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Bengal Energy Announces Fiscal 2025 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 12, 2024) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Fiscal 2025 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 12, 2024) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announces its financial and operating results for the first quarter of fiscal 2025 ended June 30, 2024.FIRST-QUARTER FISCAL 2025 HIGHLIGHTS:The following is an overview of the financial and operational results during the three- months ending June 30, 2024. All amounts are in Canadian funds unless otherwise noted:Financial Summary:Sales revenue - Crude oil sales revenue was $1.9 million in the first quarter of fiscal 2025, 14% higher than $1.7 million in Q1 fiscal 2024. Production decreased by 2% in Q1 fiscal 2025 compared to Q1 fiscal 2024, offset by a 16% increase in realized price at US$90.35/bbl in Q1 fiscal 2025 compared to US$79.62/bbl in Q1 fiscal 2024.Funds from (used in) operations[1]- Funds from operations were $0.2 million during Q1 fiscal 2025 compared to $nil in Q1 fiscal 2024 due to higher revenue as described above.Net income - Bengal reported a net loss of $0.2 million in the current quarter compared to net loss of $0.4 million in Q1 fiscal 2024, the reduction in net loss was primarily attributed to higher revenue as described above. Operational Summary:Production volumes - The Company's share of total Cuisinier production in the current quarter was 15,793 bbls (174 bbl/d), a decrease of 2% compared to production of 16,058 bbls (176 bbl/d) in the first quarter of fiscal 2024. The C16 well was offline for over half of the quarter accounting for approximately 6 bbl/d of deferred production net to Bengal for the current quarter. Capital expenditures - There was limited capital activity during the current quarter. Bengal has delayed its capital programs subject to the availability of financing. OPERATING SUMMARY($000s except per share, %, volumes and operating netback(1) amountsThree months endedJune 30,  20232022 Oil revenue$1,902$1,672Operating netback(1)$1,012$830Cashflow (used in) from operations$(291)$(102)Funds (used in) from operations(1)$203$(8)Per share ($) (basic and diluted)$-$-Net LOSS$(210)$(364)Per share ($) (basic and diluted)$-$-Capital expenditures$49$(364)Oil volumes (bbls/d)174176Operating netback(1) ($/bbl)$64.08$51.68 (1) Non-IFRS and Other Financial Measures: refer to the Non-IFRS and Other Fina...