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Bengal Energy Announces Third Party Prospective Resource Assessment for Australian Offshore Permit AC/P47
CALGARY, April 23 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announc...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 23 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the\n"Company") today announced that it has received an independent assessment of\nprospective oil resources on its 100% owned Exploration Permit AC/P47\n("AC/P47" or the "Permit"), a 3,485 square kilometer offshore block located on\nthe Ashmore Platform of the Northwest Shelf of Australia. The award of this\nPermit was announced previously by the Company on March 10, 2009. DeGolyer and\nMacNaughton ("D&M"), a worldwide petroleum engineering and consulting firm,\nhas determined that a best estimate (P50) of the unrisked prospective oil\nresource attributable to one prospect identified in the Permit is 590.4\nmillion barrels recoverable. AC/P47 is located approximately 150 kilometers\nwest of the Vulcan Graben, an established offshore producing area.\n\n\n"D&M's independent assessment confirms our belief in the significant\npotential of the AC/P47 offshore exploration permit that we were awarded last\nmonth," said Bradley Johnson, Chairman and CEO of Bengal. "While existing\nseismic data on the Permit clearly shows multiple large structures with\nclosure, D&M at this time assigned prospective resources only to the first\nprospect identified. As large as the initial assessment is, we believe that\neven larger, multi-prospect potential exists within this Permit."\n\n\nAC/P47 Prospective Oil Resources\n\n\nD&M has estimated the unrisked mean prospective resource attributable to\nthe assessed prospect identified in the AC/P47 Permit to be 736.5 million\nbarrels recoverable. The corresponding geologic risk-adjusted mean estimate of\nthe prospective resource in this prospect is 90.2 million barrels of\nrecoverable oil.\n\n\nThe D&M resource estimates were prepared in accordance with the\nrequirements of Canadian National Instrument 51-101 Standards of Disclosure\nfor Oil and Gas Activities ("NI 51-101"). Capitalized terms related to\nresource classifications used in this press release are based on the\ndefinitions and guidelines in the Canadian Oil and Gas Evaluation Handbook\n("COGEH"). D&M's independent prospective resource estimates, as of March 31,\n2009, are shown below:\n\n\n--------------------------------------------------------------------...