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) September 9, 1997
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
The Company reported that Florida's governor and cabinet established a
$4.25 billion surety requirement as a condition for the issuance of Coastal
Petroleum Company's outstanding drilling permit application.
A press release relating to this development 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 September 9, 1997.
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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/ Benjamin W. Heath
Benjamin W. Heath
President
Date: September 10, 1997
STATE OF FLORIDA SETS
COASTAL PETE SURETY
AT $4.25 BILLION
TALLAHASSEE, FL, September 9, 1997 -- Coastal Petroleum Company said
Florida's governor and cabinet today established a $4.25 billion surety
requirement as a condition for the issuance of an offshore drilling permit to
Coastal.
The Company, which has been seeking a permit for the past five years,
said the surety was imposed under a 1997 statute aimed solely at Coastal, and
that two previous attempts to impose exorbitant surety requirements on the
Company have been invalidated by the Florida courts.
Phillip W. Ware, president, said a $4.25 billion requirement is not
only unreasonable but absurd, and said the Company will administratively appeal
it promptly.
Coastal Petroleum Company is a majority-held subsidiary of Coastal
Caribbean Oils & Minerals, Ltd. (Boston: CCO-B; CCO-BN).
Contact: Phillip W. Ware, at (904) 653-2732
