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Bengal Energy Announces Signing of a Binding Sales and Purchase Agreement for the Acquisition of Petroleum Leases Complementary to its 100% Owned and Operated ATP 934 Barrolka Permit - Cooper Basin, Queensland, Australia
Calgary, Alberta--(Newsfile Corp. - September 12, 2019) - Bengal Energy Ltd. (TSX: BNG) ("Be...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Announces Signing of a Binding Sales and Purchase Agreement for the Acquisition of Petroleum Leases Complementary to its 100% Owned and Operated ATP 934 Barrolka Permit - Cooper Basin, Queensland, AustraliaCalgary, Alberta--(Newsfile Corp. - September 12, 2019) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") is pleased to announce that it has executed a binding Sale and Purchase Agreement to acquire a 100% working interest in four Petroleum Leases (\"PLs\") and a natural gas pipeline indirectly connected to transportation infrastructure into the Eastern Australia Gas Market. (collectively, the \"Assets\"). These non-productive PLs are highly compatible with and in close proximity to Bengal's 100% owned and operated natural gas prospective permit Authority to Prospect 934 (\"ATP 934\") located in the Cooper Basin gas fairway. Following satisfaction of certain conditions including receipt of all required regulatory approvals, which is expected to occur as early as the end of calendar Q4 of 2019 (Q3 FY 2020), Bengal plans to integrate subsurface data from the PLs to enhance the company's understanding of ATP 934 and to finalize the selection of exploration and appraisal drilling locations. Included in this program is an oil zone completion on a cased well which recovered 588 barrels/day of 37 degree API oil, based on a 105-minute test period when it was drilled in 2007. Upon completion of a successful test, this well will be immediately equipped for production and the oil sold into the regional market. The Company plans on funding this activity through a combination of cash flow and potential industry participation through farmin.\"These Assets include previously producing natural gas wells that are currently shut-in and a productive oil discovery which we believe to be commercial. The PLs are surrounded by producing gas fields, active gas appraisal and development drilling campaigns, and readily accessible gas infrastructure,\" said Chayan Chakrabarty, Bengal's President and CEO. \"The 100% ownership of these Assets presents an exciting lower-risk appraisal opportunity that will be operated by the Company. We see this opportunity to be not only complementary to our proven producing, non-operated Cuisinier asset, but also as a key stepping stone for Bengal's natural gas platform upon which future explo...