UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 10-Q

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended                          June 30, 2000
                               --------------------------------------

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to _________________

Commission file number     1-4668
                       ----------

                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
 ................................................................................
             (Exact name of registrant as specified in its charter)

         BERMUDA                                             NONE
 ...........................                        ...........................
(State or other jurisdiction of                        (I.R.S. Employer
 incorporation or organization)                        Identification No.)

Clarendon House, Church Street, Hamilton, Bermuda             HM CX
 ................................................................................
   (Address of principal executive offices)                 (Zip Code)

                                  441-295-1422
 ................................................................................
              (Registrant's telephone number, including area code)


 ................................................................................
              (Former name, former address and former fiscal year,
                          if changed since last report)

         Indicate by check mark whether the registrant (l) has filed all reports
required to be filed by Section 13 or 15 (d) of the  Securities  Exchange Act of
l934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                                           |X|  Yes     |_|  No

         The number of shares outstanding of the issuer's single class of common
stock as of July 20, 2000 was 40,056,358.



<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                                  JUNE 30, 2000

                                Table of Contents


                         PART I - FINANCIAL INFORMATION


ITEM 1   Financial Statements                                              Page

         Consolidated balance sheets at June 30, 2000 and
         December 31, 1999                                                   3

         Consolidated  statements of operations from inception (January
         31, 1953) to June 30, 2000 and for the three and six
         months ended June 30, 2000 and June 30, 1999                        4

         Consolidated  statements of cash flows from inception (January
         31, 1953) to June 30, 2000 and for the three and six
         months ended June 30, 2000 and June 30, 1999                        5

         Notes to consolidated financial statements                          6

ITEM 2   Management's Discussion and Analysis of Financial
         Condition and Results of Operations                                 7

ITEM 3   Quantitative and Qualitative Disclosure About Market Risk          11

                           PART II - OTHER INFORMATION

ITEM 4   Submission of Matters to a Vote of Security Holders                12

ITEM 5   Other Information                                                  12

ITEM 6   Exhibits and Reports on Form 8-K                                   12

         Signatures                                                         13


<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

                           CONSOLIDATED BALANCE SHEETS
                           (Expressed in U.S. dollars)

                             (A Bermuda Corporation)
                           A Development Stage Company
<TABLE>
                                                                                June 30,          December 31,
                                                                                  2000                1999
                                 ASSETS                                         (Unaudited)          (Note)

Current assets:
<S>                                                                             <C>                  <C>
  Cash and cash equivalents                                                     $   496,364          $     651,124
  Accounts and interest receivable                                                    5,399                 25,583
  Prepaid expenses                                                                  241,306                352,089
                                                                              -------------             ----------
          Total current assets                                                      743,069              1,028,796
                                                                              -------------              ---------

Marketable securities                                                                     -                390,941

Unproved oil, gas and mineral properties (full cost method)                       4,755,944              4,759,532

Other                                                                                87,848                 27,445
                                                                            ---------------        ---------------
Total assets                                                                   $  5,586,861           $  6,206,714
                                                                               ============           ============

                   LIABILITIES, MINORITY INTERESTS AND
                          SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued liabilities                                   $       65,106         $       68,424
                                                                             --------------         --------------

Minority interests                                                                        -                      -

Shareholders' equity:
  Common stock, par value $.12 per share:
  Authorized  - 250,000,000 shares
  Outstanding - 40,056,358 shares                                                 4,806,763              4,806,763
  Capital in excess of par value                                                 28,768,033             28,693,033
                                                                               ------------             ----------
                                                                                 33,574,796             33,499,796
  Deficit accumulated during development stage                                  (28,053,041)           (27,361,506)
                                                                               -------------           ------------
  Total shareholders' equity                                                      5,521,755              6,138,290
                                                                              -------------          -------------

Total liabilities, minority interests and shareholders' equity                 $  5,586,861           $  6,206,714
                                                                               ============           ------------
</TABLE>
Note: The balance sheet at December 31, 1999 has been derived from the audited
           consolidated financial statements at that date.

                             See accompanying notes.

