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                  September 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 11
 ................................................................................
(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 November 6, 2000 was 43,468,358.



<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                               SEPTEMBER 30, 2000

                                Table of Contents


                         PART I - FINANCIAL INFORMATION


ITEM 1   Financial Statements                                            Page
                                                                         -----
         Consolidated balance sheets at September 30, 2000 and
         December 31, 1999                                                  3

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

         Consolidated  statements of cash flows from inception (January
         31, 1953) to September 30, 2000 and for the nine
         months ended September 30, 2000 and September 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 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>
                                                                               September 30,           December 31,
                                                                                  2000                     1999
                                 ASSETS                                         (Unaudited)               (Note)

Current assets:
<S>                                                                             <C>                  <C>
  Cash and cash equivalents                                                     $   189,445          $     651,124
  Accounts and interest receivable                                                    7,218                 25,583
  Prepaid expenses                                                                  359,120                352,089
                                                                              -------------             ----------
          Total current assets                                                      555,783              1,028,796
                                                                              -------------              ---------

Marketable securities                                                                     -                390,941

Unproved oil, gas and mineral properties (full cost method)                       4,813,887              4,759,532

Other                                                                               205,128                 27,445
                                                                            ---------------        ---------------
Total assets                                                                   $  5,574,798           $  6,206,714
                                                                               ============           ============

                   LIABILITIES, MINORITY INTERESTS AND
                          SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued liabilities                                   $      366,437         $       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                                  (28,366,435)           (27,361,506)
                                                                               -------------           ------------
  Total shareholders' equity                                                      5,208,361              6,138,290
                                                                              -------------          -------------

Total liabilities, minority interests and shareholders' equity                 $  5,574,798           $  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
                                                                                                                   -----------------
                                           Three months ended                         Nine months ended              (Jan. 31, 1953)
                                           ------------------                         -----------------                to September
                                             September 30,                             September 30,                     30, 2000
                                             -------------                             -------------               -----------------
                                        2000                  1999                 2000                  1999
                                        ----                  ----                 ----                  ----

<S>                                <C>                   <C>                  <C>                   <C>                <C>
Interest and other income          $   3,622             $  17,356            $  23,094             $  63,293          $  3,751,673
                                   ---------             ---------            ---------             ---------          ------------

Expenses:
  Legal fees and costs               138,415                85,461              392,498               289,128            12,769,489
  Administrative expenses            129,469                95,871              415,373               346,300             7,753,710
  Salaries                            37,951                37,950              113,851               119,600             3,182,679
  Shareholder communications           9,200                17,008               97,893                92,545             3,769,673
  Exploration costs                    1,981                 5,284                8,408                17,432               813,022
  Lawsuit judgments                        -                     -                    -                     -             1,941,916
  Minority interests                       -                     -                    -                     -              (632,974)
  Other                                    -                     -                    -                     -               364,865
  Contractual services                     -                     -                    -                     -             2,155,728
                             ---------------       ---------------      ---------------       ----------------         ------------
                                     317,016               241,574            1,028,023               865,005            32,118,108
                                   ---------             ---------          -----------            ----------           -----------

Net loss                           $(313,394)            $(224,218)         $(1,004,929)            $(801,712)
                                  ==========            ==========         ============            ==========

Deficit accumulated during
  Development stage                                                                                                    $(28,366,435)
                                                                                                                      =============

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)               $(.03)                $(.02)
                                      ======                ======               ======                ======


                             See accompanying notes.
</TABLE>


<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
                                                                         Nine months ended             (Jan. 31, 1953)
                                                                           September 30,                 to September
                                                                       2000              1999              30, 2000
                                                                   -----------         ----------      ---------------
Operating activities:
<S>                                                                <C>                 <C>             <C>
Net loss                                                           $(1,004,929)        $(801,712)      $(28,366,435)
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                                              18,365            21,726             (7,218)
       Prepaid expenses                                                 (7,031)           (7,080)          (359,120)
       Current liabilities                                             298,013           (13,717)           366,437
       Other                                                          (177,683)              (48)           293,778
                                                                     ----------    --------------   ---------------
Net cash used in operating activities                                 (798,265)         (800,831)       (27,874,558)
                                                                     ----------        ----------     --------------

