Coastal Energy Company, an independent exploration and production company with assets in Thailand, said production in the second quarter increased to 21,713 barrels of oil equivalent per day (boepd) compared to 9,494 boepd the same period the previous year.
Offshore production was higher at 19,351 barrels per day due to the inclusion of production from both platforms at Bua Ban North after full production came on throughout January and February.
Onshore production of 2,362 boepd increased by three per cent compared to the same period the previous year as natural gas demand continued to recover following the flooding in Thailand in late 2011.
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Quarterly oil sales rose to £0.19m compared to £0.06m year-on-year, with production expenses up from £0.017m to £0.041m.
Earnings before interest, tax, depreciation, amortisation and exploration expenses (EBITDAX) during the second period were $130.3m compared to $39.5m in the second three months in 2011, driven higher by increased oil liftings and commodity prices.
Crude oil inventory was around 456,418 barrels at June 30th 2012, the revenue from which will be recognised in the third quarter. The company reduced closing inventory levels by 112,840 barrels (about 20%) during the second quarter.
Randy Bartley, President and Chief Executive Officer of Coastal Energy, said: "The first half of 2012 has been an exceptional six months for Coastal. On top of record levels of production and cash flow, the company has continued to deliver increases in reserves both through new exploration discoveries and appraisal drilling as well as core analysis on existing assets.
"We have been reinvesting our free cash flow to purchase some of the production facilities we were previously leasing for our offshore operations. This will reduce our fixed operating costs across all fields. The company also announced an exciting expansion of our operations into Malaysia. This contract with PETRONAS is a low risk way for Coastal to enter a new country and we are very excited for our first new venture outside of Thailand."
The share price fell 3.08% to 945p by 13:45.
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