<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                           (Expressed in U.S. dollars)

                             (A Bermuda Corporation)
                           A Development Stage Company

                                   (unaudited)



<TABLE>

                                                                                                                   From inception
                                                                                                                   (Jan. 31, 1953)
                                    Three months ended June 30,                Six months ended June 30,          to June 30, 2000
                                   ---------------------------                -------------------------          ----------------
                                     2000                 1999                  2000                1999
                                     ----                 ----                  ----                ----

<S>                              <C>                  <C>                   <C>                 <C>               <C>
Interest and other income        $   9,925            $  20,568             $  19,472           $  45,937         $  3,748,051
                                 ---------            ---------             ---------           ---------         ------------

Expenses:
  Legal fees and costs              87,185               96,918               254,083             203,667           12,631,074
  Administrative expenses          135,773              117,412               285,904             250,429            7,624,241
  Salaries                          37,950               37,950                75,900              81,650            3,144,728
  Shareholder communications        61,320               48,133                88,693              75,537            3,760,473
  Exploration costs                  3,884                8,832                 6,427              12,148              811,041
  Lawsuit judgments                      -                    -                     -                   -            1,941,916
  Minority interests                     -                    -                     -                   -             (632,974)
  Other                                  -                    -                     -                   -              364,865
  Contractual services                   -                    -                     -                    -           2,155,728
                           ---------------      ---------------       ---------------     ----------------        ------------
                                   326,112              309,245               711,007             623,431           31,801,092
                                 ---------            ---------             ---------          ----------          -----------

Net loss                        $(316,187)           $(288,677)            $(691,535)          $(577,494)
                                ==========           ==========            ==========          ==========

Deficit accumulated during
  development stage                                                                                                $(28,053,041)
                                                                                                                   =============

Average number of shares
  Outstanding (Basic &
  Diluted)                      40,056,358           40,056,358            40,056,358          40,056,358
                                ==========           ==========            ==========          ==========

Net loss per share (Basic
& Diluted)                          $(.01)               $(.01)               $(.02)               $(.01)
                                    ======               ======               ======               ======
</TABLE>

                             See accompanying notes.


<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
                                    FORM 10-Q

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           (Expressed in U.S. Dollars)

                             (A Bermuda Corporation)
                           A Development Stage Company

                                   (unaudited)
<TABLE>
                                                                                                    From inception
                                                                        Six months ended            (Jan. 31, 1953)
                                                                            June 30,                  to June 30,
                                                                      2000             1999              2000
Operating activities:
<S>                                                                  <C>               <C>             <C>
Net loss                                                             $(691,535)        $(577,494)      $(28,053,041)
Adjustments to reconcile net loss
  to net cash used in operating activities:
    Minority interest                                                        -                 -           (632,974)
    Exploration and other                                                    -                 -            755,974
    Compensation recognized for stock option grants                     75,000                 -             75,000
    Net change in:
       Accounts receivable                                              20,184             3,758            ( 5,399)
       Prepaid expenses                                                110,783            84,984           (241,306)
       Current liabilities                                              (3,318)          (13,499)            65,106
       Other                                                           (60,403)               36            411,058
                                                                    -----------    -------------    ---------------
Net cash used in operating activities                                 (549,289)         (502,215)       (27,625,582)
                                                                     ----------        ----------     --------------
Investing activities:
  Additions to oil, gas, and mineral properties
    net of assets acquired for common stock                              3,588            32,725         (4,755,944)
  Reimbursement of lease rentals and other expenses                          -                 -          1,243,085
  Proceeds from sale of marketable securities                          390,941         1,372,676                  -
  Purchase of fixed assets                                                                                  (61,649)
                                                                ----------------  ----------------  ----------------
Net cash provided by (used in) investing activities                    394,529         1,405,401         (3,574,508)
                                                                   -----------        ----------      --------------
Financing activities:
  Cash proceeds from sale of
    common stock less expenses                                               -                 -         26,342,205
  Shares issued upon exercise of options                                     -                 -            884,249
  Sale of shares by subsidiary                                               -                 -            750,000
  Sale of subsidiary shares                                                                               3,720,000
                                                                ----------------  ----------------    -------------
Net cash provided by financing activities                                                                31,696,454
                                                                ---------------   ----------------       ----------
Net increase(decrease) in cash and cash equivalents                   (154,760)          903,186            496,364
Cash and cash equivalents at beginning of period                       651,124            52,480                  -
                                                                    ----------        ----------      -------------
Cash and cash equivalents at end of period                          $  496,364        $  955,666      $     496,364
                                                                    ==========        ==========      =============
</TABLE>

                             See accompanying notes.

