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                   March 31, 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 May 1, 2000 was 40,056,358.



<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                                 MARCH 31, 2000

                                Table of Contents


                         PART I - FINANCIAL INFORMATION


ITEM 1   Financial Statements                                              Page

         Consolidated balance sheets at March 31, 2000 and
         December 31, 1999                                                    3

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

         Consolidated  statements of cash flows from inception
         (January 31, 1953)to March 31, 2000 and for the three
         months ended March 31, 2000 and March 31, 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            10

                           PART II - OTHER INFORMATION

ITEM 5   Other Information                                                    11

ITEM 6   Exhibits and Reports on Form 8-K                                     11




<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>
<CAPTION>

                                                                               March 31,          December 31,
                                                                                  2000                1999
                                 ASSETS                                         (Unaudited)          (Note)
Current assets:
<S>                                                                            <C>                   <C>
  Cash and cash equivalents                                                    $    821,018          $     651,124
  Accounts and interest receivable                                                    5,248                 25,583
  Prepaid expenses                                                                  301,170                352,089
                                                                              -------------             ----------
          Total current assets                                                    1,127,436              1,028,796
                                                                               ------------              ---------
Marketable securities                                                                     -                390,941
Unproved oil, gas and mineral properties (full cost method)                       4,758,227              4,759,532
Other                                                                                27,613                 27,445
                                                                            ---------------        ---------------
Total assets                                                                   $  5,913,276           $  6,206,714
                                                                               ============           ============
                   LIABILITIES, MINORITY INTERESTS AND
                          SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable and accrued liabilities                                   $       75,334         $       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                                  (27,736,854)           (27,361,506)
                                                                               -------------           ------------
  Total shareholders' equity                                                      5,837,942              6,138,290
                                                                              -------------          -------------
Total liabilities, minority interests and shareholders' equity                 $  5,913,276           $  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               (Jan. 31, 1953)
                                                                     March 31,                      to March 31,
                                                              2000                1999                  2000
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                 <C>                    <C>
Interest and other income                                 $    9,547          $   25,369             $  3,738,126
                                                          ----------          ----------             ------------

Expenses:
  Legal fees and costs                                       166,898             106,749               12,543,889
  Administrative expenses                                    150,131             133,017                7,488,468
  Salaries                                                    37,950              43,700                3,106,778
  Shareholder communications                                  27,373              27,404                3,699,153
  Exploration costs                                            2,543               3,316                  807,157
  Lawsuit judgments                                                -                   -                1,941,916
  Minority interests                                               -                   -                 (632,974)
  Other                                                            -                   -                  364,865
  Contractual services                                                 -                   -            2,155,728
                                                        ----------------    ----------------        -------------
                                                             384,895             314,186               31,474,980
                                                          ----------          ----------             ------------

Net loss                                                   $(375,348)          $(288,817)
                                                           ==========          ==========

Deficit accumulated during
  development stage                                                                                  $(27,736,854)
                                                                                                     =============
Net loss per share (Basic & Diluted)                         $(.01)              $(.01)
                                                             ======              ======

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


                             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>
<CAPTION>
                                                                                                    From inception
                                                                       Three months ended           (Jan. 31, 1953)
                                                                            March 31,                to March 31,
                                                                      2000             1999              2000
Operating activities:
<S>                                                                  <C>               <C>             <C>
Net loss                                                             $(375,348)        $(288,817)      $(27,736,854)
Adjustments to reconcile net loss
  to net cash used in operating activities:
    Minority interest                                                        -                 -           (632,974)
    Exploration and other                                                    -                 -            755,974
    Net change in:
       Accounts receivable                                              20,335            34,910            ( 5,248)
       Prepaid expenses                                                 50,919            27,242           (301,170)
       Current liabilities                                               6,910            12,914             75,334
       Other                                                              (168)              118            471,293
                                                                  -------------     ------------    ---------------
Net cash used in operating activities                                 (297,352)         (213,633)       (27,373,645)
                                                                     ----------        ----------     --------------
Investing activities:
  Additions to oil, gas, and mineral properties
    net of assets acquired for common stock                              1,305            31,746         (4,758,227)
  Reimbursement of lease rentals and other expenses                          -                 -          1,243,085
  Proceeds from sale of  marketable securities                          390,941         1,120,161                  -
  Purchase of fixed assets                                                                                  (61,649)
                                                                             -                 -
                                                                   -----------       -----------      -------------
Net cash provided by (used in) investing activities                    392,246         1,151,907         (3,576,791)
                                                                   -----------        ----------      --------------
Financing activities:
  Cash proceeds from sale of
    common stock less expenses                                               -                 -         26,342,205
  Shares issued upon exercise of options                                     -                 -            884,249
  Compensation recognized for stock option grants                       75,000                 -             75,000
  Sale of shares by subsidiary                                               -                 -            750,000
  Sale of subsidiary shares                                                  -                 -          3,720,000
                                                                ---------------- ----------------      ------------
Net cash provided by financing activities                               75,000                 -         31,771,454
                                                                ----------------  ----------------     ------------

