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Bengal Energy Announces Fiscal 2023 Second Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 8, 2022) - Bengal Energy Ltd. (TSX: BNG) ("Beng...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2023 Second Quarter ResultsCalgary, Alberta--(Newsfile Corp. - November 8, 2022) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the second quarter of fiscal 2023 ended September 30, 2022. SECOND QUARTER FISCAL 2023 HIGHLIGHTS: The following is an overview of the financial and operational results during the three and six-months ending September 30, 2022. All amounts are in Canadian funds unless otherwise noted: Financial Summary: Sales Revenue - Crude oil sales revenue was $2.1 million in the second quarter of fiscal 2023, which is 13% higher than the $1.9 million recorded in Q2 fiscal 2022. The higher sales revenue is due to increased realized crude oil prices which more than offset production declines during the quarter. Funds from (used in) Operations1 - Bengal generated funds from operations of $1.8 million during Q2 fiscal 2023 compared to $0.4 million in Q2 fiscal 2022. Bengal generated $1.1 million of cash from operations during Q2 fiscal 2023 compared to $0.6 million of cash from operations in Q2 fiscal 2022. During the quarter, the Company resolved a historic crude oil stock discrepancy with the Cuisinier Joint Venture (\"JV\") operator, which resulted in a net gain of $1.1 million after accruing associated royalties and is reflected as other income, which contributed to the current quarter's Funds from Operations and Cash from operations. When excluding the impact of the one-time gain, the Company's adjusted funds from operations would have been $0.7 million and $1.1 million for the three and six-month period ended September 30, 2022 respectively. Net Income - Bengal reported a net income of $1.5 million for the current quarter compared to net income of $0.1 million in Q2 fiscal 2022. Operational Summary:Production Volumes - The Company's share of total Cuisinier production in the current quarter was 15,996 bbls, which is a 13% decrease from the 18,303 bbls produced in the first quarter of fiscal 2023. The current quarter production averaged 174 bbls/d compared to 184 bbls/d produced in the first quarter of fiscal 2022. Suspended production at the Cuisinier 29 and Barta North 1 wells due to workover activities resulted in a loss of approximately 25 bbls/d during fiscal Q2 2023. Unseasonal rain in the Cooper Basin duri...