Coastal Petroleum Corp., Tallahassee, has applied for drilling permits for five deep tests in state waters off Florida's western coast.
Coastal, if it can obtain drilling permits from a state hostile to the oil and gas industry, plans to drill 18,000 ft exploratory tests at each of the locations.
Two of the tests would be Jurassic Smackover and Norphlet tests in the Apalachicola embayment off Franklin County southwest of Tallahassee.
The other three would be Cretaceous Sunniland attempts west of Naples off Collier and Lee counties in the South Florida basin, said Phillip W. Ware, Coastal president.
Coastal has sought approval to conduct seismic, magnetic anomaly, and gravity tests on its leasehold (OGJ, Mar. 23, p. 35).
The company has an 800,000 oil, gas, and mineral leasehold along most of Florida's Gulf Coast. The leases are 3 miles wide 7.4-10.4 miles offshore parallel to the coastline and run 425 miles from Apalachicola Bay to Naples. They border seaward federal offshore acreage.
Coastal is an 88% owned subsidiary of Coastal Caribbean Oils & Minerals Ltd., a Bermuda corporation.
Coastal Caribbean in late March sold six shares of Coastal Petroleum to a private investor it did not name for $300,000. The sale reduced its interest in the subsidiary to 88% from 90%.
The agreement, which gives the unnamed investor an option to acquire up to 24 more shares at $50,000/share through Jan. 15, 1994, requires that at least half the proceeds from the sale of stock be used to fund Coastal Petroleum's exploration in Florida.
Meanwhile, Odyssey Partners, Dallas, staked a deep Jurassic wildcat in Santa Rosa County of northwestern Florida, Petroleum Information reported.
The 1 Odyssey-Champion 9-2, in 9-3n-28w, 2-1/2 miles northeast of Allentown, is projected to 16,700 ft or Norphlet.
The location is 3-3/4 miles southeast of Exxon Exploration Co. operated Blackjack Creek oil field.
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