Investing activities:
  Additions to oil, gas, and mineral properties
    net of assets acquired for common stock                            (54,355)          (25,217)        (4,813,887)
  Reimbursement of lease rentals and other expenses                          -                 -          1,243,085
  Proceeds from sale of marketable securities                          390,941         1,369,424                  -
  Purchase of fixed assets                                                   -                 -            (61,649)
                                                                ----------------  ----------------  ----------------
Net cash provided by (used in) investing activities                    336,586         1,344,207         (3,632,451)
                                                                   -----------        ----------      --------------

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                   (461,679)          543,376            189,445
Cash and cash equivalents at beginning of period                       651,124            52,480                  -
                                                                   -----------      ------------       ------------
Cash and cash equivalents at end of period                          $  189,445        $  595,856      $     189,445
                                                                    ==========        ==========      =============


                             See accompanying notes.
</TABLE>

<PAGE>


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

                               September 30, 2000


ITEM 1   -    Notes to Consolidated 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 nine month periods ended  September 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 September 30, 2000,  Coastal Caribbean had cash and cash equivalents
of  approximately  $189,000.  At September  30, 2000,  the Company had a limited
amount of working capital,  had incurred recurring losses and had an accumulated
deficit. As of that date, these  situations  raised substantial  doubt about the
Company's  ability to continue as a going  concern.  On October  23,  2000,  the
Company concluded a sale of approximately 3.4 million shares of its common stock
to its shareholders and added approximately $3.4 million to its working capital.
Management  currently  believes that the Company has sufficient  capital to fund
its operations through December 31, 2002.

Note 3.   Common Stock
          ------------

         On September 11, 2000, the Company  commenced a rights  offering to its
shareholders.  The offering was concluded on October 23, 2000 and  approximately
3.4  million  shares  were sold at $1.00 per  share  and $3.4  million  of gross
proceeds were  realized.  The costs  incurred  relating to the offering  totaled
approximately $180,000 at September 30, 2000 and are included in other assets.



<PAGE>


ITEM 1   -    Notes to Consolidated Financial Statements Cont'd)
------        --------------------------------------------------

Note 3.   Common Stock (Cont'd)
          ---------------------

         On March 6, 2000,  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 are vested and exercisable.  The Company recorded a
charge to legal expense in the amount of $75,000 in  connection  with the grants
to nonemployees of the Company.

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

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; and

         2.       the substantial cost of continuing the litigation.

         The Company's  principal  assets are oil, gas, and mineral leases,  the
costs of which  total $4.8  million at  September  30,  2000.  The Company had a
limited  amount of working  capital,  had incurred  recurring  losses and had an
accumulated deficit at September 30, 2000. The Company has been and continues to
be involved  in  litigation  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 had raised  substantial  doubt about the Company's
ability to  continue  as a going  concern.  On October  23,  2000,  the  Company
concluded a sale of approximately  3.4 million shares of its common stock it its
shareholders  and added  approximately  $3.4  million  to its  working  capital.
Management  currently  believes that the Company has sufficient  capital to fund
its operationsthrough  December 31, 2002. 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.

                              Short Term Liquidity

         At September 30, 2000,  Coastal Caribbean had cash and cash equivalents
of approximately  $189,000. On October 23, 2000, the Company concluded a sale of
approximately  3.4 million  shares of its common stock to its  shareholders  and
added approximately $3.4 million to its working capital. The available funds are
expected  to be  used  for  general  corporate  purposes  and  to  continue  the
litigation against the State of Florida.

                               Long Term Liquidity

         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 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 and stated that the issue of whether
the  denial of a permit  constituted  a "taking"  was not before the Court.  The
Court  declined  to rule on the merits of the taking  issue and stated  that the
issue was a matter for the Circuit Court.  Coastal Petroleum intends to commence
an inverse  condemnation  action in the Circuit Court to be compensated  for the
value  of  its  properties.  The  cost  of  the  litigation  is  expected  to be
substantial.



<PAGE>


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

         In  1997,  Coastal  Petroleum  filed  12  additional  applications  for
drilling  permits.  Coastal  Petroleum  had  objected  to certain  requests  for
additional data by the State of Florida DEP. On March 26,1999, an administrative
law judge upheld the DEP's requirements.  The decision of the administrative law
judge was affirmed by the First District Court of Appeal on February 29, 2000.

