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Bengal Energy Announces Independent Oil and Natural Gas Resource Report
Calgary, Alberta--(Newsfile Corp. - March 30, 2022) - Bengal Energy Ltd. (TSX: BNG) (" Benga...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Independent Oil and Natural Gas Resource ReportCalgary, Alberta--(Newsfile Corp. - March 30, 2022) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") announces the issuance of its independent oil and natural gas Resource assessment report dated March 30, 2022, with an effective date of March 20, 2022 (the \"Resource Report\"). Highlights of Resource Report:At March 20, 2022, the Company's unrisked Best Estimate Contingent Resources were 1.1 million stock tank barrels (\"MMstb\") of light crude and medium crude oil and 19.0 billion standard cubic feet (\"Bscf\") of conventional natural gas for a total of 4.3 million barrels of oil equivalent (\"Mmboe\").At March 20, 2022 the Company's unrisked Best Estimate Prospective Resources were 10.6 MMstb of light crude and medium crude oil and 29.3 Bscf of conventional natural gas for a total of 15.5 Mmboe.These are estimated Resources associated with all of the Company's tenements in the Cooper Basin, which includes Authority to Prospect (\"ATP\") 732, ATP 934 and Petroleum Lease (\"PL\") 1109, PL 1110, PL 188 and PL 411.The Resource Report excludes any of the reserves carried by the Company in its producing ATP 752 Cuisinier Oilfield.Bengal's President & CEO Chayan Chakrabarty said:\"We believe that the significant volumes of both natural gas and crude oil Resources set out in the Resource Report (19.8 Mmboe of Contingent and Prospective Resources), combined with current oil and natural gas pricing, bodes well for Bengal's future development programs designed to convert Resources to reserves. The size of the Resources indicated by the Resource Report will, we believe, allow Bengal to pursue a number of development options utilising spare capacity in existing production infrastructure. As an example, the Wareena project is already pipeline connected and requires a moderate work program to be brought onstream. Also, we believe that ATP 934 prospects, (which are all proximal), can be connected to the existing pipeline infrastructure, saving time and capital as we work towards commercialising the Resources associated with this tenement. We believe that Bengal has the ability to work towards successfully commercialising the Resources indicated by the Resource Report and, with success, to materially increase our production, reserves and ability to gener...