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Bengal Energy Granted Petroleum Lease for ATP 752P in Australia; Cuisinier Production to Ramp up With Eight Oil Wells on Stream
CALGARY, April 25, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company"...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, April 25, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") is pleased to announce that the Company has received the final grant of\n Petroleum Lease 303 (\"PL 303\") from the Queensland Government in\n Australia, allowing all eight Cuisinier oil wells to produce.\n\n\nOver the past month, oil production from the Cuisinier field has\n averaged approximately 1,100 barrels of oil per day (\"bopd\") (275 bopd\n net to Bengal) of 52 degree gravity oil without benefit of volumes from\n the shut in Cuisinier 1, 2 and 3 wells. The wells on production have\n been produced on Extended Production Tests and have been constrained by\n 1,300 barrel per day tank and truck load-out capacity at Cuisinier 1.\n The output when all eight wells are on production is expected to reach\n 2,000 to 2,500 bopd (500 to 625 bopd net to Bengal).\n\n\nThe grant of PL 303 located within the boundaries of the Barta sub-block\n of Authority to Prospect (\"ATP\") 752P is significant because Bengal's\n Cuisinier 1, 2 and 3 wells have been shut in awaiting grant of the PL.\n The Department of Natural Resources and Mines has granted PL 303 for a\n term of 21 years commencing on April 8, 2013 and will allow production\n from all current and future wells in the Cuisinier oil pool (the\n \"Cuisinier Pool\"). PL 303 is 64.4 square kilometres in size.\n\n\nCurrently there are eight wells in the Cuisinier Pool that are capable\n of production and the Company recently announced that Cuisinier 7 and\n Cuisinier 8, the first two wells in the 2013 Cuisinier appraisal\n drilling campaign on ATP 752P have now been cased as future oil\n producers. Additionally, three firm and one contingent well will\n immediately follow Cuisinier 8, all of which are positioned to optimize\n pool productivity and to further define ultimate pool size. Each well\n is targeting the primary Murta formation. Total drill depth is\n approximately 1,750 metres per well. Drilling and evaluation time for\n each well is anticipated to be approximately two weeks excluding move\n times. The operator expects to commence down-hole completion activities\n at Cuisinier in July 2013 once the drilling campaign has been\n completed.\n\n\nBengal holds a 25% working interest in ATP 752P located in the\n Cooper-Eromanga Basin, in Queensland, Australia.\n\n\nAbout Bengal\n...