         In order to fully permit the Apalachicola  Reef Play which includes the
St. George Island  prospect on October 29, 1998,  Coastal  Petroleum  filed four
additional permit applications  (1310-1313).  The DEP also requested  additional
data for these  permits.  Although  these  permits  are still  pending,  Coastal
Petroleum does not believe the DEP will ever grant these permits.

         In the unlikely event that any of the drilling permits are granted, the
Company would not have the assets sufficient to fund all the expenditures  which
would be necessary to drill the St. George Island prospect ($5.5 million) or any
other  exploration  wells.  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 September 30, 2000 vs. September 30, 1999
------------------------------------------------------------------

         The Company incurred a loss of $313,000 for the 2000 quarter,  compared
to a loss of $224,000 for the comparable 1999 quarter.

         Interest income and other income decreased 79% from $17,000 in the 1999
quarter to $4,000 in the 2000  quarter  because  less funds were  available  for
investment during the 2000 period.

         Legal fees and costs  increased  62% to $138,000  for the 2000  quarter
from  $85,000 in the 1999  period.  Legal fees and costs  increased  in the 2000
period  because the  Company has been  preparing  its  complaint  to file in the
Florida  Circuit Court to claim that the Company's Lease 224-A has been taken by
the State of Florida.

         Administrative  expenses  increased  35%  during  the 2000  quarter  to
$129,000  compared to $96,000 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.  In addition,
accounting and administrative costs increased as a result of the rights offering
to shareholders.

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

         Shareholder  communications decreased 46% to $9,000 in the 2000 quarter
compared to $17,000 in the 1999 quarter  because of a timing  difference  in the
periods in which the costs were incurred.

         Exploration  costs  decreased from $5,000 in the 1999 quarter to $2,000
in the 2000 quarter.

Nine month period ended September 30, 2000 vs. September 30, 1999

         The Company incurred a loss of $1,005,000 for 2000,  compared to a loss
of $802,000 for 1999.

         Interest income and other income  decreased 64% from $63,000 in 1999 to
$23,000 in 2000 because less funds were available for investment during the 2000
period.

         Legal fees and costs  increased 36% to $392,000 in 2000,  from $289,000
in the 1999 period  because the Company has been preparing its complaint to file
in the Florida  Circuit Court to claim that the  Company's  Lease 224-A has been
taken by the State of Florida.  The Company  also  recorded a noncash  charge to
legal  expense in the amount of $75,000 in  connection  with the  issuance  of a
stock option grant.




<PAGE>


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

         Administrative  expenses increased 20% during 2000 to $415,000 compared
to $346,000 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. In addition,  accounting and  administrative
costs increased as a result of the rights offering to shareholders.
 .
         Salaries decreased 5% during 2000 to $114,000 from $120,000 in 1999. An
employee who has not been replaced left the Company during the 1999 period.

         Shareholder communications increased 6% during 2000 to $98,000 compared
to $93,000 in 1999 because of increased mailing and printing costs.

         Exploration  costs  decreased  from  $17,000 in 1999 to $8,000 in 2000.
These miscellaneous exploration expenses do not include exploration expenditures
totaling $54,000 that were capitalized in 2000 ($25,000 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 September  30,  2000,  the  carrying  value of such  investments
(including  those  classified as cash and cash  equivalents)  was  approximately
$99,533,  the fair value was $99,675 and the face value was $100,000.  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

                               September 30, 2000

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

         On October 23, 2000, the Company  concluded a sale of approximately 3.4
million  shares of its common  stock and $ 3.4  million of gross  proceeds  were
realized.  The costs incurred  relating to the offering  totaling  approximately
$180,000 at September 30, 2000 are included in other assets.

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

         (a)      Exhibits
                  --------
                  None.

         (b)      Reports on Form 8-K
                  -------------------
                  None.



<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                               September 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:  November 13, 2000                   By/s/ James R. Joyce
                                            ----------------------------------
                                              James R. Joyce
                                              Treasurer and Chief Accounting and
                                              Financial Officer