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) April 8, 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 April 8, 1998, the Company reported that a Florida Administrative
Law judge recommended that the Company is entitled to an offshore drilling
permit for its St. George's Island prospect, with a recommended surety of $225
million.
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 April 8, 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: April 9, 1998
JUDGE SAYS COASTAL PETE
ENTITLED TO DRILLING PERMIT
APALACHICOLA, FL, April 8, 1998 - Coastal Petroleum Company said a
Florida administrative law judge today recommended that the Company is entitled
to an offshore drilling permit for its St. George's Island prospect in the
Panhandle region.
Coastal, which has an 800,000-acre offshore leasehold along the Gulf
Coast, has been seeking a permit to drill the highly regarded prospect since
1992.
The Company said Judge Mary Clark also recommended that a surety of
$225 million would be adequate, as opposed to the $4.25 billion demanded by the
State.
Phillip W. Ware, Coastal's president, said Florida's Department of
Environmental Protection and its Administration Commission (the Governor and the
Cabinet) now have 45 days to act on Judge Clark's recommendations. He also noted
that her findings of fact must be accepted unless the state agencies can show,
from the record, that there was no evidence to support those findings.
Ware further noted that Coastal is pleased with the decision.
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
