Tuesday, August 14, 2012

Bengal Energy [TSX: BNG] 

Updated Corporate Presentation

Bengal Energy Ltd (TSX: BNG) provided an updated corporate presentation and operations review of its Australian properties and announced the filing of its unaudited, condensed consolidated interim Financial Statements and Management’s Discussion and Analysis for the first quarter ended June 30, 2012. A copy of these documents can be viewed at www.sedar.com and on the Company’s website: www.bengalenergy.ca.

Operations Review – Onshore Australia Properties – Cooper-Eromanga Basin

  • Participated in 4 Cuisinier wells that have been cased as potential future oil producers and are awaiting completion. Pressure survey information combined with well production data suggests significant remaining reserves upside on the Barta sub-Block (the “Barta Block”) portion of permit Authority to Prospect (“ATP’) 752.
  • At Cuisinier, for the fiscal year ending March 31, 2012, Proved plus Probable (“2P”) Finding and Development costs (“F&D costs”) were $12.78 per barrel, recycle ratio was 5.38 and field netback was CAD$68.81 per barrel. (See “Disclaimer” section of this press release.)
  • Our partner on permit ATP 752 is preparing plans to develop facilities to tie in the existing and new Cuisinier wells to permanent facilities.
  • Production in the period was reduced as our partner on ATP 752 continued negotiations with the regulators to obtain the grant of a Long Term Petroleum Production License for the Cuisinier 1 well. Production capability remains in the (net) 140 bopd range with significant upside when the new Cuisinier wells are completed. This upside, or behind pipe volume will be realized once the above mentioned facilities are commissioned.
  • DeGolyer and MacNaughton Canada Limited, an independent reserves evaluator, evaluated the Company's Proved plus Probable plus Possible (“3P”) reserves as at March 31, 2012, the details of which are included in the attached tables.
  • Our recently purchased drilling rig, Bengal 1, (the “Rig”) was in transit to Australia and subsequent to the quarter ended June 30, 2012, landed in Brisbane, cleared quarantine and is now going through the final safety and commissioning process to prepare to spud the first Tookoonooka well on permit ATP 732 in August, 2012. 

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