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Coastal Announces New Discovery Well in Gulf of Mexico

HOUSTON, Nov. 25 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP) announced today that its exploration and production subsidiary, Coastal Oil & Gas Corporation, is a participant in a new gas discovery well in South Timbalier Block 290 in the Gulf of Mexico.

The OCS G-16454 No. 1 Well is an exploratory well that was directionally drilled to 15,380 feet, with more than 150 feet of pay, and is located in 395 feet of water 100 miles southwest of New Orleans. After the production casing is set, completion of the well will await a pending review of development plans by Coastal and the other co-owners in the block.

Coastal owns a 25 percent working interest in the block which it acquired early this year in OCS Sale 157. Cairn Energy USA, Inc., is the operator of the block and holds a 40 percent working interest while Norcen Explorer Inc. holds a 35 percent working interest in the block. Coastal and its co-owners also hold the same percentage interests in the adjoining blocks of South Timbalier 291 and Ewing Banks 782 and 783.

The Coastal Corporation is a Houston-based energy holding company, with consolidated assets of more than $10 billion and subsidiary operations in natural gas marketing, transmission, storage, gathering, and processing; petroleum refining and marketing; oil and gas exploration and production; chemicals; power production; and coal.

SOURCE Coastal Corporation
 -0- 11/25/96

/CONTACT: Steve Eames, 713-877-6733, or Brian Mitchell, 713-877-3993, both of The Coastal Corporation/


CO: Coastal Corporation ST: Texas IN: OIL SU: DSC

MP -- NYM113 -- 3783 11/25/96 13:04 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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