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 13, 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 13, 1998, the State of Florida Administration Commission issued
the following order regarding Coastal Petroleum Company's pending application
for a drilling permit:
The Commission rejects the recommended $224,488,571 surety amount, and
remands this proceeding to DOAH [Division of Administrative Hearings] for
further proceedings limited to the following two issues:
1. A. Projected natural resource damages for a "maximum oil
spill" should be recalculated, based upon a daily flow rate of
5,948 barrels, to account for the maximum time needed to drill
a relief well as found in paragraph 100 of the Recommended
Order; and
B. Projected cleanup costs shall be recalculated in accordance
with the foregoing directions.
On or before May 26, 1998, the Florida Department of Environmental
Protection is also expected to act on the pending application for a drilling
permit.
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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 13, 1998
