CALGARY, May 6, 2013 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to announce that Cuisinier 10 ("Cuisinier 10"), the third well in the 2013 Cuisinier appraisal drilling campaign on the Barta sub-block ("Barta 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, DC70 sand was the primary target and the well encountered approximately 5.6 metres of net sandstone with a preliminary estimate of 3.4 metres of net pay. Bengal believes that the DC70 sand at Cuisinier 10 is positioned on the same trend as the offsetting Cuisinier 6 well. The Cuisinier 6 well has 3.5 metres of net pay in the DC 70 sand and is located approximately 1.6 kilometres north west of the Cuisinier 10 well. The Cuisinier 6 well began its Extended Production Test period on October 15, 2012 and to March 31, 2013 has shown average daily production rates (on a per production day basis) of 750 barrels of oil per day ("bopd") (187 bopd net to Bengal) and cumulative production of 101,000 barrels of oil (25,250 barrels net to Bengal).
Cuisinier 10 is the eleventh successful well of the eleven wells drilled to date on the Barta Block. For clarity, the Cuisinier 10 well was drilled prior to the Cuisinier 9 well which will be drilled later in the program.
The drilling of two additional firm and one contingent wells are planned to follow Cuisinier 10, all of which are positioned to optimize pool productivity and to further define ultimate pool size. Each well is targeting the primary Murta Formation. Total drill depth is expected to be approximately 1,750 metres per well and drilling and evaluation time for each well is anticipated to be approximately two weeks excluding move times. The contracted drilling rig will now be moved to spud the Cuisinier 11 well which is located 3.5 kilometres south west of the Cuisinier 10 location.
The operator expects to commence down-hole completion activities on all drilled Cuisinier wells in July 2013, once the drilling campaign has been completed.
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 drilling campaign, including, without limitation, the timing, number of wells, drill depth and targeted zones, the drilling and evaluation time for new wells; future results from such wells; future down-hole completion activities; and receipt of regulatory approvals. 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 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