Oil and gas exploration and production company Coastal Energy has reported a net loss of $3.57 million, or $0.05 per share, for the third quarter of 2007.
The company reported net earnings from investment in Apico of $1.54 million, based on net operating income of $5.24 million in the third quarter of 2007. The company also reported total assets of $154.55 million in the period.
Coastal’s earnings from its investment in Apico represent the company’s net 12.6% interest in the Phu Horm gas field. Aggregate gas production in the Phu Horm field averaged 80 million cubic feet of gas per day during the third quarter.
In the third quarter, the company borrowed $25 million under its $50 million borrowing-based debt facility. The company intends to use these funds to facilitate the development of its Gulf of Thailand block G5/43 properties.