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Bengal Energy Announces Fiscal Q1 2011 Results, Production Start-up in Australia and Second Production Sharing Contract in India
Bengal Energy Announces Fiscal Q1 2011 Results, Production Start-up in Australia and Second Produ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 13, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nCALGARY, Aug. 13 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announced its financial and operating results for the first fiscal quarter of 2011. A highlights table is provided below.\nBengal is moving forward with the exploration and drilling of its large inventory of both low risk and high impact onshore and offshore opportunities on 2.3 million net acres of undeveloped land in India and Australia.\nIn June 2010, Bengal signed its second Production Sharing Contract ("PSC") with the Government of India, turning the provisional award of offshore block CY-OSN-2009/1 in India's Cauvery Basin into a formal agreement. Bengal's wholly-owned subsidiary, Bengal Energy International Inc., had been named provisional winner of the 340,000 acre block at the New Exploration Licensing Policy bid round in New Delhi, India in October 2009. Bengal is the operator and has a 100% working interest in the block.\nBengal will acquire 310 line kilometers of 2D seismic data and 81 square kilometers of 3D seismic data during the first four years of the seven year exploration phase. Drilling is required after the first four years in order to retain the block. The Company has identified a structure approximately 18,000 acres in size on existing 2D seismic that will be further evaluated through the committed geoscience work program. The block is subject to favourable fiscal terms including 100% cost recovery and a seven year tax holiday from the start of commercial production.\nThe year one work program for Bengal's onshore Cauvery basin block CY-ONN-2005/1 commenced in the quarter involving the acquisition of an aeromagnetic survey, reprocessing of existing 2D seismic and planning and design of a 3D seismic acquisition program for later in the fiscal year.\nProduction from Bengal's oil discovery on Authority to Prospect ("ATP") 7...