Bengal Energy Announces Drilling Results of Koki Exploration Well in Australia's Cooper Basin
June 13 2014 - 7:00AM
Marketwired
Bengal Energy Announces Drilling Results of Koki Exploration Well
in Australia's Cooper Basin
CALGARY, ALBERTA--(Marketwired - Jun 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.
About Bengal
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
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 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.
Bengal Energy Ltd.Chayan ChakrabartyPresident & Chief
Executive Officer(403) 205-2526Bengal Energy Ltd.Jerrad
BlanchardChief Financial Officer(403)
205-2526investor.relations@bengalenergy.cawww.bengalenergy.ca
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