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Bengal Energy Awarded Offshore Timor Sea Exploration Permit on the Northwest Shelf of Australia
CALGARY, March 10 /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, March 10 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the\n"Company") today announced that it has been awarded a 100% working interest in\nExploration Permit AC/P47 ("AC/P47" or the "Permit"), a 3,485 square kilometer\noffshore block located in the Timor Sea on the Northwest Shelf of Australia.\nAC/P47 has been penetrated by only one well, drilled in 1973 downdip and\noff-structure of what appears to be a large area of structural closure\nencompassing high quality Triassic reservoir rocks. Bengal estimates this\nstructure to be up to 90 square kilometers in area and 150 meters thick. As\nwell, additional leads and prospects are evident on the Permit, including\nanother structural closure of similar size. The Vulcan Graben to the east is\nan established producing area where the existence of oil-prone\nhydrocarbon-source beds is believed responsible for the light oil\naccumulations in this part of the Northwest Shelf. Based on mapping from a\ngrid of existing seismic data, Bengal believes that there is a reasonable\nprobability of equivalent light oil source strata extending to the flanks of\nAC/P47. Located on the Ashmore Platform, most of the Permit appears to have\nwater depth of less than 400 meters, varying between 50 meters and 900 meters\nwhich is within conventional water drilling depths in this area.\n\n\n"The award of permit AC/P47 signifies another important milestone in\nBengal's growth and demonstrates that the new technical efforts undertaken by\nthe Company for the internal generation of leads and prospects are now bearing\nvaluable results," said Bradley Johnson, Chairman and CEO of Bengal. "Through\nthe middle of last year, we reviewed 17 offshore blocks put on offer by the\nAustralian Government and elected to focus on this block. AC/P47 is located\napproximately 150 kilometers west of the productive Vulcan Graben where our\nAC/P24 offshore permit, including the Katandra light oil discovery, is\nsituated. We want to emphasize that Bengal has acquired the Permit at 100%\nWorking Interest to enable the Company to carefully manage its technical plans\nand expenditures at its own discretion, in the interests of shareholders."\n\n\nThe Permit will have an initial six year term, divided into two\nthree-year phases. The first year of the ...