Bengal Energy Announces Consolidation of 100% ownership of ATP 934 Barrolka Permit – Cooper Basin, Queensland Australia
2018年1月23日 - 10:30PM
Bengal Energy Ltd. (TSX:BNG) (“Bengal” or the
“Company”) is pleased to announce the acquisition of an additional
28.57% working interest in its operated natural gas prospective
permit Authority to Prospect 934 (“ATP 934”) located in the
under-exploited Cooper Basin natural gas fairway. Bengal has now
consolidated its ownership of ATP 934 to 100%.
The purchase consideration is AUS$311,221 cash
and potential future cash payments of up to AUS$1,000,000, subject
to certain conditions and commercial benchmarks being achieved.
ATP 934 covers an area of 1,462 km2 (360,000
acres) and is immediately surrounded by natural gas fields. These
adjacent fields have produced 93.7 billion cubic feet of natural
gas and associated liquids to June 2016 and continue to produce in
excess of 17 million cubic feet/day(1), with newly completed wells
being tied in and further additional drilling on adjacent permits
expected. Successful competitor drilling on adjacent tenements has
occurred over the past two years with 20 natural gas wells drilled.
Targeted drill depths on ATP 934 are between 2,700 to 2,900 metres
with natural gas pipelines and other natural gas production
infrastructure located nearby.
Bengal is excited by the natural gas resource
potential in this block, as demonstrated by the activities and
success in surrounding permits, as well as the transitioning
Eastern Australia natural gas market. In the past, this market was
effectively isolated from international markets. The ramp up of the
three liquids natural gas trains in Queensland has effectively
tripled gas demand from east Australia and linked the region to
more robust global gas markets. The local market has now
fundamentally changed as evidenced by much higher natural gas spot
prices year over year, with 2017 Sydney natural gas spot prices
averaging AUS$9.06 per gigajoule(2).
Bengal’s view of the potential for significant
gas discoveries on this permit has been strongly supported by
detailed geological and geophysical mapping using both 2D and 3D
seismic data. Up to six individual conventional drilling prospects
have been identified and mapped on the permit with additional tight
gas sands potential also identified. Bengal believes that these
prospects could contain gas accumulations similar to those found in
gas pools adjacent to the permit.
“This acquisition supports our continuing
initiative to maximize Bengal’s ownership and operatorship of its
hydrocarbon prone permits in the Cooper Basin of Australia and
provides additional flexibility relative to farmout or financing
activity. In this regard, Bengal is currently pursuing a number of
financing alternatives to fund the first of three exploratory wells
designed to evaluate the resource potential of the block by the end
of calendar 2018,” said Chayan Chakrabarty, Bengal’s President and
CEO. “The upside to the 100% ownership of this large block, in what
we believe to be a highly natural gas prone portion of the basin,
is the additional leverage from successful exploratory drilling on
the permit, which would be of significant value to Bengal’s
shareholders.”
About Bengal
Bengal 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 Toronto Stock Exchange under
the symbol “BNG”. Additional information is available at
www.bengalenergy.ca.
Forward-Looking Statements
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 forward-looking 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
current commodity price environment; the impact of economic
conditions in North America, Australia 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; results of exploration and testing
activities; 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
potential for gas discoveries on ATP 934; the potential for future
payments pursuant to the acquisition; the six future drilling
prospects identified on ATP 934; pursuing financing alternatives
for the funding of the first exploratory well on ATP 934; and the
anticipated upside to the ownership of 100% of ATP 934. 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,
the failure to discover gas accumulations similar to adjacent gas
pools on ATP 934; the occurrence of any additional drilling on
adjacent permits; the failure to drill the currently planned
exploratory wells and six drilling prospects on ATP 934; the
failure to realize the anticipated upside to the ownership of 100%
of ATP; risks associated with fluctuations in commodity prices,
foreign exchange or interest rates; the failure to obtain required
regulatory approvals or extensions; failure to satisfy the
conditions under farm-in and joint venture agreements; failure to
secure required equipment and personnel; changes in general global
economic conditions including, without limitations, the economic
conditions in North America and Australia; increased competition;
the availability of qualified operating or management personnel;
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. Further, certain noted
production information and Eastern Australia gas market information
provided in this press release may constitute “analogous
information” under applicable securities legislation, such as
production rates from wells drilled by other industry participants
located in geographical proximity to lands held by the Company.
This information is derived from publicly available information
sources that the Company believes are predominantly independent in
nature however readers are cautioned that the information may be in
error, may not be analogous to the Company’s land holdings and/or
may not be representative of actual results of wells anticipated to
be drilled or completed by the Company in the future. The
analogous historical production information should not be construed
as an estimate of future production levels or future
resources/reserves of Bengal. 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.
Analogous Information
Certain information provided in this news release
may constitute “analogous information” under applicable securities
legislation, such as reserve and resource estimates or the reserves
and resources present on the Company’s lands, and nearby lands,
total production and production-rates from wells drilled by the
Company or other industry participants located in geographical
proximity to lands held by the Company. This information is derived
from publicly available information sources (as at the date of this
news release) that the Company believes are predominantly
independent in nature. The Company believes this information is
relevant as it helps to define the reservoir characteristics of ATP
934 in which the Company has an interest. The Company is unable to
confirm that the analogous information was prepared by a qualified
reserves evaluator or auditor or in accordance with the Canadian
Oil and Gas Evaluation Handbook and therefore, the reader is
cautioned that the data relied upon by the Company may be in error,
may not be analogous to the Company’s land holdings and/or may not
be representative of actual results of wells anticipated to be
drilled or completed by the Company in the future.
(1) Source: State of Queensland Department of
Employment, Economic Development and Innovation (DEEDI)(2) Source:
Australian Energy Market Operator – Sydney Exante Price
FOR FURTHER INFORMATION PLEASE
CONTACT:
Bengal Energy
Ltd.Chayan Chakrabarty, President & Chief
Executive OfficerMatthew Moorman, Chief Financial
OfficerPhone : (403)
205-2526Email:
investor.relations@bengalenergy.ca
Website: www.bengalenergy.ca
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