<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
                                    FORM 10-Q
                         PART I - FINANCIAL INFORMATION

                                  June 30, 2000


ITEM 1   -    Financial Statements


Note 1.  Basis of Presentation

         The accompanying  unaudited condensed consolidated financial statements
include  the  Company's  59.25%  owned  subsidiary,  Coastal  Petroleum  Company
("Coastal  Petroleum")  and have been  prepared  in  accordance  with  generally
accepted  accounting  principles for interim financial  information and with the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do
not include all of the information and footnotes  required by generally accepted
accounting  principles  for  complete  financial  statements.  In the opinion of
management,  all adjustments  considered  necessary for a fair presentation have
been included. All such adjustments are of a normal recurring nature.  Operating
results  for the three month and six month  periods  ended June 30, 2000 are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2000. For further information,  refer to the consolidated financial
statements and footnotes thereto included in the Company's Annual Report on Form
10-K for the year ended December 31, 1999.

Note 2.   Continuation as Going Concern

         At June 30, 2000,  Coastal  Caribbean had cash and cash  equivalents of
approximately $500,000. The Company has a limited amount of working capital, has
incurred  recurring  losses and has an  accumulated  deficit.  Furthermore,  the
Company believes the State of Florida has taken its exploration leases.  Coastal
Petroleum is planning to commence an inverse  condemnation action in the Circuit
Court  to be  compensated  for the  value  of its  properties.  The cost of that
litigation  will be  substantial  and require  the Company to obtain  additional
capital.  There  can be no  assurances  that  funds on hand  and any  additional
capital which may be realized through sales of the Company's shares or otherwise
will be sufficient to allow the Company to survive until the Florida  litigation
is  concluded.  These  situations  raise  substantial  doubt about the Company's
ability to continue as a going concern.

Note 3.   Common Stock

         On May 10, 2000,  the Company filed a  registration  statement with the
Securities and Exchange  Commission for a proposed  offering of its common stock
to its shareholders. The Company has not yet determined the amount of additional
capital  that it will seek to raise  through the  proposed  offering.  The costs
incurred  relating to the preparation of the registration  statement  totaling $
60,150 at June 30, 2000 are included in other assets.

         On March 6, 2000,  five year options to purchase  312,000 shares of the
Company's common stock at $1.125 per share expired without being  exercised.  On
March 24, 2000,  ten year options to purchase  700,000  shares of the  Company's
common  stock at $.91 per share were  granted to  directors,  officers and legal
counsel of the  Company.  All of the options  were vested and  exercisable.  The
Company  recorded  a  charge  to legal  expense  in the  amount  of  $75,000  in
connection with such grants.

ITEM 2   -    Management's Discussion and Analysis of Financial Condition and
------        ---------------------------------------------------------------
              Results of Operations (Cont'd)
              ------------------------------

Liquidity and Capital Resources

         Statements   included  in  Management's   Discussion  and  Analysis  of
Financial Condition and Results of Operations which are not historical in nature
are intended to be, and are hereby  identified as, "forward looking  statements"
for  purposes  of the  "Safe  Harbor  Statement"  under the  Private  Securities
Litigation Reform Act of 1995. The Company cautions readers that forward looking
statements  are  subject to certain  risks and  uncertainties  that could  cause
actual results to differ  materially from those indicated in the forward looking
statements. Among the risks and uncertainties are:

         1.       the uncertainty of any decision favorable to Coastal Petroleum
                  in its litigation against the State of Florida;

         2.       the substantial cost of continuing the litigation;

         3.       the uncertainty of obtaining the financing necessary to fund
                  the litigation against the State of Florida.

         The Company's  principal  assets are oil, gas, and mineral leases,  the
costs of which total $4.8  million at June 30,  2000.  The Company has a limited
amount of working capital,  has incurred recurring losses and has an accumulated
deficit.  The Company  has been and  continues  to be involved in several  legal
proceedings against the State of Florida which has limited the Company's ability
to commence  development  activities  on its unproved oil and gas  properties or
obtain  compensation  for certain  property  rights it believes have been taken.
These situations raise substantial doubt about the Company's ability to continue
as a going  concern.  The  Company's  consolidated  financial  statements do not
include  any   adjustments  to  reflect  the  possible  future  effects  on  the
recoverability  and  classification  of assets or amounts and  classification of
liabilities that may result from the outcome of this uncertainty.


<PAGE>



ITEM 2   -    Management's Discussion and Analysis of Financial Condition and
------        ---------------------------------------------------------------
              Results of Operations (Cont'd)
              ------------------------------

                              Short Term Liquidity

         At June 30, 2000,  Coastal  Caribbean had cash and cash  equivalents of
approximately  $500,000.  This amount should be sufficient to fund the Company's
operations  through December 31, 2000.  Effective July 1, 2000, certain officers
and  legal  counsel  agreed to defer 50% of their  salaries  and fees  until the
Company's  financial position  improves.  The available funds are expected to be
used for general corporate purposes,  including  exploration and development and
to continue the litigation against the State of Florida.

