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 26, 1998
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 26, 1998, the Company reported that Florida's Department of
Environmental Protection refused to issue a permit to its subsidiary, Coastal
Petroleum Company ("CPC"), to drill an offshore exploration well near St.
George's Island. CPC intends to appeal the agency's ruling immediately to
Florida's First District Court of Appeal.
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 May 26, 1998.
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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: May 27, 1998
FLORIDA'S DEP DENIES
COASTAL PETE PERMIT
APALACHICOLA, FL, May 26, 1998 - Coastal Petroleum Company said
Florida's Department of Environmental Protection last Friday refused to issue
the Company a permit to drill an offshore exploration well near St. George's
Island in the Panhandle region.
The agency's denial reverses its previously announced intention to
grant the permit, and also rejects a positive recommendation by an
administrative law judge, Coastal said.
The Company applied for the St. George permit in 1992. Four years
later, after two previous denials had been judicially reversed, the agency said
it intended to grant the permit. The Sierra Club and others then appealed that
decision; and the administrative law judge's recommendation in favor of the
permit was handed down last month.
A Coastal spokesman said the agency's position is clearly erroneous,
and also said the Company intends to appeal the agency's ruling immediately to
Florida's First District Court of Appeal.
Coastal Petroleum Company is a majority-held subsidiary of Coastal
Caribbean Oils & Minerals, Ltd. (Boston: CCO-B; CCO-BN).
Contact: Phillip W. Ware, at (850) 653-2732
