Bengal Energy announces maturation and development plan in australia

Bengal Energy Ltd has announced the completion of its Field Resource Maturation and Development Plan for its Tookoonooka Potential Commercial Area 332 (PCA 332).

The PCA 332, in which Bengal has a 100% working interest, covers a 343 km2 prospect area and was granted for a 15-year term effective January 30, 2023.

The Plan includes up to 15 independent multi-horizon prospects located in PCA 332, including the Tigris-1 oil opportunity (“Tigris-1”). The company believes that drilling success at Tigris-1 would allow Bengal to pursue a follow-up multi-well development program, as well as support the appraisal by Bengal of other opportunities on PCA 332.

The company has identified analogue discoveries located in the Tintaburra and Toobunyah fields approximately 25 km east of the Tookoonooka lease with production rates between 1,000 and 1,500 barrels of oil per day from the Hutton zones and 200 to 500 bopd from the Wyandra zones.

Fully paid for and installed oil sales infrastructure in PCA 332 allows for ready egress by trucking in the event of successful drilling through established sales and transportation agreement with Inland Oil Refinery located within 62 km via a hard-sealed road.

The execution of the Plan and the exploration and development of any of the prospects included in the Plan, including Tigris-1, is subject to the Company securing adequate financing and on terms acceptable to it. To date such financing has not been secured; however, the Company is actively seeking potential farm-in partnerships with third party industry participants and other financing arrangements in this connection

Bengal’s President & CEO Chayan Chakrabarty said: “We believe that the significant volumes of crude oil prospective resources identified in the Resource Report, combined with current oil pricing, opportunities for immediate and lower cost commercialisation, together with the company’s established skills as an operator in Queensland, prioritises the Company focusing on the development of PCA 332 as a compelling step to deliver value for the Company’s shareholders.

“We believe that with financing in place and with exploration success at Tigris-1, Bengal would be in a position to pursue up to 12 development wells in follow-up to success at Tigris-1, along with pursuing several of the other prospects that Bengal has identified on the block.”

The company was granted the 15-year term PCA 332 with an effective date of January 30, 2023, of the 343 km2 Tookoonooka field located within the Southeast Cooper oil province, Queensland Australia. The company completed a 3D seismic survey over ~218 km2 or ~64% of PCA 332 in 2013/2014 which identified 15 independent multi-horizon prospects located in the following zones: (a) Hutton Sandstone; (b) Birkhead Formation; and (c) Wyandra Sandstone.