RE: Nice moveBengal Energy Ltd (C-BNG) - News Release
Bengal Energy starts drilling Kingtree
2011-10-14 08:45 ET - News Release
Shares issued 51,961,349
BNG Close 2011-10-13 C$ 1.37
Mr. Chayan Chakrabarty reports
BENGAL ENERGY ANNOUNCES SPUD OF KINGTREE WELL - TIMOR SEA
Bengal Energy Ltd. has provided an operational update.
Offshore Australia
Timor Sea
Exploration permit AC/P 24
Bengal wishes to advise that the Kingtree exploration well commenced drilling operations on Oct. 14, 2011. The well will evaluate a large, shallow structure, defined on the basis of multiple 3-D and 2-D seismic data, on offshore permit AC/P 24 in the Vulcan subbasin of the Timor Sea off the northwest coast of Australia. Bengal holds a 10-per-cent working interest in the prospect and permit AC/P 24.
The drilling location lies on trend with the Challis-Cassini oil field, approximately 300 kilometres offshore in a water depth of approximately 110 metres. The pool analogy for the Kingtree prospect is the nearby Jabiru oil field (115 million barrels (mmbbl) cumulative oil to date). This drilling location sits separately, approximately 12 kilometres east of Bengal's original Katandra oil discovery.
The well will be drilled by the semi-submersible rig Ocean Patriot and is planned to be drilled to a total depth of 1,472 metres over a period of approximately 17 days and abandoned after logging and evaluation. The purpose of the well is to help delineate the extent of the potential hydrocarbon deposits in the area and if successful will provide valuable information in determining the total amount of hydrocarbons in place and the scale of the subsequent development drilling and production infrastructure plan.
We seek Safe Harbor.