Net increase in cash and cash equivalents                              169,894           938,274            821,018
Cash and cash equivalents at beginning of period                       651,124            52,480                 -
                                                                   -----------      ------------         ----------

Cash and cash equivalents at end of period                          $  821,018        $  990,754      $     821,018
                                                                    ==========        ==========      =============

</TABLE>
                             See accompanying notes.

<PAGE>


                     COASTAL CARIBBEAN OILS & MINERALS, LTD.

                                    FORM 10-Q

                         PART I - FINANCIAL INFORMATION

                                 March 31, 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  periods  ended March 31, 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 March 31,  2000,  Coastal  Caribbean  had cash and cash  equivalents  of
approximately $820,000. 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 working interest properties.
In the event that the Court of Appeal  affirms its  October  1999  decision  and
Coastal Petroleum commences an inverse  condemnation action in the Circuit Court
to be compensated for the value of its  properties,  the cost of that litigation
would be substantial and would 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.

     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  exercisableThe
Company  recorded a charge to legal  expense  in the  amount of $75,000  for the
issuance of the grant to legal counsel

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

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 March 31,  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 Operation (Cont'd)
              -----------------------------

                              Short Term Liquidity

     At March 31,  2000,  Coastal  Caribbean  had cash and cash  equivalents  of
approximately  $820,000.  This amount should be sufficient to fund the Company's
operations  through  December 31, 2000.  These 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.

         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.  A decision by the Court of
Appeal on that motion is pending.  In the event that the Court of Appeal affirms
its decision and Coastal Petroleum  commences an inverse  condemnation action in
the Circuit Court to be compensated for the value of Lease 224A, the cost of the
litigation  would be  substantial  and  would  require  the  Company  to  obtain
additional capital.



<PAGE>



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

         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.

         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.


Results of Operations

Three month period ended March 31, 2000 vs. March 31, 1999

         The Company incurred a loss of $300,000 for the 2000 quarter,  compared
to a loss of $289,000 for the comparable 1999 quarter.

         Interest income and other income decreased 62% from $25,000 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  increased  56% to  $167,000  for the 2000  quarter,
compared to $107,000 in the prior period.  Legal fees and costs increased in the
2000 period because the Company recorded a charge to legal expense in the amount
of $75,000 for the issuance of a stock option grant to legal counsel. During the
2000 period, the level of legal activity decreased. The Company has been waiting
for a decision of the Florida  Court of Appeal  regarding the State of Florida's
motion for a rehearing.

         Salaries decreased 13% during the 2000 quarter to $38,000 compared to
$44,000 in the 1999 quarter.  An employee who has not been replaced left the
Company during the 1999 period.

         Administrative  expenses  increased  12%  during  the 2000  quarter  to
$150,000  compared to $133,000 in the 1999 quarter.  During  December  1999, the
Company ITEM 2 - Management's Discussion and Analysis of Financial Condition and
Results of Operation (Cont'd)

increased  its  Directors and Officers  liability  insurance  coverage from $6.2
million to $12.2 million.

         Shareholder  communications  did not change  between  the  periods  and
remained at $27,000.

         Exploration  costs  decreased from $3,300 in the 1999 quarter to $2,500
in the 2000 quarter.  These  miscellaneous  exploration  expenses do not include
exploration  expenditures totaling $1,300 that were capitalized in 2000 ($32,000
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 March 31, 2000, the carrying value of such investments (including
those classified as cash and cash equivalents) was approximately  $691,000,  the
fair value was  $693,000  and the face  value was  $700,000.  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

                                 March 31, 2000


ITEM 5   -    Other Information

     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  for the
issuance of the grant to legal counsel.

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

                                 March 31, 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:  May 11, 2000                By  /s/ James R. Joyce
                                        ----------------------------------------
                                        James R. Joyce
                                        Treasurer and Chief Accounting and
                                        Financial Officer



<PAGE>