Bengal Energy Ltd. · TSX:BNG
Bengal Energy — Investor Presentation (August 2010)
28 slides from Bengal Energy's investor presentation, August 2010
Slide 1: Corporate Presentation August, 2010
Corporate Presentation August, 2010 TSX: BNG
Slide 2: Forward-looking Statements
Forward-looking Statements Certain information regarding Bengal set forth in this document contains forward-looking statements. The use of any of the words "plan", "expect", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events o
Slide 3: The Bengal Energy Edge
The Bengal Energy Edge A veteran team with international experience World-class resource plays in stable countries A balance of exploration and exploitation 3
Slide 4: Corporate Information
Corporate Information Toronto Stock Exchange: BNG Shares (August 1, 2010): 18.2 million Options (August 1, 2010): 1.7 million Average exercise price: $1.37 Warrants: 0.9 million Working capital (June 30, 2010): $0.6 million Bengal is an international oil and gas exploration and production company ba
Slide 5: Market Capitalization Upside
Market Capitalization Upside 225 200 Market Cap (August 11, 2010) 175 150 125 100 75 50 25 0 5
Slide 6: Net Undeveloped Acreage
Net Undeveloped Acreage 2,500,000 Net Undeveloped Acreage (Dec. 31, 2009) 2,000,000 1,500,000 1,000,000 500,000 0
Slide 7: Veteran Team
Veteran Team Bradley Johnson Bryan Goudie Chairman and CEO Chief Financial Officer Former CEO, Sequoia Oil and Gas Trust, Chartered accountant with 20 years of oil which grew to an enterprise value of $500 and gas experience and former CFO of a million before merging with Daylight Energy Calgary bro
Slide 8: Review of Recent Activity
Review of Recent Activity • Bengal has been awarded three large exploration blocks in proven, producing basins over the last 12 months • 340,000-acre offshore block (100% working interest) in India's Cauvery Basin (CY-OSN 2009/1) • PSC signed with Government of India on June 30, 2010 • 861,000-acre
Slide 9: Operations Overview
Operations Overview Australia • Large land positions focused in proven, producing basins • Very attractive fiscal terms with world pricing • Strong regulatory framework with British common law • Low commercial risk India • Extensive management experience in both countries • Partnered with five Natio
Slide 10: Cooper Basin Australia
Cooper Basin Australia Bengal W.I. % Gross Area (post farm Bengal Net Block (acres) in) (acres) ATP752P - Barta 631,093 25 157,773 ATP752P - Wompi 236,722 30 71,016 ATP934P - Barrolka 361,260 50* 180,630 ATP732P - Tookanooka 654,321 100* 654,321 PEL113 - Murteree 13,096 35 4,583 PEL103 - Aspen 13,83
Slide 11: Cooper Basin – Cuisinier
Cooper Basin – Cuisinier • Aerially extensive L. Cretaceous Murta sands • Up to 10 m pay • 52º API oil 103 Km2 new • Discovery well commenced 3D Seismic production in May 2010 at initial rate of 340 bopd, increasing to 440 bopd • Have earned 14.26% of 631,000 gross acres in Barta block and will incr
Slide 12: ATP 934 Barrolka
ATP 934 Barrolka • 361,000 acre permit – 50% operated working interest • Offsets multi-Tcf Barrolka field and is surrounded by gas fields (note 1) • Offsets a significant light oil find at Ramses 2 (>500bopd) (note 1) • 12-year term (4 x 3) • Multizone play potential • 5 targeted leads (4 structural
Slide 13: ATP 732P Tookanooka
ATP 732P Tookanooka West Play Location • 654,000 acre permit • Large Permian Subcrop plays identified from 2D • Modest work program requirements • 12-year term (4 x 3) • Multizone play potential Note 1 – Source: Queensland Department of Mines Tintaburra/ Toobunyah Oil Fields 3D Perspective based on
Slide 14: Timor Sea – Katandra AC/P 24
Timor Sea – Katandra AC/P 24 • 10% interest • Offshore Timor Sea: – 329 km² (81,300 gross acres) Katandra-Tancred Horst Complex • Discovery well drilled December 2004 • 7-metre column of AC/P 24 48º API oil • 3D seismic completed Marshall-Withers in Q3 07 Prospect • Jabiru and Challis oilfields Jabi
Slide 15: Timor Sea – AC/P 47