                               Long Term Liquidity

         The Company is currently  spending  approximately  $400,000 annually on
the Florida  Litigation.  In order to continue  the  litigation  and operate the
Company beyond the year 2000, the Company  believes it will be necessary for the
Company to obtain additional capital either from Coastal  Caribbean's or Coastal
Petroleum's shareholders.

         Since the Company's  inception,  it has been  financing its  operations
primarily  from the sale of its  common  stock and  sales of  shares of  Coastal
Petroleum.  On May 10, 2000, the Company filed a registration statement with the
Securities and Exchange  Commission for a proposed  offering of its common stock
to its shareholders. The Company has not yet determined the amount of additional
capital that it will seek to raise through the proposed  offering.  Although the
Company has successfully  financed its operations  through such offerings in the
past, there is no assurance that the proposed offering will be successful.

         The  Company's  oil and  gas  properties  are  currently  unproved  and
undeveloped.  The Company  had  applied for a drilling  permit from the State of
Florida to drill an  exploratory  well (the St. George  Island  prospect) in the
waters near Apalachicola, Florida. The State of Florida resisted the issuance of
a drilling permit. On October 6, 1999,  Florida's First District Court of Appeal
ruled that Florida's Department of Environmental Protection has the authority to
deny Coastal  Petroleum's  drilling  permit for its St. George Island  prospect,
provided that Coastal  receives just  compensation  for what has been taken. The
State of Florida and certain Florida  environmental  groups filed on November 1,
1999 a joint motion for clarification,  rehearing, or certification with respect
to that  decision,  asking the Court of Appeal,  among other things,  to clarify
that the question of





ITEM 2   -    Management's Discussion and Analysis of Financial Condition and
------        ---------------------------------------------------------------
              Results of Operations (Cont'd)
              ------------------------------

whether  there  has  been a taking  of  Coastal  Petroleum's  leases  should  be
determined in the Circuit  Court. . On June 26, 2000, the Court of Appeal denied
all of the  State's  motions but ruled that the issue of whether the denial of a
permit  constituted a "taking" was not before the Court, and it declined to rule
on the  merits  of the  issue and  stated  that the  issue was a matter  for the
Circuit Court. Coastal Petroleum is planning to commence an inverse condemnation
action in the Circuit Court to be  compensated  for the value of Lease 224A. The
cost of the  litigation  will be  substantial  and will  require  the Company to
obtain additional capital.


         The  Company  does  not  currently  have  assets   sufficient  to  fund
expenditures  to drill an  exploration  well, if a permit were  granted.  If oil
and/or gas is discovered in commercial  quantities,  a production  program would
require  additional  permitting  and  construction  of  production,  storage and
delivery systems.  The Company would be required to seek additional financing or
partners to fund these expenditures.


Results of Operations
---------------------
Three month period ended June 30, 2000 vs. June 30, 1999
--------------------------------------------------------

         The Company incurred a loss of $316,000 for the 2000 quarter,  compared
to a loss of $289,000 for the comparable 1999 quarter.

         Interest income and other income decreased 52% from $21,000 in the 1999
quarter to $10,000 in the 2000  quarter  because less funds were  available  for
investment during the 2000 period.

         Legal fees and costs  decreased  10% to $87,000  for the 2000  quarter,
compared to $97,000 in the prior period.  Legal fees and costs  decreased in the
2000 period  because the Company had been  waiting for a decision of the Florida
Court of Appeal regarding the State of Florida's motion for a rehearing.


<PAGE>



ITEM 2   -    Management's Discussion and Analysis of Financial Condition and
------        ---------------------------------------------------------------
              Results of Operations (Cont'd)
              ------------------------------

         Administrative  expenses  increased  16%  during  the 2000  quarter  to
$136,000  compared to $117,000 in the 1999 quarter.  During  December  1999, the
Company increased its Directors and Officers  liability  insurance coverage from
$6.2 million to $12.2 million which increased insurance costs.

         Salaries did not change between the periods and remained at $38,000.

         Shareholder communications increased 27% to $61,000 in the 2000 quarter
compared  to  $48,000  in the 1999  quarter  because of  increased  mailing  and
printing costs.

         Exploration  costs  decreased from $9,000 in the 1999 quarter to $4,000
in the 2000 quarter.

