CALGARY, June 3, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to announce that Cuisinier 9 ("Cuisinier 9"), the fifth well in the 2013 Cuisinier appraisal drilling campaign on the Barta sub-block portion of Authority to Prospect ("ATP") 752P in the Cooper-Eromanga Basin, in Queensland, Australia, has been cased as a future oil producer.
The Cretaceous Murta member was the primary target, and Bengal's preliminary petrophysical analysis shows 6.5 metres of net sandstone and approximately 4.3 metres of net pay in the Murta DC70 sand. Cuisinier 9 is positioned on the southeastern part of the Cuisinier structure, further delineating the pool area while validating 3D seismic interpretation. The Cuisinier 9 well is situated approximately 1.9 kilometres southeast from the Cuisinier 1 discovery well. Cuisinier 9 is the 13th successful well of 13 drilled in the Cuisinier drilling campaign to date, maintaining Bengal's 100% success rate.
The program carries a contingent well targeting the Murta member reservoir which is based on success of the five well drilling campaign undertaken in 2013. The decision to drill this contingent well is being considered by the Barta JV. In the interim, the operator will utilize the rig for another campaign on an adjoining tenement upon completion of Cuisinier 9. Should the decision be made to proceed, the drilling rig could return to spud the contingent Cuisinier well in approximately 8 weeks.
It is anticipated that the operator will commence down-hole completion activities in July, 2013, and Bengal intends to provide updates periodically or as material developments arise.
Bengal holds a 25% working interest in the Barta sub-block of ATP 752P.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company based in Calgary, Alberta. 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 Cuisinier 12 well, including, without limitation, the timing, location, , drill depth, targeted zones and evaluation time ; utilization of the drilling rig on adjacent tenements, future results and benefits from current and future wells; and future down-hole 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 obtain required safety assessments and rig acceptance; 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 results of geophysical and other reservoir analysis; the ability to access sufficient capital from internal and external sources; failure to obtain or delays in obtaining regulatory approvals 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.
SOURCE: Bengal Energy Ltd.
For further information:
Bengal Energy Ltd.
Chayan Chakrabarty, President & CEO
Bryan Goudie, CFO
Email: [email protected]