Business
Bengal Energy to Form Strategic Joint Venture with Beach Energy Ltd. for Cooper Basin Exploration and Development Program
Beach to fund 100% of an AUD$11.5 million drilling and 3D seismic program to earn 50% ...
About this update from Bengal Energy Ltd.
[{"type":"text","content":"\n\n\nBeach to fund 100% of an AUD$11.5 million drilling and 3D seismic\n program to earn 50%\n\n\nCALGARY, May 23, 2013 /CNW/ - Bengal Energy (TSX: BNG) (\"Bengal\", or the \"Company\") is pleased to announce that it has agreed to form a strategic joint\n venture (the \"JV\") for the exploration and development of its 100%\n owned Tookoonooka Block (\"ATP 732\") in the Cooper Basin of Australia\n with Beach Energy Ltd. (\"Beach\"), an Australian energy company (ASX:\n BPT).\n\n\nHighlights:\n\n\nBeach will fund Bengal's share of a two well drilling and 3D seismic\n exploration and appraisal work program (the \"Work Program\") to a\n maximum of AUD$11.5 million, in order to acquire a 50% interest in ATP\n 732;\n\nBengal will have the benefit of Beach's extensive exploration, appraisal\n and development capability while maintaining a 50% interest in this\n large permit;\n\nThrough the JV, Bengal is working with a major operator in the Cooper\n Basin with current programs in oil and unconventional gas exploration.\n This provides an excellent platform for future exploration success and\n commercialization for ATP 732;\n\nThe JV demonstrates a continuation of Bengal's overall strategy in the\n Cooper Basin:  directing cash flow generated from Cuisinier oil\n production to support its ongoing field development, while\n simultaneously delivering a focused exploration and appraisal plan for\n conventional and unconventional projects in ATP 732.\n\n\n\"This JV is a significant milestone for Bengal and validates the work we\n have done in ATP 732 to date,\" said Chayan Chakrabarty, Bengal's\n President & CEO.  \"Working with Beach, a leader in Cooper Basin oil and\n gas exploration, development and production, will allow us to\n accelerate exploration and appraisal work in ATP 732 while preserving\n balance sheet strength, and continuing to execute on our overall Cooper\n Basin strategy.\"\n\n\nBengal's strategically located ATP 732 tenement covers over 2,600 km2 (654,000 acres) of the east flank Cooper Basin oil & gas fairway, and\n contains the Caracal-1 well, which has been cased as a potential future\n oil producer.  ATP 732 is attractively situated with significant oil\n and natural gas production and infrastructure surrounding it, as\n indicated on the map available in the PDF version of this press\n release...