Bengal Energy Provides Update on Ramses 2 Oil Well - Retains 100% Interest and Advances Self-Funded Production Test Plan

About this update from Bengal Energy Ltd.

Bengal Energy Provides Update on Ramses 2 Oil Well - Retains 100% Interest and Advances Self-Funded Production Test PlanCalgary, Alberta--(Newsfile Corp. - June 29, 2026) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") announces that discussions have terminated and the Company will not be proceeding with binding documentation under the non-binding Letter of Intent ("LOI") previously announced on March 24, 2026, with an Australian energy services company (the "Investor") regarding a carried production test and potential completion of the Ramses 2 oil well in PL 188, Cooper Basin, Queensland, Australia.Despite good-faith due diligence efforts during the exclusivity period, discussions with the counterparty regarding the LOI have been terminated and the parties will not be proceeding with binding documentation. The Investor cited unprecedented rainfall and continuing surface flooding conditions in the region that have prevented reliable access to the Ramses site as the reasons for not continuing discussions.Bengal continues to hold a 100% working interest and operatorship in PL 188, including the Ramses 1 and Ramses 2 wells. The Company remains encouraged by the technical potential of Ramses 2, which previously recovered an extrapolated 588 barrels per day of 37-degree API oil based on a 105-minute drill stem test when drilled in 2007 from the Jurassic-aged Poolowanna Formation.Bengal currently plans to proceed with the production test on its own account. Operations will be scheduled during optimal weather and site access windows. The Company is evaluating funding alternatives for the test program, including internal resources (supported in part by the net proceeds of its recent non-brokered private placement, a portion of which was allocated to advance Ramses development), potential new partnership or structured financing arrangements on accretive terms, and other capital-efficient options. Bengal remains committed to disciplined capital allocation while unlocking value across its 100%-owned Australian portfolio.About BengalBengal 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 international exploration, production, and acquisitions. Bengal's common shares trade on the TSX under the symbol "BNG". Additional information is...

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