United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) October 7, 2002
Coastal Caribbean Oils & Minerals, Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 1-4668 NONE
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Clarendon House, Church Street, Hamilton HM DX, BERMUDA NONE
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (441) 295-1422
N/A
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(Former name or former address, if changed since last report.)
This is page 1 of 3.
FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 5. Other Events
(a) (i) Timothy L. Largay resigned as a director and as Vice President of the
registrant on October 7, 2002.
(ii) James R. Joyce, Treasurer and Chief Financial and Accounting Officer of the
registrant, will retire December 31, 2002 from those positions. Effective
January 1, 2003, Mr. Daniel W. Sharp, Glastonbury, Connecticut will
become Treasurer and Chief Financial and Accounting Officer of the Company.
Mr. Sharp, age 52, is a Certified Public Accountant who has served closely
held businesses based in Connecticut in various financial and accounting
capacities during the past twenty years. He is a graduate of Colgate
University (A.B. 1972) and the University of Hartford (M.S. - Professional
Accounting 1975).
(b) On October 8, 2002, the trial court in the takings litigation of
the Company's majority owned subsidiary, Coastal Petroleum Company, against
the State of Florida ruled from the bench that the State's denial of a
permit to drill on Coastal Petroleum's Lease 224-A did not constitute an
unlawful taking of Coastal Petroleum's property. Coastal Petroleum expects
that the trial court will issue a written order within the next two weeks.
Coastal Petroleum has the right to appeal the court's written order to the
Florida First District Court of Appeal.
FORM 8-K
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
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Benjamin W. Heath
President
Date: October 9, 2002