Timor Sea – AC/P 47 Triassic Depth • In March 2009, Bengal was awarded a Structure 100% working interest in Exploration CI = 50 m Permit AC/P 47, a 3,485 km2 offshore block in the Timor Sea • Coarse grid 2D data • Only one well test to date • Hibernia 1 (1973) missed the crest of the structure • Mul
Slide 16: N Hibernia Prospect
N Hibernia Prospect Prospect well details: • Drill new well in ~300m water Anticipated TD ~2,300m • Up to 150 vertical metres of untested Triassic closure from coarse existing 2D grid • 41m mean expected porosity (upside 115m net porosity) • Updip of minor hydrocarbon fluorescence (Hibernia 1) Concl
Slide 17: Timor Sea – AC/P 47
Timor Sea –AC/P 47 1. 861,000 acres, 100% working interest 2. Old well (1973) drilled 244m of Triassic Reservoir in a down-dip location - an invalid structural test 3. Re-mapping with 1997/98 seismic shows large areas of untested trap closure (up to 150 vertical meters of Triassic closure) 4. Jurass
Slide 18: Cauvery Basin, India
Cauvery Basin, India • 577,000 gross acres / 411,450 net acres • CY-OSN-2009/1 (Bengal 100%) 1,362 km2 - $US 2MM bid four- year capital program – Two offsetting exploration blocks within 50 km have expenditures greater than $US 200 million over the next four years • CY-ONN-2005/1 (Bengal 30%) 930 km
Slide 19: Cauvery Offshore, India
Cauvery Offshore, India • 340,000 acre block • 7 year (4+3) term • Light work program ~$2MM seismic • Offset block has 3 firm wells in 4 years • Prospect depth 4,200 – 4,500m (375m water) • Play area 18,000 acres 19
Slide 20: Blend of Investment Exposure
Blend of Investment Exposure • Bengal offers a blend of investment exposure with low-risk and high-impact onshore and offshore drilling opportunities • Low-risk development drilling in Australia’s onshore Cooper Basin offers significant running room with multiple Murta and Hutton oil targets • High-
Slide 21: Near-Term Production Potential
Near-Term Production Potential • In Australia’s onshore Cooper Basin, risked Cuisinier field development has the potential to yield 1,600 barrels per day within 12 months, generating cash flow of $23 million per year and reserves of up to 1.9 million barrels of oil based on internal estimates • The
Slide 22: Cooper Basin Wells
Cooper Basin Wells Typical Well Characteristics Estimated Total Initial ultimate vertical Capital production recovery depth requirement per well per well Murta oil 1,400 m $1.6 MM/well 300-500 boe/d 300-600 Mbbl Hutton oil 1,800 m $2 MM/well 800-1,600 boe/d 250-400 bbl Permian gas Channel facies 3,0
Slide 23: What’s Next?
What’s Next? • Initiate geoscience work in the India offshore block • Drill two wells on Australia's ATP 752P block at no cost to Bengal • Drill appraisal well to delineate the 48º API Katandra oil discovery in offshore Australia • Advance geoscience work in India onshore to prepare for drilling thr
Slide 24: Overview of Next 12 Months
Overview of Next 12 Months Block Capital, $MM Activities Objective ATP 752P $1.0 - $1.5 Participate in 3 wells Murta 400-500 bopd/well Hutton 1000+ bopd/well AC/P24 $1.5 - $3.0 Katandra appraisal and Q1 - Q2 2011 one exploration well Accelerate drilling up of to ATP 732P $1.0 - $4.0 Complete purchas
Slide 25: Opportunity
Opportunity • Exposure to world-class opportunities – 2.3 million net acres of land in Australia and India – Significant estimated resource in place – Attractive fiscal environments • Successful execution of repeatable strategy – Proven ability to win international bid rounds over formidable competi
Slide 26: Contact
Contact Bengal Energy Ltd. 1140, 715 - 5th Avenue SW Calgary, Alberta T2P 2X6 Canada T: 403.205.2526 F: 403.263.3168 investor.relations@bengalenergy.ca www.bengalenergy.ca 26
Slide 27: Disclaimers
Disclaimers AC/P47 Prospective Oil Resources • D&M has estimated the unrisked mean prospective resource attributable to the assessed prospect identified in the AC/P47 Permit to be 736.5 million barrels recoverable. The corresponding geologic risk-adjusted mean estimate of the prospective resource in
Slide 28: Thank you.
Thank you. www.bengalenergy.ca