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Bengal Energy Announces Fiscal 2023 Fourth Quarter Results
Calgary, Alberta--(Newsfile Corp. - June 16, 2023) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2023 Fourth Quarter ResultsCalgary, Alberta--(Newsfile Corp. - June 16, 2023) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the fourth quarter of fiscal 2023 ended March 31, 2023.FOURTH-QUARTER FISCAL 2023 HIGHLIGHTS:The following is an overview of the financial and operational results during the three-and twelve-months ending March 31, 2023. All amounts are in Canadian funds unless otherwise noted:Financial Summary:Reserves - Bengal's independently evaluated Proved Plus Probable (\"2P\") reserves for the fiscal year ended March 31, 2023, are 5,477 thousand barrels of oil (\"Mbbls\") compared to 5,778 Mbbls at March 31, 2022. 2P 1P reserves are 2005 Mbbls compared to 2145 Mbbls at March 31, 2022. The lower reserves result primarily from the prior year's production without replacement during fiscal 2023. The net present value (NPV 10, before tax) of Bengal's 2P reserves, net of future development costs, at March 31, 2023 is $121 million, or $0.25 per share compared to $149 million at March 31, 2022. The 2P after tax net asset value is $95 million for the current year compared to $115 million in the prior year. The lower NPV is primarily the result of expected higher future development costs as a result of inflationary pressure across Queensland.Sales revenue - Reflecting lower oil prices, crude oil sales revenue was $2.0 million in the fourth quarter of fiscal 2023, which is 18% lower than the $2.4 million recorded in Q4 fiscal 2022. Full year fiscal 2023 sales revenue was $8.1 million compared to $7.7 million for the full year fiscal 2022.Funds from (used in) operations1 - Bengal used $0.4 million of funds in operations during Q4 fiscal 2023 compared to a $0.5 million funds from operations during Q4 fiscal 2022. For the full year fiscal 2022, the Company generated $2.0 million of funds from operations compared to $1.4 million funds used in operations during the prior fiscal year. During Q4 fiscal 2023, Santos, the Cuisinier joint venture operator, undertook a self-review with the Queensland Revenue Office relative to its royalty payments for the calendar years of 2015 through 2020. The result was a $3.0 million additional royalty liability ($0.9 million net to Bengal) assessed to the Cuisinier Joint Venture. The net amount wa...