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, 1999
                               -------------------------------------------------

[   ]    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 October 25, 1999 was 40,056,358.



<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
                             (A Bermuda Corporation)
                           A Development Stage Company

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

                           CONSOLIDATED BALANCE SHEET
                           (Expressed in U.S. dollars)
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                              September 30,        December 31,
                                                                                  1999                1998
                                                                              -------------        ------------

                                 ASSETS

Current assets:
<S>                                                                            <C>                 <C>
  Cash and cash equivalents                                                    $    595,856        $     52,480
  Accounts and interest receivable                                                   30,908              52,634
  Marketable securities                                                             359,415             828,839
  Prepaid expenses                                                                  321,360             314,280
                                                                               ------------        ------------
          Total current assets                                                    1,307,539           1,248,233
                                                                               ------------        ------------

Marketable securities                                                               400,000           1,300,000

Unproved oil, gas and mineral properties (full cost method)                       4,760,836           4,735,619

Other                                                                                27,246              27,198
                                                                               ------------        ------------
Total assets                                                                   $  6,495,621        $  7,311,050
                                                                               ============        ============

                   LIABILITIES, MINORITY INTERESTS AND
                          SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued liabilities                                     $     53,582        $     67,299
                                                                               ------------        ------------

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                                                 28,693,033          28,693,033
                                                                               ------------        ------------
                                                                                 33,499,796          33,499,796
  Deficit accumulated during development stage                                  (27,057,757)        (26,256,045)
                                                                               ------------        ------------
  Total shareholders' equity                                                      6,442,039           7,243,751
                                                                               ------------        ------------

Total liabilities, minority interests and shareholders' equity                 $  6,495,621        $  7,311,050
                                                                               ============        ============
</TABLE>


<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
                             (A Bermuda Corporation)
                           A Development Stage Company

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

                      CONSOLIDATED STATEMENT OF OPERATIONS
                           (Expressed in U.S. dollars)
                                   (unaudited)


<TABLE>
<CAPTION>
                                                                                                                     From inception
                                                Three months ended                     Nine months ended             (Jan. 31, 1953)
                                                   September 30,                         September 30,                 to Sept. 30,
                                              1999               1998               1999                1998               1999
                                            ---------          ---------          ---------           ---------        -----------

<S>                                         <C>                <C>                <C>                 <C>              <C>
Interest and other income                   $  17,356          $  37,300          $  63,293           $ 136,081        $ 3,736,597
                                            ---------          ---------          ---------           ---------        -----------

Expenses:
  Legal fees and costs                         85,461             93,425            289,128             356,369         12,260,739
  Administrative expenses                      95,871            123,214            346,300             376,178          7,210,610
  Salaries                                     37,950             40,250            119,600             120,750          3,030,878
  Shareholder communications                   17,008             29,873             92,545             120,830          3,661,500
  Exploration costs                             5,284              1,512             17,432              18,387            801,092
  Lawsuit judgments                                 -                  -                  -                   -          1,941,916
  Minority interests                                -                  -                  -                   -           (632,974)
  Other                                             -                  -                  -                   -            364,865
  Contractual services                              -                  -                  -                   -          2,155,728
                                            ---------          ---------          ---------           ---------        -----------
                                              241,574            288,274            865,005             992,514         30,794,354
                                            ---------          ---------          ---------           ---------        -----------

Net loss                                    $(224,218)         $(250,974)         $(801,712)          $(856,433)       $27,057,757
                                            ==========         ==========         ==========          ==========       ===========

Deficit accumulated during
  development stage

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)              $(.02)
                                             ======             ======             ======              ======
</TABLE>



<PAGE>



                     COASTAL CARIBBEAN OILS & MINERALS, LTD.
                             (A Bermuda Corporation)
                           A Development Stage Company

                         PART I - FINANCIAL INFORMATION

ITEM 1 - Financial Statements

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


<TABLE>
<CAPTION>
                                                                                                     From inception
                                                                         Nine months ended           (Jan. 31, 1953)
                                                                           September 30,              to Sept. 30,
                                                                       1999             1998              1999
                                                                    ----------       -----------     ---------------
Operating activities:
<S>                                                                  <C>               <C>             <C>
Net loss                                                             $(801,712)        $(856,433)      $(27,057,757)
Adjustments to reconcile net loss
  to net cash used for operating activities:
    Minority interest                                                                                      (632,974)
    Exploration and other                                                                                   755,974
    Net change in:
       Accounts receivable                                              21,726            52,638            (30,908)
       Prepaid expenses                                                 (7,080)         (114,498)          (321,360)
       Current liabilities                                             (13,717)          (11,872)            53,582
       Other                                                               (48)            (343)            471,660
                                                                    ----------       -----------       ------------
Net cash provided by (used for) operating activities                  (800,831)         (930,508)       (26,761,783)
                                                                    ----------       -----------       ------------

Investing activities:
  Additions to oil, gas, and mineral properties
    net of assets acquired for common stock                            (25,217)         (299,661)        (4,760,836)
  Reimbursement of lease rentals and other expenses                          -                 -          1,243,085
  Marketable securities (net)                                        1,369,424         1,499,522           (759,415)
  Purchase of fixed assets                                                   -                 -            (61,649)
                                                                    ----------       -----------       ------------
Net cash provided by investing activities                            1,344,207         1,199,861         (4,338,815)
                                                                    ----------       -----------       ------------

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 in cash and cash equivalents                              543,376           269,353            595,856
Cash and cash equivalents at beginning of period                        52,480           316,333                  -
                                                                    ----------       -----------       ------------
Cash and cash equivalents at end of period                           $ 595,856         $ 585,686          $ 595,856
                                                                    ==========      ============    ===============
</TABLE>


<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS LTD.

