Coastal Energy's de Combret in buying mood

Southeast Asia-focused oil and gas explorer Coastal Energy Company kept up its recent rally, almost 40% this month, on news that its chairman opened his account.

Bernard de Combret, former deputy chairman of the executive board of French oil giant Total, bought 166,600 Coastal shares at CAN$2.878 each, about 160p.

That cost de Combret, also a non-executive director of Petrofac since 2003, more than £267,000.

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Coastal's portfolio in Thailand contains significant proven, probable and possible reserves both the onshore and offshore.

In June, chief executive Randy Bartley said combined production from the three wells at Songkhla was 7,500 barrels of oil per day, while onshore gas production at Phu Horm was 1,750 boepd barrels of oil equivalent per day.

The net loss from continuing operations narrowed to $3.2m in the first quarter ended 31 March from $4.6m in 2008.

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