
stratigraphic trap in the Terrace fault block that is pinched out
between the Terrace A-01 well and the Bua Ban North A-02 well.
"At Songkhla M, we encountered oil shows in both the Miocene and
Eocene intervals. The Miocene had high levels of oil saturation,
providing further confirmation of oil migration in this high
potential section on the eastern side of the Songkhla basin. The M
prospect is located at the southern limit of our existing legacy 3D
survey. However, the 3D survey acquired last year extends much
further to the south and a trend of Eocene closures has been
identified over a 2000 acre area. Given our success in
hydraulically fracturing the Eocene interval with similar
characteristics on the western side of the basin we feel that we
have identified a significant trend for hydraulic fracture
development in the Eocene."
The following financial statements for the Company are
abbreviated versions. The Company's complete financial statements
for the three months ended March 31, 2013 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.
INCOME STATEMENT
Three Months Ended March 31, 2013 2012
Revenues and Other Income
Oil sales 226,800 189,079
Royalties (26,310) (20,243)
Oil sales, net of royalties 200,490 168,836
Reimbursement of expenses under Malaysia risk 2,285 -
service contract
Other income (Note 12) 261 (10,171)
203,036 158,665
Expenses
Production 42,933 36,210
Malaysia risk service contract 2,285 -
Depreciation and depletion
(Note 7) 23,305 20,044
Net profits interest (Note 1,926 -
13)
General and administrative 7,781 8,327
Debt financing fees 528 281
Finance 1,215 1,006
Gains on disposal of property, (19) -
plant and equipment
79,954 65,868
Net income before income taxes and
share of
earnings from Apico LLC 123,082 92,797
Share of earnings from Apico LLC
(Note 8) 5,218 4,007
Net income before income taxes 128,300 96,804
Income taxes (Note 15)
Current 45,065 36,608
Deferred 30,239 11,703
75,304 48,311
Net income and comprehensive income 52,996 48,493
Net income and total comprehensive income
attributable to:
Shareholders of Coastal Energy 52,079 48,135
Non-controlling interest 917 358
52,996 48,493
Net income per share:
Basic (Note 14) 0.46 0.42
Diluted (Note 14) 0.45 0.40
The accompanying notes are an integral part of these condensed interim consolidated
financial statements.
BALANCE SHEET
March 31 December
31,
As at 2013 2012
$ $
Assets
Current Assets
Cash 23,549 63,897
Restricted cash (Note
4) 6,484 6,452
Accounts receivable (Note
5) 145,710 56,848
Derivative asset (Note
11) 131 132
Crude oil inventory 9,204 15,611
Marine fuel inventory 4,742 5,245
Prepaids and other current assets 1,557 628
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