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Bengal Energy Ltd T.BNG

Alternate Symbol(s):  BNGLF

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company’s producing and non-producing assets are situated in Australia’s Cooper Basin. The Company’s core Australian assets, Petroleum Lease (PL) 303 Cuisinier, Authority to Prospect (ATP) 934 Barrolka, Potential Commercial Area (PCA) 332 Tookoonooka, and four petroleum licenses (PL) are situated within an area of the Cooper Basin that is served with production infrastructure and take-away capacity for produced crude oil and natural gas. In addition, it owns 26 kilometers (km) six high pressure gas pipeline (PPL 138) connecting the Wareena field to a large raw gas network passing its prospects at ATP 934. It has a 30.375% interest in two PLs on the former ATP 752 Barta block, PL 303 and PL 1028. In addition, it has three PCAs associated with ATP 752, which are the Barta block, PCA 206 and PCA 207 and PCA 155 in the Wompi block, which contains the Nubba well.


TSX:BNG - Post by User

Bullboard Posts
Post by scissors14on Nov 13, 2012 4:30pm
262 Views
Post# 20595459

David Pescod Today

David Pescod Today

BENGAL ENERGY (T-BNG) $0.60 -0.01

Bengal Energy announced its financials for the three and

six months ending September 30th today as they focused

on drilling, spending $10million to pursue its drilling program

in Australia.

The highlights included 100% drilling success at

Cuisinier. Since March 2012, Bengal has drilled four oil

producers, resulting in a drilling success rate of eight for

eight in the Cooper Basin of Australia. The Company is

currently producing 325 bopd net to the Company from

two of the newly drilled wells, under Extended Production

Test, while certain regulatory and capacity constraints

limit full production from all the wells. The Company is

currently trucking its production to a nearby terminal.

The operator of the field is progressing plans for facilities

upgrades and pipeline connection to a large facility at an

adjacent field that should handle production from all wells

in the field. The Company expects regulatory approval and

facilities upgrades to be completed in the quarter ending

June 30, 2013.

Cuisinier reserves increased substantially for their onshore

Australia in the Cooper/Eromanga Basins recognizing

717,000 proved barrels (an increase of 904%),

1,550,000 proved plus probable barrels (an increase of

269%) and 7,512,000 proved plus probable plus possible

barrels (an increase of 614%) to Bengal. The net present

values discounted at 10% amount to $16 million for

proved; $37 million for proved plus probable and $164

million for proved plus probable plus possible.

The market seems to be giving credit to companies for

their production & 2P reserves, especially on takeouts,

with little credit being given for any “potential”. So if you

can get a handle on that, then market volatility is a little

easier to deal with when you believe you know what you

own…a hard asset. Then, you just hope management

doesn’t do anything to derail the project or the underlying

commodity holds in there as global demand is in question

with the gloomy future outlook.

Bullboard Posts