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) November 12, 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
On November 12, 1997, the Company reported that the administrative
hearing on its pending drilling permit application which began on October 20,
1997 was concluded on November 6, 1997, and that a ruling is expected in mid-
February 1998. The Company also reported that Florida's First District Court of
Appeal has again ruled against Coastal on its inverse condemnation claim against
the State which seeks compensation for the Company's royalty interest acreage.
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 November 12, 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: November 13, 1997
COASTAL PETE PERMIT
HEARING CONCLUDED
APALACHICOLA, FL, November 12, 1997 -- Coastal Petroleum Company said a
public hearing on its offshore drilling permit application was concluded on
November 6, with a ruling expected in mid-February.
The hearing -- which incorporated Coastal's appeal of Florida's newly
enacted $4.25 billion surety requirement -- featured three weeks of testimony by
the Company and the state's Department of Environmental Protection as well as
witnesses for the Sierra Club, the Audubon Society, and the Florida Wildlife
Federation.
A Coastal spokesman said the parties were directed to file their
exhibits by November 13; that the transcript will be completed by December; and
that each party then has 30 days to file its brief and recommendations. The
Court is expected to rule within 30 days thereafter, he said.
The spokesman also noted that Florida's First District Court of Appeal
has again ruled against Coastal on its inverse condemnation claim against the
State which seeks compensation for the Company's royalty interest acreage. The
Company's attorneys are preparing for an appeal to the Florida Supreme Court.
Coastal is a majority-held subsidiary of Coastal Caribbean Oils &
Minerals, Ltd. (Boston: CCO-B; CCO-BN).
Contact: Phillip W. Ware, at (904) 653-2732
