CALGARY, July 3, 2012 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to announce that the Cuisinier 6 well (the "Cuisinier 6"), the third well in the 2012 Cuisinier appraisal drilling campaign on the Barta Sub-Block portion (the "Barta Block") of ATP 752P in the Cooper-Eromanga Basin, Australia, is to be cased as a future oil producer.
The Cretaceous Murta member, DC70 sand was the primary target and the well encountered approximately 5.6 metres of sandstone with a preliminary estimate of a minimum of 3.8 metres net pay. The DC70 at Cuisinier 6 appears to be positioned on a second oil bearing channel trend which is different than that of the Cuisinier 1, 3, 4 and 5 wells. This is supported by a preliminary pressure survey from the well indicating virgin pressures in the DC70 sand at Cuisinier 6.
Cuisinier 6 is located approximately 1.25 kms northeast of the Cuisinier 1 discovery well (the "Cuisinier 1"). Cuisinier 6 is the seventh successful well of seven drilled to date.
One additional well is expected to follow immediately, Cuisinier North 1, and will be located approximately 2.9 kms north of Cuisinier 1. This final well in the Cuisinier campaign will be drilled to test the Murta as well as the Jurassic Birkhead/Hutton Formations.
The operator expects to commence down-hole completion activities for all of the appraisal wells at Cuisinier in July once the drilling campaign has been completed.
Bengal holds a 25% working interest in the Barta Block, ATP 752P.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia and India. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal trades on the TSX under the symbol BNG. Additional information is available at www.bengalenergy.ca.
This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward looking statements. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in North America, Australia, India and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; and the ability to obtain required approvals and extensions from regulatory authorities. We believe the expectations reflected in those forward-looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained herein include, but are not limited to, statements regarding: the 2012 Cuisinier drilling program, including the estimated net pay, casing and future oil production from the Cuisinier 6 well, the number of additional appraisal wells and the timing thereof; and the timing of the completion activities. The forward looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual financial results, performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: the failure to secure access to necessary infrastructure, the failure to obtain required regulatory approvals or extensions; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America, Australia, India; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal's Annual Information Form under the heading "Risk Factors" and in Bengal's annual MD&A under the heading "Risk Factors". The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.
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