United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
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 28, 2003
Coastal Caribbean Oils & Minerals, Ltd.
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(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 6.
AMENDMENT NO. 1 TO FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 4. Changes in Registrant's Certifying Accountant
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Previous Independent Accountants
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On May 28, 2003, Ernst & Young LLP ("Ernst & Young") resigned as
Coastal Caribbean Oils & Minerals, Ltd.'s (the "Company") independent auditors.
Ernst & Young's decision to resign was not recommended or approved by the
Company's Board of Directors or any committee thereof.
The reports of Ernst & Young on the Company's consolidated financial
statements for the past two fiscal years did not contain an adverse opinion or a
disclaimer of opinion, and were not qualified or modified as to audit scope or
accounting principles, but did contain an explanatory paragraph for an
uncertainty regarding the Company's ability to continue as a going concern.
In connection with the audits of the Company's financial statements for
the past two fiscal years ended December 31, 2002 and in the subsequent interim
period, there were no disagreements with Ernst & Young on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope and procedures which, if not resolved to Ernst & Young's satisfaction,
would have caused Ernst & Young to make reference to the matter in their report.
There were no "reportable events" as that term is described in Item 304(a)(1)(v)
of Regulation S-K. The Company has requested Ernst & Young to furnish it a
letter addressed to the Commission stating whether it agrees with the above
statements. A copy of the letter, dated June 6, 2003, is filed as Exhibit 16 to
this Amendment No. 1 to Form 8-K.
New Independent Accountants
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As of the date of this current report, the Company has not retained a
new independent accountant. The Company is actively considering proposals of
accounting firms to serve as the Company's new independent accountants.
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Item 7. Financial Statements and Exhibits
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(c) Exhibits.
Exhibit No. Exhibit
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16 Letter from Ernst & Young LLP to the Securities and
Exchange Commission dated June 6, 2003.
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AMENDMENT NO. 1 TO 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/ Daniel W. Sharp
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Daniel W. Sharp
Treasurer and Chief Accounting and
Financial Officer
Date: June 6, 2003
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EXHIBIT INDEX
Exhibit No. Description Page No.
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16 Letter from Ernst & Young LLP to SEC dated 6
June 6, 2003
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