Six month period ended June 30, 2000 vs. June 30, 1999

         The Company incurred a loss of $692,000 for 2000, compared to a loss of
$577,000 for 1999.

         Interest income and other income  decreased 58% from $46,000 in 1999 to
$19,000 in 2000 because less funds were available for investment during the 2000
period.

         Legal fees and costs  increased  25% to $254,000  in 2000,  compared to
$204,000 in the prior  period  because  the  Company  recorded a charge to legal
expense  in the amount of $75,000 in  connection  with the  issuance  of a stock
option grant. During the 2000 period, the level of legal activity decreased. The
Company had been waiting for a decision of the Florida Court of Appeal regarding
the State of Florida's  motion for a rehearing which was not rendered until June
26, 2000.

         Administrative  expenses increased 14% during 2000 to $286,000 compared
to $250,000 in 1999.  During December 1999, the Company  increased its Directors
and Officers  liability  insurance  coverage  from $6.2 million to $12.2 million
which increased insurance costs.


         Salaries  decreased  7% during  2000 to $76,000  compared to $82,000 in
1999.  An employee who has not been  replaced  left the Company  during the 1999
period.

         Shareholder   communications  increased  17%  during  2000  to  $89,000
compared to $76,000 in 1999 because of increased mailing and printing costs.

         Exploration  costs  decreased  from  $12,000 in 1999 to $6,000 in 2000.
These miscellaneous exploration expenses do not include exploration expenditures
totaling $3,600 that were capitalized in 2000 ($33,000 in 1999).

ITEM 3   -    Quantitative and Qualitative Disclosure About Market Risk
------        ---------------------------------------------------------

         The Company  does not have any  significant  exposure to market risk as
the only market risk  sensitive  instruments  are its  investments in marketable
securities.  At June 30, 2000, the carrying value of such investments (including
those classified as cash and cash equivalents) was approximately  $395,000,  the
fair value was  $396,000  and the face  value was  $400,000.  Since the  Company
expects to hold the  investments  to  maturity,  the  maturity  value  should be
realized.



<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                           PART II - OTHER INFORMATION

                                  June 30, 2000

ITEM 4   -    Submission of Matters to a Vote of Security Holders
------        ---------------------------------------------------

         (a)  On May 18, 2000, the Company held its Annual Meeting of
              Shareholders.

         (b)  Directors  Graham B. Collis and John D. Monroe were  reelected for
three year terms expiring at the 2003 Annual General Meeting. The results of the
votes cast by the Company's shareholders were as follows:
<TABLE>
                                          Number of Shares Voted                  Number of Shareholders Voting
                                          ----------------------                  -----------------------------
                                        For                 Withheld                For                Withheld
                                        ---                 --------                ---                --------
<S>                                    <C>                      <C>                  <C>                    <C>
Graham B. Collis                       34,234,957               391,910              2,341                  90
John D. Monroe                         34,234,557               392,310              2,341                  90
</TABLE>

         (c) The  firm  of  Ernst & Young  LLP  was  approved  as the  Company's
independent  auditors for the fiscal year ending  December 31, 2000. The results
of the votes cast by the Company's shareholders were as follows:

<TABLE>
                  Number of Shares Voted                                  Number of Shareholders Voting
                  ----------------------                                  -----------------------------
        For                Against            Abstain               For              Against             Abstain
        ---                -------            -------               ---              -------             -------
<S>  <C>                   <C>                 <C>                 <C>                  <C>                <C>
     34,423,078            114,893             88,896              2,353                21                 57
</TABLE>

ITEM 5   -    Other Information
------        -----------------

         On June 26,  2000,  Florida's  First  District  Court of Appeal  denied
motions of the State of Florida and certain  environmental  groups  asking for a
rehearing of the Court's October 6, 1999 decision.  In its two-sentence  ruling,
the three-judge panel said that, because the issue of whether the State's denial
of a permit  constituted  a taking  was not before  the  court,  "we  decline to
comment on the merits of that  issue,  leaving it to be  resolved in the circuit
court" .

ITEM 6   -    Exhibits and Reports on Form 8-K
------        --------------------------------

         (a)      Exhibits
                  None.

         (b)      Reports on Form 8-K

                  On June 28, 2000,  the Company filed a Current  Report on Form
8-K to report the ruling of the Florida First  District  Court of Appeal on June
26, 2000.


<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                                  June 30, 2000



                                   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




Date:  July 20, 2000                    By/s/ James R. Joyce
                                              ------------------
                                              James R. Joyce
                                              Treasurer and Chief Accounting and
                                              Financial Officer