Bengal Energy Ltd Announces Earnings and Production Results for the Third Quarter and Nine Months Ended December 31, 2014
Feb 12 15
Bengal Energy Ltd. announced earnings and production results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported total revenues of $3,944,000 compared with $5,516,000 for the same period a year ago. Cash from operations was $1,492,000 compared with $2,170,000 for the same period a year ago. Funds from operations was $1,318,000 or $0.02 per basic and diluted share compared with $2,862,000 or $0.05 per basic and diluted share for the same period a year ago. Net loss was $1,293,000 or $0.02 per basic and diluted share compared with net income of $573,000 or $0.01 per basic and diluted share for the same period a year ago. Capital expenditures was $4,489,000 compared with $6,462,000 for the same period a year ago.
For the nine months, the company reported total revenues of $12,291,000 compared with $14,550,000 for the same period a year ago. Cash from operations was $5,943,000 compared with $5,485,000 for the same period a year ago. Funds from operations was $3,703,000 or $0.06 per basic and diluted share compared with $6,657,000 or $0.11 per basic and diluted share for the same period a year ago. Net loss was $2,120,000 or $0.03 per basic and diluted share compared with net income of $1,954,000 or $0.03 per basic and diluted share for the same period a year ago. Capital expenditures was $11,053,000 compared with $14,599,000 for the same period a year ago.
For the quarter, the company produced natural gas of 180 mcfpdc ompared with 184 mcfpd for the same period a year ago. Natural gas liquids was 2 boepd with 2 boepd for the same period a year ago.
For the nine months, the company produced natural gas of 181 mcfpdcompared with 208 mcfpd for the same period a year ago. Natural gas liquids was 1 boepd with 2 boepd for the same period a year ago.
Bengal Energy Ltd. Announces Redemption of 10% Non-Convertible Notes
Jan 22 15
Bengal Energy Ltd. announced the redemption of the $1.75 million principal amount of the company's 10% outstanding unsecured non-convertible redeemable notes. The company has issued a notice of redemption to holders of the Notes pursuant to which the company has redeemed the Notes, effective Jan. 21, 2015, for a redemption price equal to the outstanding principal amount of the Notes plus all accrued and unpaid interest thereon to but excluding the redemption date, for an aggregate redemption price for the Notes of $1,999,178.
Bengal Energy Announces Gas Discovery in Australia's Cooper Basin
Dec 8 14
Bengal Energy Ltd. announced that the Authority to Prospect 752P joint venture, in which the Company holds 30.4% and 38% working interests in the Barta and Wompi sub-blocks respectively, has completed the exploration drilling program Nubba-1 (in the Wompi sub-block) and Wicho East-1 (in the Barta sub-block). The ATP 752P exploration permit is located within Australia'sCooper Basin. The Company announced a new natural gas discovery in the Wompi sub-block that adds another focus area within a well-established producing fairway which has demonstrated multi-zone production potential. The Nubba-1 well location was selected using 3D seismic data and was designed to evaluate the oil bearing sands currently producing from the offsetting Bowen field located 2.1 kms to the northeast. The Nubba-1 well encountered light oil shows in five different Jurassic reservoir bearing formations and the well also intersected up to 6.2 meters of gas pay in the Permian Toolachee Formation with reservoir pressure data indicating a potential gas column of up to 70 meters. Based on these findings, the operator has cased the well as a potential Toolachee gas well. Completion and testing of this new discovery will be announced when finalized with the joint venture parties. The Wicho East-1 well, the second of two exploration wells drilled in the Barta sub-block in 2014, failed to intersect a commercial hydrocarbon accumulation and has been plugged and abandoned. The Wicho East-1 well, which had a primary target in the deeper Jurassic Hutton horizon, was a step-out beyond Bengal's currently evaluated Cuisinier Field reserves area and will not have an impact on the Company's 2014 booked Cuisinier reserves which are focused exclusively on the Cretaceous Murta horizon. Phase Two drilling operations have commenced at the Cuisinier Field, with four to seven development and appraisal wells to be drilled. Building on the success of Phase One, the goal of the Phase Two program is to appraise and potentially extend the extent of the Cuisinier pool and should increase reserves and production. The Company is also advancing activities on other exploration assets that are expected to fuel future growth with a second carried well expected in the second half of 2015 in Bengal's Tookoonooka permit (ATP 732), located in the emerging East Flank oil fairway of the Cooper Basin.