CALGARY,
June 3, 2013 /CNW/ - Bengal Energy
Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to
announce that Cuisinier 9 ("Cuisinier 9"), the fifth well in the
2013 Cuisinier appraisal drilling campaign on the Barta sub-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 was the primary
target, and Bengal's preliminary petrophysical analysis shows 6.5
metres of net sandstone and approximately 4.3 metres of net pay in
the Murta DC70 sand. Cuisinier 9 is positioned on the
southeastern part of the Cuisinier structure, further delineating
the pool area while validating 3D seismic interpretation. The
Cuisinier 9 well is situated approximately 1.9 kilometres southeast
from the Cuisinier 1 discovery well. Cuisinier 9 is the
13th successful well of 13 drilled in the Cuisinier
drilling campaign to date, maintaining Bengal's 100% success
rate.
The program carries a contingent well targeting
the Murta member reservoir which is based on success of the five
well drilling campaign undertaken in 2013. The decision to drill
this contingent well is being considered by the Barta JV. In
the interim, the operator will utilize the rig for another campaign
on an adjoining tenement upon completion of Cuisinier 9.
Should the decision be made to proceed, the drilling rig could
return to spud the contingent Cuisinier well in approximately 8
weeks.
It is anticipated that the operator will
commence down-hole completion activities in July, 2013, and Bengal
intends to provide updates periodically or as material developments
arise.
Bengal holds a 25% working interest in the Barta
sub-block of ATP 752P.
About Bengal
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.
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 Cuisinier 12 well, including,
without limitation, the timing, location, , drill depth, targeted
zones and evaluation time ; utilization of the drilling rig on
adjacent tenements, future results and benefits from current and
future wells; and future down-hole completion activities. 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
geophysical and other reservoir analysis; 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.