Mounting Tourism Outcry Over Samui Drilling
Back of strong opposition by local residents and the island's tourism industry its been reported that the Thailand subsidiary firm NuCoastal of the UK based Coastal Energy Company will defer drilling for the next 12 months.
The oil exploration company which is traded on both the UK AMI and Canadian TSX-V stock bourses is targeting natural gas deposits near Samui.
Established in 2003 the company has been drilling for crude oil near the Gulf of Thailand's Songkhla since 2006.
The Thai government is currenty reviewing the company license with respect to an outstanding environmental impact assessment which comes due December.
Growing concern on the heels of the globally publicized BP crises in the United States has fueled opinion, especially among the larger tourism sector.