                         PART I - FINANCIAL INFORMATION

                               September 30, 1999

ITEM 1   -    Financial Statements

         The  information  for the three  month  and nine  month  periods  ended
September 30, 1999 and 1998 is  unaudited,  but includes all  adjustments  which
Coastal Caribbean Oils & Minerals,  Ltd. (the "Company") considers necessary for
a  fair  statement  of  the  results  of  operations  for  those  periods.   The
consolidated financial statements include the Company's 59.25% owned subsidiary,
Coastal Petroleum Company ("Coastal Petroleum").

         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  which would be
                  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 September  30, 1999.  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 legally taken.  These 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 Operation

Liquidity and Capital Resources

                              Short Term Liquidity

         At  September  30,  1999,  Coastal  Caribbean  had cash and  marketable
securities of approximately $1 million.  These 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 estimates that as much as $400,000 per year may be required
in connection with the Florida litigation.  The Company expects that the Florida
litigation will continue at least through the year 2000,  although the State may
take actions that could shorten or lengthen that period.

         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 (St. George Island  prospect) in the water
near  Apalachicola,  Florida.  The State of Florida  resisted  the issuance of a
drilling permit and denied the application.  On October 6, 1999, Florida's First
District  Court of Appeal  ruled  that  Florida's  Department  of  Environmental
Protection  ("DEP")  has the  authority  to  deny  Coastal  Petroleum  Company's
drilling  permit for its St.  George  Island  prospect,  provided  that  Coastal
receives  just  compensation  for what was  taken. The State of Florida  and the
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.  Coastal Petroleum's  response to that joint motion is due on
or before November 16, 1999.





<PAGE>


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

         The Company has  assessed its Year 2000  readiness  and it is currently
compliant.  The Year 2000 change should have no material impact on the Company's
internal operations or financial results. However, the Company will be dependent
on its  suppliers  and  potential  partners  to make  their  systems  Year  2000
compliant.  Due to the limited nature of the Company's current  operations,  the
Company does not expect that any inability of suppliers or potential partners to
be Year 2000 compliant would have a material impact on the Company.

Results of Operations

Three month period ended September 30, 1999 vs. September 30, 1998

         The Company incurred a loss of $224,000 for the 1999 quarter,  compared
to a loss of $251,000 for the comparable 1998 quarter.

         Interest income and other income  decreased 53% from $37,000 in 1998 to
$17,000 in 1999 because less funds were available for investment during the 1999
period and interest rates were lower.

         Legal  fees and costs  decreased  9% to $85,000  for the 1999  quarter,
compared to $93,000 in the 1998 quarter period. In the 1998 period,  the Company
had been involved in various  appeals and hearings in opposition to the issuance
of a  drilling  permit.  During  the 1999  period,  the level of legal  activity
decreased because the Company was awaiting a decision on the appeal of the St.
George Island permit denial.

         Administrative  expenses  decreased 22% from  $123,000  during the 1998
period to $96,000 during the 1999 quarter.  During the 1999 period, the level of
activity  decreased because the Company was awaiting a decision on the appeal of
the St. George Island permit denial.

         Salaries  decreased  6% during the 1999 quarter to $38,000  compared to
$40,000 in the 1998  quarter  because  an  employee  resigned  during the second
quarter. The employee has not yet been replaced.


<PAGE>



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

         Shareholder  communications  decreased  43%  from  $30,000  in  1998 to
$17,000 in 1999.  The  decrease  in expense  during  the period  results  from a
reduction in mailing costs to the Company's shareholders.

Nine month period ended September 30, 1999 vs. September 30, 1998

         The Company  incurred a loss of $802,000 for the 1999 period,  compared
to a loss of $856,000 for the comparable 1998 period.

         Interest income and other income  decreased  54% from  $136,000 in 1998
to $63,000 in 1999 because less funds were available for investment  during 1999
and interest rates were lower.

         Legal fees and costs  decreased  19% to  $289,000  in the 1999  period,
compared to $356,000 in the 1998 period.  During the 1999  period,  the level of
expenditures decreased because the Company was awaiting a decision on the appeal
of its St. George Island permit denial.

         Administrative  expenses decreased 8% to $346,000 in 1999 from $376,000
in the 1998 period.

         Salaries  decreased 1% to $120,000  during the 1999 period  compared to
$121,000 during the 1998 period.

         Shareholder  communications  decreased  23%  from  $121,000  in 1998 to
$93,000 in 1999.  The decrease in expense  during the 1999 period results from a
reduction in mailing costs to the Company's shareholders.

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, 1999, the carrying value of such  investments  was
approximately  $1,238,000,  the fair value was $1,243,000 and the face value was
$1,250,000.  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, 1999

ITEM 6   -    Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  None.

         (b)      Reports on Form 8-K

                  None.


<PAGE>


                                   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 2, 1999            By  /s/ James R. Joyce
                                        ----------------------------------------
                                        James R. Joyce
                                        Treasurer and Chief Accounting and
                                        Financial Officer