Bengal Energy Ltd. (Bengal or the Company) provided Wednesday an operational update, including details of the Company’s recent successful Phase One drilling campaign at its Cuisinier ultra‐light oil property situated within the Barta Sub Block (ATP 752) in Australia’s Cooper Basin.
From late March to early May, 2014, Bengal carried out the first of its two‐phase development and appraisal drilling campaign in Cuisinier (Barta Sub Block, ATP 752), an asset in which the Company has a 30.357 percent working interest.
The four Phase One development wells were drilled with 100 percent success and each has been cased and suspended awaiting completion as a future oil producer. The wells were targeting the oil‐bearing Cretaceous Murta formation, and Bengal’s preliminary petrophysical analysis of the well logs shows results comparable with that encountered in Bengal’s six best Cuisinier wells drilled in previous campaigns. This success rate and corresponding log data further validate Bengal’s 3D seismic interpretation and its team’s unique understanding of the Murta reservoir as it is developed across the broad Cuisinier structure.
Completion of the four wells is anticipated to run from mid‐July through early August 2014, with the wells expected to be tied‐in through September and early October, 2014. Based on this timing, Bengal anticipates the impact from new production volumes to be realized in the fourth quarter of calendar 2014.
The Phase Two drilling program is expected to commence in mid‐4Q, calendar 2014 and will include four development/appraisal wells, and potentially up to two exploration wells. This will enable Bengal and its partners to benefit from data obtained in Phase One and to high‐grade locations for Phase Two with a view to enhancing productivity and expanding the boundaries of the pool.
In Bengal’s Tookoonooka permit (ATP 732), which is located in the emerging East Flank oil fairway of the Cooper Basin, the Company is partnered with Beach Energy Ltd. (Beach). In 2013 Beach and Bengal entered into a joint venture agreement (JV) whereby Beach agreed to fund up to AUD 11.5 million to drill two wells and acquire 115.8 square miles (300 square kilometers) of new 3D seismic, in exchange for a 50 percent interest in the permit. Beach completed the acquisition of the seismic in Tookoonooka during January and February 2014. The processing of seismic has commenced and is expected to continue until late 2014. Based on the seismic interpretation, a second well location is expected to be identified for drilling within the first half of 2015.
Bengal’s 38 percent working interest area of Wompi (Barta Sub Block, ATP 752) features multi‐zone potential offering moderate risk exploration within a well‐established oil producing fairway. The Company plans to drill one exploration well within the second half of calendar 2014, followed by the acquisition of 81 square miles (210 square kilometers) of new 3D seismic in 2015.
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