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COASTAL PETE RECEIVES OFFSHORE SURVEY PERMIT; WORK PROCEEDING ON DRILLING PERMIT APPLICATION

 COASTAL PETE RECEIVES OFFSHORE SURVEY PERMIT;
 WORK PROCEEDING ON DRILLING PERMIT APPLICATION
 TALLAHASSEE, Fla., Aug. 27 /PRNewswire/ -- Coastal Petroleum Company today reported that the State of Florida has granted the company a permit for geophysical surveys of its offshore acreage.
 The permit, approved by Governor Chiles and the Cabinet last month, enables Coastal to conduct seismic, gravitational, and magnetic testing on its 800,000-acre petroleum and mineral leasehold along most of Florida's Gulf Coast, the company said.
 The first phase of the program, gravitational and magnetic data collection, is expected to begin early next year, according to Coastal President Phillip W. Ware, who said the program will augment and enhance the company's existing seismic database on the 425-mile-long leasehold.
 The company also has applied to Florida's Department of Natural Resources for permits to drill five oil and gas exploration wells on the leasehold, Ware said, pointing out that DNR is one of several state and federal agencies with regulatory authority over offshore drilling. The proposed drilling sites are adjacent to Naples, Manasota Key, and St. George Island in the Panhandle region, where the objective would be the Jurassic Smackover and Norphlet formations that produce oil and gas in northwestern Florida and adjacent states.
 Ware said Coastal has completed the environmental survey required by DNR for the westernmost Panhandle location, Bob Sikes Cut No. 1, and is nearing completion of its response to DNR's requirements and requests for additional data on this permit. He further noted he expects the application to proceed from DNR to the Governor and Cabinet for consideration within the next few months.
 Coastal Petroleum Company's offshore leasehold is a three-mile-wide belt -- 7.4 to 10.4 miles offshore -- that parallels Florida's Gulf Coast from Apalachicola Bay to Naples, encompassing more than 1,250 square miles. The company, which has a 100 percent working interest in that area, is an 87-percent-owned subsidiary of Coastal Caribbean Oils & Minerals, Ltd., a public company that is listed on the Boston Stock Exchange (BSE: CCO-B, CCO-BN).
 -0- 8/27/92
 /CONTACT: Phillip W. Ware, president of Coastal Petroleum, 904-575-3337/
 (CCO) CO: Coastal Petroleum Company ST: Florida IN: OIL SU:


LD-GK -- NY006 -- 3764 08/27/92 08:01 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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