Bengal Announces Operational Update for its Expanded Development Program

Source: 8/23/2021, Location: Not categorized

Bengal Energy has announced its plan for the natural gas and oil development program on its 100% working interest in the Wareena, Ghina, Karnak and Ramses Petroleum Leases ('PLs') in its Cooper Basin operating area.

In readiness for this program, the Company has announced that it has signed formal service contracts with Ago Vires as principal contractor operating out of its home base of Thargomindah, Queensland, Fyfe for surface facilities engineering and pipeline integrity, InGauge Energy for drilling and well completion planning and execution, Risk Safety Management Associates for all aspects of Bengal's health and safety program, planning and monitoring and T29 Holdings for all aspects relating to surface access, native title and tenure, estimated rehabilitation cost and tenure, and title regulatory matters. As all such contractors are based in Queensland, entering into these contracts is in keeping with Bengal's ESG practice of hiring locally.

PL 1110 Wareena, PL 1109 Ghina, PL 188 Ramses, PL 411 Karnak, PPL 138 pipeline (100% working interest)

The Company is currently finalizing reinstatement plans for its recently acquired 100% working interest in four PLs near to ATP 934 (the Company's 100% owned natural gas exploration block). While not currently producing, all PLs have existing wells indicating log pay, drill stem test results and/or gas production from the Permian formation. Bengal has identified four wells to be tested and re-completed for production in its first phase of development. Specifically, this program is expected to include the following development activities:

1- recommissioning of the 26km pipeline, which the Company has 100% working interest in, to tie the previously producing Wareena liquids-rich gas wells into a nearby compression station accessing the Eastern Australia local and export market;

2- work-over of the Ramses well which demonstrated both a Permian gas discovery and oil-zone completion in a cased well and recovered 588 bbls/d of light crude oil, based on a 105-minute drill stem test. No transient pressure analysis was carried out. Because of the relatively short duration of the DST, these results should be considered preliminary, until a longer duration well test is carried out to confirm deliverability. Upon completion of such a successful test, this well is expected to be immediately equipped for production and the oil sold into the regional market;

3- work-over of the Ghina well to evaluate the previous Permian liquids-rich gas discovery and assess the economics of tie-in and field recovery; and

4- twin drilling of the existing Karnak well which showed a liquids rich gas pay zone in the Permian formation. Bengal expects that with the application of the advanced underbalanced drilling techniques, which are now commonplace in the Cooper Basin, a successful new well could be immediately tied into nearby gathering infrastructure for commercial production.

The 100% ownership of these assets presents an appraisal and development opportunity that will be operated by the Company and is seen not only to be complementary to our proven producing, non-operated Cuisinier asset, but also as a key stepping stone for Bengal's natural gas platform with immediate market access to an existing pipeline upon which future exploration growth through ATP 934 can be undertaken.

Chayan Chakrabarty, President and Chief Executive Officer of Bengal, commented:

'Our team has worked closely with the Queensland Government and engaged with and informed all pastoralists in relation to the execution of the program.' Mr. Chakrabarty continued, 'The potential of the area covered by the planned work program has already been demonstrated through multiple drilling successes. The potential upside of this area is significant and the Bengal work program is located over highly prospective parts of our acreage. In executing these contracts, Bengal has laid the foundations to work towards bringing our operated development asset portfolio into production. We are also proud of being able to partner with local contractors and support the communities we operate in.'

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