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Bengal Energy Announces Fiscal 2022 Second Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 4, 2021) - Bengal Energy Ltd. (TSX: BNG) ("Beng...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2022 Second Quarter ResultsCalgary, Alberta--(Newsfile Corp. - November 4, 2021) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the second quarter of fiscal 2022 ended September 30, 2021. SECOND QUARTER FISCAL 2022 HIGHLIGHTS: The following is an overview of the financial and operational results during the three-and six-months ending September 30, 2021. All amounts are in Canadian funds, unless otherwise noted: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.9 million in the second quarter fiscal 2022, which is 50% higher than the $1.3 million recorded in Q2 fiscal 2021 as decreased production was offset by increased commodity prices. Benchmark Brent price during the current quarter averaged US $76.48 per barrel of crude oil (\"bbl\") compared to US $46.18 per bbl for the same quarter in fiscal 2020.Funds and cashflow from Operations1 - Bengal generated $0.6 million of cash from operating activities during Q2 fiscal 2022 compared to ($0.2) million of cash used in operations in Q2 fiscal 2021. Funds from operations were $0.4 million during fiscal Q2 2021 compared to funds used of ($0.1) million in Q2 fiscal 2021.Net Income - Bengal reported a net income of $0.1 million for the current quarter compared to a net loss of $0.2 million in the second quarter fiscal 2021. Operational Summary:Production Volumes - The Company's share of total production in the current quarter was 18,303 bbls, which is a 14% decrease from the 21,247 bbls produced in the second quarter fiscal 2021. The current quarter production averaged 199 bbls/day compared to 231 bbls /day produced in the second quarter fiscal 2021. The decrease in production is a result of natural reservoir decline and absence of new drilling activity during the past 12 months.Capital Expenditures - Bengal incurred $0.6 million in capital expenditures during Q2 fiscal 2022 as compared to $0.1 million in Q2 fiscal 2021. The majority of the current quarter expenditures relate to site preparation and preliminary activities to support the Company's future development plans at its recently acquired 100% working interest Petroleum Leases (\"PL\"): PL 1110 Wareena, PL 1109 Ghina, PL 188 Ramses, PL 411 Karnak, PPL 138 pipeline. OPERATING SUMMARY ($000s except per share, %, v...