Business
Bengal Energy Announces Results for Q3 2010 - Undeveloped Land Position Now Exceeds 2.3 Million Net Acres
Bengal Energy Announces Results for Q3 2010 - Undeveloped Land Position Now Exceeds 2.3 Million N...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nFeb. 16, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 16 /CNW/ -- Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") today announced that its financial and operating results for the three and nine months ended December 31, 2009 have been filed on SEDAR. A highlights table is provided below.Bengal has now assembled an extensive inventory of oil and natural gas drilling opportunities in India and Australia on more than 2.3 million net acres of undeveloped land. These producing and prospective properties range from the Cuisinier oil discovery in Australia's Cooper Basin, where production is expected to come on stream shortly, to high-impact drilling prospects on large offshore blocks.In October 2009, Bengal was provisionally awarded a 100% working interest in 340,000 offshore acres at CY-OSN 2009/1 in India's Cauvery Basin. Companies operating within 50 kilometers of the acquired block have committed more than $200 million of exploration expenditures over the next four years. Bengal has already identified a 7,500 acre prospect on the block having similarities with a large established light-oil producing pool in the Cauvery offshore. Exploration is anticipated to begin following formal signing of a Production Sharing Contract (\"PSC\") with the Government of India in the first quarter of 2010.Bengal's exploration work on its onshore India CY-ONN-2005/1 block is expected to commence upon granting of a Petroleum Exploration License (\"PEL\") from the provincial government early in 2010. Bengal has a 30% working interest in this 236,000 acre block. A 3D seismic shoot is planned for the second half of 2010 with drilling to follow in 2011. There is a producing oilfield within five kilometers of the block. Bengal is partnered with two of India's National Oil Companies on the block.In the Timor Sea offshore Australia, the Company has a 100% working interest in 861,000 acres on the AC/P 47 Permit. Bengal has begun 2D seismic reprocessing on this block. The Company has identified a robust series of prospects from seismic data, the first of which has been given a Prospective Resource Assessment of 736 MM bbls (unrisked mean recoverable oil) by an independent technical engineering evaluator (see www.bengalenergy.ca for details). Bengal plans to acquire 750 sq km of 3D seismic in year two of the permit beginning in April 201...