Press release from Marketwire
Bengal Energy Announces Drilling Results of Koki Exploration Well in Australia's Cooper Basin
Friday, June 13, 2014
Bengal Energy Announces Drilling Results of Koki Exploration Well in Australia's Cooper Basin07:00 EDT Friday, June 13, 2014
CALGARY, ALBERTA--(Marketwired - June 13, 2014) - Bengal Energy Ltd. (TSX:BNG) ("Bengal" or the "Company") announces that the Barta Block joint venture, in which the Company holds a 30.4% working interest, has completed drilling operations at Koki-1 (the "Koki-1 Well"), the first of two planned exploration wells to be drilled in Bengal's Cuisinier ("ATP") 752P Barta Sub Block within Australia's Cooper Basin. The Koki-1 Well failed to define a commercial hydrocarbon accumulation and has been plugged and abandoned.
The location was selected using 3D seismic data and was designed to evaluate the extent of the Murta DC 70 trend approximately four kilometers to the north of the Cuisinier Field which recently completed a successful 2014 Phase One development program. The Koki-1 Well was drilled to a vertical depth of 2,573 meters and also tested a deeper secondary Birkhead-Hutton zone. The Koki-1 Well did not encounter the targeted Murta DC70 reservoir and the secondary target indicated minor, uncommercial oil shows. The Koki-1 Well was a step-out beyond Bengal's currently evaluated Cuisinier Field reserves area and will not have an impact on the Company's 2014 booked reserves.
The drilling of a second exploration location in ATP 752P - Barta Sub Block is planned for August 2014, and will target the Hutton formation on an independent structural closure within the Cuisinier North 3D area. This second well is located approximately nine kilometers north of the producing Cook, Hutton oil field.
Bengal Energy Ltd. (TSX:BNG) is an international oil and gas exploration and production company with producing and prospective light oil-weighted assets in Australia and India. Bengal offers exposure to lower risk current production and cash flow, combined with longer-term high potential impact exploration projects. The Company's strategy is to achieve per share growth in cash flow, production and reserves while establishing an attractive portfolio of future drilling and exploration opportunities.
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 drilling and timing of the second exploration well in the Barta/Cuisinier North area and the expectation that the Koki-1 well will not impact the Company's 2014 booked reserves. 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 seismic activities and related operations; changes in anticipated operating and transportation costs; changes in pipeline accessibility; 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 for the year ended March 31, 2013 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bengal Energy Ltd.
President & Chief Executive Officer
Bengal Energy Ltd.
Chief Financial Officer