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Bengal Energy Ltd. Announces Commencement of Drilling of the High-Impact Santos Operated Legbar Farm-in Well in the Cooper Eromanga Basin
Calgary, Alberta--(Newsfile Corp. - October 5, 2021) - Bengal Energy Ltd. (TSX: BNG) (" Beng...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"Bengal Energy Ltd. Announces Commencement of Drilling of the High-Impact Santos Operated Legbar Farm-in Well in the Cooper Eromanga BasinCalgary, Alberta--(Newsfile Corp. - October 5, 2021) - Bengal Energy Ltd. (TSX: BNG) (\"Bengal\" or the \"Company\") is pleased to announce that it has been informed by its farm-in partner Santos QNT Pty Ltd (\"Santos\") of the spudding of its Legbar farm-in well (the \"Legbar Well\") on October 5, 2021. The farm-in agreement between Bengal and Santos (the \"Farm-in Agreement\") covers a portion of Bengal's 100% owned ATP 934 oil and gas exploration tenement in southwestern Queensland. The Legbar Well has an expected drilling time of approximately three weeks. Under the terms of the Farm-in Agreement, Santos will pay 100% of the costs to drill, evaluate case or abandon the Legbar Well, with an estimated cost of AUS$2.7 million, to earn a 60% interest in 4202 kilometers (104,000 acres) in the southern portion of the ATP 934 tenement (the \"Farm-in Lands\"). The Farm-in Lands offset recent successful exploration wells, which wells are located directly to the south of ATP 934.The remainder of Bengal's ATP 934 exploration and development portfolio is not subject to the Farm-in Agreement. Bengal intends to continue its own exploration campaign on the remaining area, with ATP 934 having been amended such that Bengal's work commitments on the tenement are to be met in the next six year term of ATP 934, which term commenced on March 1, 2021Chayan Chakrabarty, President and Chief Executive Officer of Bengal, commented: \"We are pleased to have entered into the Farm-in Agreement with Santos. The Farm-in Agreement and the spudding of the Legbar Well marks the start of another very exciting chapter for Bengal.\" Mr. Chakrabarty continued, \"Given the recent successful drilling results offsetting ATP 934 to the south, we believe that ongoing exploration in this region has the potential to add value for Bengal shareholders by lowering the risk of our exploration targets and increasing access to the eastern Australian natural gas market through the anticipated availability of additional pipeline infrastructure.\" About Bengal Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through inter...