The Bua Ban North A-03 well, which was drilled to 5,346ft TVD, discovered oil with 28% average porosity.
The A-03 tested a fault block which is south of and deeper than the Miocene discoveries in the A-01 and A-04 wells.
The company estimates that this fault block contains approximately 20 million barrels of oil in place.
The company plans to suspend the well and then complete it with a workover rig once the MOPU arrives on location in mid-May to begin production testing.
Coastal Energy CEO Randy Bartley said that the A-03 well not only significantly increases the oil in place at Bua Ban North A, but reinforces the prospectivity of this part of the basin.
