Bengal Energy Announces Gas Discovery in Australia's Cooper Basin
Dec 8 14
Bengal Energy Ltd. announced that the Authority to Prospect 752P joint venture, in which the Company holds 30.4% and 38% working interests in the Barta and Wompi sub-blocks respectively, has completed the exploration drilling program Nubba-1 (in the Wompi sub-block) and Wicho East-1 (in the Barta sub-block). The ATP 752P exploration permit is located within Australia'sCooper Basin. The Company announced a new natural gas discovery in the Wompi sub-block that adds another focus area within a well-established producing fairway which has demonstrated multi-zone production potential. The Nubba-1 well location was selected using 3D seismic data and was designed to evaluate the oil bearing sands currently producing from the offsetting Bowen field located 2.1 kms to the northeast. The Nubba-1 well encountered light oil shows in five different Jurassic reservoir bearing formations and the well also intersected up to 6.2 meters of gas pay in the Permian Toolachee Formation with reservoir pressure data indicating a potential gas column of up to 70 meters. Based on these findings, the operator has cased the well as a potential Toolachee gas well. Completion and testing of this new discovery will be announced when finalized with the joint venture parties. The Wicho East-1 well, the second of two exploration wells drilled in the Barta sub-block in 2014, failed to intersect a commercial hydrocarbon accumulation and has been plugged and abandoned. The Wicho East-1 well, which had a primary target in the deeper Jurassic Hutton horizon, 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 Cuisinier reserves which are focused exclusively on the Cretaceous Murta horizon. Phase Two drilling operations have commenced at the Cuisinier Field, with four to seven development and appraisal wells to be drilled. Building on the success of Phase One, the goal of the Phase Two program is to appraise and potentially extend the extent of the Cuisinier pool and should increase reserves and production. The Company is also advancing activities on other exploration assets that are expected to fuel future growth with a second carried well expected in the second half of 2015 in Bengal's Tookoonooka permit (ATP 732), located in the emerging East Flank oil fairway of the Cooper Basin.
Bengal Energy Ltd. Reports Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended September 30, 2014
Nov 14 14
Bengal Energy Ltd. reported consolidated earnings and production results for the second quarter and six months ended September 30, 2014. For the quarter, the company reported total revenue of $4,458,000 compared to $5,312,000 a year ago. Operating netback was $2,733,000 compared to $3,455,000 a year ago. Cash from operations was $2,232,000 or $0.03 basic and diluted per share compared to $2,066,000 or $0.03 basic and diluted per share a year ago. Funds flow from operations were $1,459,000 or $0.02 basic and diluted per share compared to $2,063,000 or $0.03 basic and diluted per share a year ago. Net loss was $98,000 or $0.00 basic and diluted per share compared to net profit of $545,000 or $0.01 basic and diluted per share a year ago. Capital expenditures were $2,909,000 compared to $2,702,000 a year ago.
For the six months period, the company reported total revenue of $8,347,000 compared to $9,034,000 a year ago. Operating netback was $5,135,000 compared to $6,043,000 a year ago. Cash from operations was $4,451,000 or $0.07 basic and diluted per share compared to $3,315,000 or $0.05 basic and diluted per share a year ago. Funds flow from operations were $2,385,000 or $0.04 basic and diluted per share compared to $3,795,000 or $0.06 basic and diluted per share a year ago. Net loss was $827,000 or $0.01 basic and diluted per share compared to net profit of $1,381,000 or $0.02 basic and diluted per share a year ago. Capital expenditures were $6,564,000 compared to $8,137,000 a year ago.
The company's net production in the second quarter averaged 457 barrels of oil equivalent per day, an increase of 27% from 361 boepd in the previous quarter due to incremental production from the Cuisinier Phase One drilling program and a successful workover on the Cuisinier-7 well. Second quarter production was 12% lower than in the prior year's quarter resulting primarily from production disruptions at the Cuisinier-6 well. Oil production was 428 bpd against 483 bpd a year ago. Natural gas production was 169 mcfpd against 200 mcfpd a yer ago. Natural gas liquids production was 1 boepd against 2 boepd a year ago.
For the six months ended September 30, 2014. The company reported production of 408 boepd against 438 boepd a year ago. Oil production was 377 bpd against 398 bpd a year ago. Natural gas production was 181 mcfpd against 220 mcfpd a year ago. Natural gas liquids production was 1 boepd against 3 boepd a year ago.
Bengal Energy Finalizes $25 Million Secured Credit Facility
Oct 24 14
Bengal Energy Ltd. announced the closing of its $25.0 million secured credit facility with Westpac Institutional Bank. The Facility is secured by the company's producing assets in the Cuisinier field in Australia's Cooper Basin over a three-year term. In advance of the initial draw, the company will initiate a program to hedge approximately 280,000 barrels of oil over the term of the loan. The company anticipates the initial draw will occur before October 31, 2014 and will be used to finance Phase 2 of the 2014 Cuisinier drilling program set to commence in November 2014. The company will also utilize the Facility to fund the redemption price of the $7.5 million principal amount of the company's 10% outstanding unsecured non-convertible redeemable notes. The company has issued a notice of redemption to holders of the Notes pursuant to which the company will redeem the Notes, effective November 24, 2014 for a redemption price equal to $1.03 per $1.00 of outstanding principal amount of the Notes plus all accrued and unpaid interest thereon to but excluding the Redemption Date, for an aggregate redemption price for the Notes of $7,838,014.