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Bengal Energy Announces Fiscal 2024 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 11, 2023) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2024 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 11, 2023) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the first quarter of fiscal 2024 ended June 30, 2023.FIRST-QUARTER FISCAL 2024 HIGHLIGHTS:The following is an overview of the financial and operational results during the three- months ending June 30, 2023. All amounts are in Canadian funds unless otherwise noted:Financial Summary:Sales revenue - Crude oil sales revenue was $1.7 million in the first quarter of fiscal 2024, which is 32% lower than the $2.5 million recorded in Q1 fiscal 2023. The lower sales revenue is directly due to the decrease in Brent reference price of 31% to US$78.32/bbl in Q1 fiscal 2024. Funds from (used in) operations[1] - Funds from operations was $nil during Q1 fiscal 2024 compared to $0.7 million in Q1 fiscal 2023 stemming from 31% decrease in Brent reference price, decreasing revenue by $0.8 million. This was offset by $0.1 million lower operating expenses.Net income - Bengal reported a net loss of $0.4 million for the current quarter compared to net income of $0.4 million in Q1 fiscal 2023, directly impacted by the decrease in realized oil price, lowering sales revenues by $0.8 million.Operational Summary:Production volumes - The Company's share of total Cuisinier production in the current quarter was 16,058 bbls, which is a 4% decrease from the 16,757 bbls produced in the first quarter of fiscal 2023. The current quarter production averaged 176 bbls/d compared to 184 bbls/d produced in the first quarter of fiscal 2023. During the current quarter the C28 well was offline during April and May and the C27 well was offline in June resulting in approximately 15 bopd of deferred production. Capital expenditures - There was limited capital activity during the current quarter compared to Q1 fiscal 2023 when the Company was actively working on its development projects at Wareena 1 and Wareena 5 and completed activities at Caracal-1. Due to weather delays and the availability of equipment and field staff, Bengal has delayed its Wareena testing program to the second half of calendar 2023 in order to control costs.OPERATING SUMMARY ($000s except per share, %, volumes and operating netback(1) amounts Three months endedJune 30...