Business
Bengal Energy Announces Fiscal Q3 2012 Results
CALGARY, Feb. 14, 2012 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Feb. 14, 2012 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announced its financial and operating\n results for the quarter ended December 31, 2011.\n\n\nQ3 2012 FISCAL HIGHLIGHTS:\n\n\nAveraged overall production of 157 boe/d for the quarter, an increase of\n 21% over 130 boe/d in the previous quarter and 67% higher than the 94\n boe/d reported in the corresponding period of the previous year. This\n was due to increased production from Bengal's Cuisinier wells in the\n Cooper Basin of Australia, of which Cuisinier 2 and 3 began producing\n in the quarter ended September 30, 2011.\n\n\nReported revenue of $1.3 million for the quarter, a 31% increase over\n the prior quarter and a 209% increase over the comparable period of the\n prior year;\n\n\nAchieved a netback of $49.89/boe, an increase of 120% over the prior\n year comparable period; and\n\n\nEntered the fourth fiscal quarter of 2012 with $29.1 million cash,\n working capital of $28.8 million and no net debt.\n\n\nThe Cuisinier 1 well has been operating through an Extended Production\n Test (EPT) as required under the framework of an ATP, and with the\n timeframe of the current EPT set to expire on December 17, 2011, an\n extension was applied for on December 9, 2011 by the operating company\n to the Queensland Regulator, DEEDI (Department of Employment, Economic\n Development and Innovation).  On January 13, 2012, DEEDI advised the\n Operating Company that the application to extend the EPT was being\n reviewed, but directed that the Cuisinier 1 well be shut-in temporarily\n until the extension was approved or a Cuisinier Production License (PL)\n granted.  The original PL application and accompanying Initial\n Development Plan were submitted to DEEDI by the operating company in\n October 2009.  Subsequent negotiations followed with DEEDI as to the\n areal extent of the application area, and as a result, a revised PL was\n submitted on January 10, 2012.  The current net impact to Bengal of the\n shut-in Cuisinier 1 production is 70 bopd.\n\n\nFor a complete discussion of the current activities on each of the\n Company's permits, refer to management's discussion and analysis for\n the three months ended December 31, 2011 filed on www.sedar.com.\n\n\nFinancial and Operating Summary\n\n \n \n
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