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) May 10, 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 May 10, 1996, Florida's First District Court of Appeal
denied the State of Florida's motion for rehearing, rehearing en banc or
certification to the Florida Supreme Court. On April 4, 1996, the Court 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
(i) Press release of the registrant dated May 14, 1996.
2
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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: May 14, 1996
3
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EXHIBIT INDEX
Exhibit Description
99(i) Press release of the registrant dated
May 14, 1996
<PAGE>
COASTAL CARIBBEAN OILS & MINERALS, LTD.
N E W S R E L E A S E
FLORIDA APPELLATE COURT
WILL NOT RECONSIDER
COASTAL BOND RULING
TALLAHASSEE, Fla., May 14, 1996 -- Coastal Petroleum Company said
Florida's First District Court of Appeal has refused to rehear the April 4
ruling in which it overturned a State order requiring Coastal to post a $1.9
billion surety bond to obtain an offshore drilling permit.
The Trustees of the Internal Improvement Fund of the State of Florida
- -- Gov. Lawton Chiles and his Cabinet -- had petitioned the Court for a
rehearing, for an en-banc review, or for certification to the Florida Supreme
Court; but all three motions were denied in a one-sentence order last Friday,
the company said.
Coastal Petroleum Company is a majority-held subsidiary of Coastal
Caribbean Oils & Minerals, Ltd. [Boston: CCO-B; CCO-BN]
-RMB-
Contact: James R. Joyce, at (203) 245-7664
