Business
Bengal Energy Announces Fiscal Q1 2012 Results - Strong Balance Sheet and Balanced Portfolio Contribute To Steady Growth
CALGARY, Sept. 13, 2011 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") t...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Sept. 13, 2011 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announced its financial and operating\n results for the quarter ended June 30, 2011. A highlights table is\n provided below.\n\n\nThe Company exited the first quarter of fiscal 2012 with $37.6 million\n in cash, no debt and a balanced portfolio of exploration and\n development drilling opportunities on its extensive land base in\n Australia and India.\n\n\nBengal's Cuisinier light oil discovery and follow-up development wells\n in the Cooper Basin of Australia contributed steady growth in net\n operating income during the first quarter. Bengal achieved overall\n revenue during the quarter of $1.3 million compared with $691,000 in\n the previous quarter and $349,000 in the same quarter of fiscal 2011.\n\n\nFor the first quarter, total oil, natural gas and natural gas liquids\n (NGLs) production averaged 152 boe/d, an increase of 62% from the 94\n boe/d produced in the same quarter of the previous year. The increase\n is a result of having the Company's Cuisinier 1 well on production for\n a full quarter in the current year compared with only part of the\n quarter during the previous year. Cuisinier 1 has been producing since\n May 2010.\n\n\nBengal's Cuisinier 2 and 3 wells were production tested in July 2011 and\n brought on stream at the end of August. Initial production estimates\n from the Operator prior to start-up are in excess of 250 barrels per\n day for Cuisinier 2 and 3 in total (63 bbl/d net). Bengal will release\n actual production numbers after the wells demonstrate sustained\n production rates.\n\n\nThe Cuisinier project continues to deliver strong operating netbacks.\n Bengal achieved field level operating netbacks on the project of $71.52\n per barrel of oil equivalent (boe) during the quarter. This lifted\n Bengal's overall netback in the quarter to $48.92 per boe compared with\n a netback of $16.65 in the same quarter of fiscal 2011. The price the\n Company receives for its oil sales in Australia is based on the Dated\n Brent reference price which is currently trading at approximately US\n $25 per barrel premium to WTI.\n\n\nBengal's near-term drilling plans include an offshore exploration well\n at Kingtree on permit AC/P 24 in the Timor Sea of North West Australia.\n Bengal and its partner expect to ...