Bengal Energy Announces Exploration Discovery in Australia
Bengal Energy Ltd. (TSX: BNG) (“Bengal” or the “Company”) is announced that the first four wells of the Cuisinier 2016 five well drilling campaign have been cased as future oil producers in the Murta horizon.
The most recent well, Shefu-1, was drilled as a near field exploration well situated on the western flank of the Cuisinier Petroleum Lease 303 (“PL 303”), approximately 3.6 kilometers west of the nearest Cuisinier development well, Cuisinier-17. The Shefu-1 well encountered 8.1 meters of gross sand with 7 meters of net pay exhibiting normal gradient, virgin pressure. PL 303 is located with the Barta Permit, ATP 752.
At Shefu-1, oil pay was found to occur structurally lower than what has been encountered in previous rounds of appraisal drilling at Cuisinier, therefore lowering the “lowest known oil” for the area. Bengal’s internal estimates suggest that this Shefu-1 result has the potential to materially increase the Cuisinier area oil in place and reserves,given that the Murta reservoir in the Shefu-1 area is well outside of Bengal’s currently booked 1P, 2P and 3P reserves areas.
“This discovery is another exciting example of the opportunity in front of us as we continue to explore and develop our significant light oil assets in the Cuisinier basin,” said Chayan Chakrabarty, President and CEO of Bengal.
“While further testing is needed to illustrate the full production potential from the Sefu-1 well, expanding the known oil in place at Cuisinier further confirms the excellent new reserves potential and supports our overall plan to continue developing the multiple commercial finds at the Barta Permit.”
The drilling rig is now moving to the fifth and last well of the campaign at the Cuisinier 24 development location.
Completion and pipeline connection of Shefu and all the Cuisinier wells from the current campaign is expected to occur in Q1 2017. Further details and full results of the 2016 drilling campaign will be released at a later date.
Bengal holds a 30.357% working interest in the Barta Permit, ATP 752 and PL 303.
Source: Bengal Energy
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