Coastal Energy Co.

Coastal Energy Co.

June 17, 2008 09:30 ET

Coastal Announces Appointment of Senior Independent Director

LONDON, UNITED KINGDOM--(Marketwire - June 17, 2008) -


Coastal Energy Company (the "Company" or "Coastal") (TSX VENTURE:CEN)(AIM:CEO) an independent exploration and production company with assets in South-East Asia announced the appointment of Bernard de Combret as senior independent director.

On 6 February 2008, Coastal announced the retirement of Albert Whitehead from his position of Non-Executive Chairman of Coastal and the appointment of Frank Inouye as Executive Chairman. In accordance with recommended Corporate Governance and Best Practice, the Company has now appointed Director, Bernard de Combret, to be its senior independent non-executive Director. Mr. de Combret has served on Coastal's Board of Directors since 25 September 2006. Additionally, he serves as Chairman of the Board's Executive Committee and also sits on the Board's Corporate Governance and Nominating Committee. In April 2008, Mr. de Combret was appointed as a member of the Advisory Council of the French Ministry of Foreign Affairs.

Mr. de Combret is an international consultant and former Deputy Chairman of Total Fina Elf S.A. Following senior positions in both foreign affairs and the Ministry of Finance with the French Civil Service, he spent over 20 years with the Elf Aquitaine S.A. Group.

During his industry career, Mr. de Combret was heavily involved with building the trading organization of Elf Aquitaine and then subsequently Total. As Chief Executive of the Refining and Marketing Division, he played a leading role in increasing profitability of the downstream sector and, in 2000, became Deputy Chairman of Total Fina Elf's Executive Committee and President & Chief Executive for gas and power trading.

Commenting on the Board's appointment of Mr. de Combret, Mr. Bartley said:

"Mr. de Combret's new role will provide shareholders with a specific point of contact to a non-executive Director on the Board. We are pleased to be able to offer someone of Mr. de Combret's calibre as an access point to our shareholders."

Notes to Editors

- Coastal Energy is an oil and gas exploration, development and production company, with core assets onshore and offshore Thailand

- The Company specialises in identifying and developing under-exploited or "orphaned" or assets. Management has proven experience at identifying and unlocking value from overlooked, abandoned, low risk assets with proven hydrocarbon potential

- This strategy has enabled the Company to assemble an asset base in Thailand that includes production of approximately 11.5 mmcf/d of gas under long term contract and offshore oil fields currently under development

- Production growth over the next 12-18 months is expected to grow exponentially and proven, probable and possible reserves are 45.5 million barrels oil equivalents(i)

- The Company's current assets include:

- Offshore Thailand

-- 100% of block G5/43 - two oil fields currently under development with several other appraisal and exploration opportunities. Production is expected to commence Q4 2008

-- 100% of block G5/50 - within the boundaries of block G5/43 in the Ko Kra basin

- Onshore Thailand

-- 12.6% net interest in blocks EU1 and E5N which include the Phu Horm gas field, which was producing in excess of 100 mmcf/d at the end of the first quarter 2008.

-- 36.1% net interest in block L15/43 surrounding the Phu Horm field

-- 36.1% net interest in block L27/43 - containing the undeveloped Dong Mun gas field

-- 21.7% net interest in block L13/48 located adjacent to blocks L15/43 and L27/43, contains Si That discovery

Additional information, including the Company's complete competent person's may be found on the Company's website, or may be found in documents filed on SEDAR,

(i) Per barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1). The term boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf: 1bbl of oil is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release."

Contact Information

  • Coastal Energy Company
    Frank Inouye
    Executive Chairman
    +44 (0) 1483 549 549
    Coastal Energy Company
    Randy L. Bartley
    Chief Executive Officer
    (713) 877-6705
    Coastal Energy Company
    William C. Phelps
    Chief Financial Officer
    (713) 877-6727
    Bell Pottinger Corporate & Financial
    Ann-Marie Wilkinson / Nick Lambert / Rosanne Perry
    +44 (0) 20 7861 3232
    KBC Peel Hunt Ltd (Nominated Adviser)
    Jonathan Marren / Matt Goode
    +44 (0) 20 7418 8900