United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 1996
Coastal Caribbean Oils & Minerals, Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 1-4668 NONE
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Clarendon House, Church Street, Hamilton HM DX, BERMUDA NONE
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (441) 295-1422
(Former name or former address, if changed since last report.)
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FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 5. Other Events
On July 30, 1996, the Florida Supreme Court declined to review the First
District Court of Appeal decision that had overturned a State of Florida order
that required a $1.9 billion surety bond as a condition for the issuance of a
drilling permit to Coastal Petroleum Company, a majority-held subsidiary.
A Press release relating to these developments is filed herewith as an
exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
(99) Additional Exhibits
(a) Press release of the registrant dated July 31, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COASTAL CARIBBEAN OILS & MINERALS, LTD.
(Registrant)
By /s/ James R. Joyce
James R. Joyce
Treasurer
Date: August 1, 1996
<PAGE>
EXHIBIT INDEX
Exhibit Description
99(a) Press release of the registrant dated
July 31, 1996
<PAGE>
COASTAL CARIBBEAN OILS & MINERALS, LTD.
N E W S R E L E A S E
FLORIDA SUPREME COURT
RULES IN FAVOR OF
COASTAL PETROLEUM COMPANY
TALLAHASSEE, FLA., JULY 31, 1996 -- Coastal Petroleum Company said the
Florida Supreme Court has declined to review an appellate court ruling that
Florida's Governor and his cabinet had wrongfully imposed a $1.9 billion surety
bond requirement as a condition precedent to the issuance of an offshore
drilling permit to the Company.
Last April, the appellate court ruled that the state did not have the
authority to impose a bond requirement on Coastal, the Company said.
Subsequently, the same court held that, absent the authority to require a
bond, the Florida Department of Environmental Protection had no legal basis to
deny Coastal's permit application. Thereupon, the Governor and cabinet
petitioned the Supreme Court to review the case.
Having determined that it should decline to accept jurisdiction, the
Supreme Court yesterday denied the petition for review, adding that no motion
for rehearing would be entertained by the Court.
A coastal spokesman said the Company will be filing a motion for the
immediate issuance of a drilling permit with the Department of Environmental
Protection later today.
Coastal Petroleum Company is a majority-held subsidiary of Coastal
Caribbean Oils & Minerals, Ltd., which is listed on the Boston Stock Exchange
[CCO-B; CCO-BN].
-RMB-
Contact: Phillip W. Ware at (904) 653-2732
