Bengal Energy Announces Drilling Results of Koki Exploration Well in Australia's Cooper Basin
13 June 2014 - 9:00PM
Marketwired Canada
Bengal Energy Ltd. (TSX:BNG) ("Bengal" or the "Company") announces that the
Barta Block joint venture, in which the Company holds a 30.4% working interest,
has completed drilling operations at Koki-1 (the "Koki-1 Well"), the first of
two planned exploration wells to be drilled in Bengal's Cuisinier ("ATP") 752P
Barta Sub Block within Australia's Cooper Basin. The Koki-1 Well failed to
define a commercial hydrocarbon accumulation and has been plugged and abandoned.
The location was selected using 3D seismic data and was designed to evaluate the
extent of the Murta DC 70 trend approximately four kilometers to the north of
the Cuisinier Field which recently completed a successful 2014 Phase One
development program. The Koki-1 Well was drilled to a vertical depth of 2,573
meters and also tested a deeper secondary Birkhead-Hutton zone. The Koki-1 Well
did not encounter the targeted Murta DC70 reservoir and the secondary target
indicated minor, uncommercial oil shows. The Koki-1 Well was a step-out beyond
Bengal's currently evaluated Cuisinier Field reserves area and will not have an
impact on the Company's 2014 booked reserves.
The drilling of a second exploration location in ATP 752P - Barta Sub Block is
planned for August 2014, and will target the Hutton formation on an independent
structural closure within the Cuisinier North 3D area. This second well is
located approximately nine kilometers north of the producing Cook, Hutton oil
field.
About Bengal
Bengal Energy Ltd. (TSX:BNG) is an international oil and gas exploration and
production company with producing and prospective light oil-weighted assets in
Australia and India. Bengal offers exposure to lower risk current production and
cash flow, combined with longer-term high potential impact exploration projects.
The Company's strategy is to achieve per share growth in cash flow, production
and reserves while establishing an attractive portfolio of future drilling and
exploration opportunities.
Additional information is available at www.bengalenergy.ca
Forward-Looking Statements
This news release contains certain forward-looking statements or information
("forward-looking statements") as defined by applicable securities laws that
involve substantial known and unknown risks and uncertainties, many of which are
beyond Bengal's control. These statements relate to future events or our future
performance. All statements other than statements of historical fact may be
forward looking statements. The use of any of the words "plan", "expect",
"prospective", "project", "intend", "believe", "should", "anticipate",
"estimate", or other similar words or statements that certain events "may" or
"will" occur are intended to identify forward-looking statements. The
projections, estimates and beliefs contained in such forward looking statements
are based on management's estimates, opinions, and assumptions at the time the
statements were made, including assumptions relating to: the impact of economic
conditions in North America, Australia, India and globally; industry conditions;
changes in laws and regulations including, without limitation, the adoption of
new environmental laws and regulations and changes in how they are interpreted
and enforced; increased competition; the availability of qualified operating or
management personnel; fluctuations in commodity prices, foreign exchange or
interest rates; stock market volatility and fluctuations in market valuations of
companies with respect to announced transactions and the final valuations
thereof; and the ability to obtain required approvals and extensions from
regulatory authorities. We believe the expectations reflected in those
forward-looking statements are reasonable but, no assurances can be given that
any of the events anticipated by the forward-looking statements will transpire
or occur, or if any of them do so, what benefits that Bengal will derive from
them. As such, undue reliance should not be placed on forward-looking
statements.
Forward-looking statements contained herein include, but are not limited to,
statements regarding: the drilling and timing of the second exploration well in
the Barta/Cuisinier North area and the expectation that the Koki-1 well will not
impact the Company's 2014 booked reserves. The forward-looking statements
contained herein are subject to numerous known and unknown risks and
uncertainties that may cause Bengal's actual financial results, performance or
achievement in future periods to differ materially from those expressed in, or
implied by, these forward-looking statements, including but not limited to,
risks associated with: the failure to obtain required safety assessments and rig
acceptance; failure to secure required equipment and personnel; changes in
general global economic conditions including, without limitations, the economic
conditions in North America, Australia, India; increased competition; the
availability of qualified operating or management personnel; fluctuations in
commodity prices, foreign exchange or interest rates; changes in laws and
regulations including, without limitation, the adoption of new environmental and
tax laws and regulations and changes in how they are interpreted and enforced;
the results of exploration and development drilling and related activities; the
results of seismic activities and related operations; changes in anticipated
operating and transportation costs; changes in pipeline accessibility; the
ability to access sufficient capital from internal and external sources; failure
to obtain or delays in obtaining regulatory approvals; and stock market
volatility. Readers are encouraged to review the material risks discussed in
Bengal's Annual Information Form for the year ended March 31, 2013 under the
heading "Risk Factors" and in Bengal's annual MD&A under the heading "Risk
Factors". The Company cautions that the foregoing list of assumptions, risks and
uncertainties is not exhaustive. The forward-looking statements contained in
this news release speak only as of the date hereof and Bengal does not assume
any obligation to publicly update or revise them to reflect new events or
circumstances, except as may be require pursuant to applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bengal Energy Ltd.
Chayan Chakrabarty
President & Chief Executive Officer
(403) 205-2526
Bengal Energy Ltd.
Jerrad Blanchard
Chief Financial Officer
(403) 205-2526
investor.relations@bengalenergy.ca
www.bengalenergy.ca
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