Bengal Energy Ltd.
Bengal Energy Ltd.
- ISIN: CA08184N1006
- Land: .
Nachricht vom 13.11.2019 | 01:36
Bengal Energy Announces Fiscal 2020 Second Quarter Results
DGAP-News: Bengal Energy Ltd.
/ Key word(s): Miscellaneous
Calgary, Alberta--(Newsfile Corp. - November 12, 2019) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announces its financial results for the second quarter of fiscal 2020 ended September 30, 2019.
SECOND QUARTER FISCAL 2020 SUMMARY:
The following is an overview of the financial and operational results during the three month period ended September 30, 2019:
Bengal has filed its consolidated financial statements and management's discussion and analysis for the second quarter of fiscal year 2020 with the Canadian securities regulators. The documents are available on SEDAR at www.sedar.com or by visiting Bengal's website at www.bengalenergy.ca.
AUSTRALIA - Cooper Basin, Queensland
PL 303 Barta Block Cuisinier (controlling permit ATP 752) (30.357% WI)
The Cuisinier 29 well is on production from the newly discovered DC-50 zone. A development plan for this new zone is under preparation with further drilling and evaluation expected in Q1 calendar 2020.
Planning and drilling location selection is underway for the next multi-well development and appraisal drilling campaign which is expected to commence late in the second quarter of calendar 2020.
A pilot reservoir pressure maintenance scheme, is planned to commence during the first quarter of calendar 2020. The location of this pilot is in the southeast quadrant of the Cuisinier pool, with injection of water to take place at the Cuisinier-24 well. The broad nature of the Cuisinier structure combined with variable flank aquifer pressure support has resulted in pressure depletion within the central portion of the Cuisinier pool. The injection of produced formation water is anticipated to increase production up to four offsetting wells. In addition, the program will also complement future water flood expansion phases currently in the initial planning stages.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal's common shares trade on the TSX under the symbol "BNG". Additional information is available at www.bengalenergy.ca
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", "future", "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 and Australia 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; results of exploration and testing activities; 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. The forward-looking statements contained herein include, but are not limited to, statements regarding: the expected timing of the development plan for further drilling and evaluation in the DC-50 zone in the Cuisinier-29 well; the expected timing of the multi-well development and appraisal drilling campaign on the Barta Block PL 303; the timing of the commencement of a pilot pressure maintenance scheme and the potential increase of production in up to four offsetting producing wells in the Cuisinier field and other prospective results.
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 regulatory approvals or extensions; the failure to satisfy the conditions under farm-in and joint venture agreements; the failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America and Australia; 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 ability to access sufficient capital from internal and external sources; and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal's annual information form for the year ended March 31, 2019 under the heading "Risk Factors" and in Bengal's management's discussion and analysis for the Q2 and fiscal year ended March 31,2020 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.
The following terms used in this news release have the meanings set forth below:
bbl - barrel
Within this news release references are made to terms commonly used in the oil and gas industry. Funds from operations, funds from operations per share, operating netback, netback per bbl, adjusted net income (loss) and adjusted net income (loss) per share do not have any standardized meaning under IFRS and previous GAAP and are referred to as non-IFRS measures. Funds from operations per share is calculated based on the weighted average number of common shares outstanding consistent with the calculation of net income (loss) per share. Operating netback includes realized losses on financial instruments. Netback per bbl is calculated by dividing revenue (including realized loss on financial instruments) less royalties, operating expenses by the total production of the Company measured in bbl. Adjusted net income (loss) and adjusted net income (loss) per share are calculated based on Net income (loss) plus unrealized loss (gain) on financial instruments less unrealized foreign exchange loss (gain) and non-cash impairment of non-current assets. The Company's calculation of the non-IFRS measures included herein may differ from the calculation of similar measures by other issuers. Therefore, the Company's non-IFRS measures may not be comparable to other similar measures used by other issuers. Funds from operations is not intended to represent operating profit for the period nor should it be viewed as an alternative to operating profit, net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS. Non-IFRS measures should only be used in conjunction with the Company's annual audited and interim financial statements. A reconciliation of these measures can be found in the table on pages 7 and 18 of Bengal's management's discussion and analysis for the Q2 and fiscal year ended March 31, 2020.
FOR FURTHER INFORMATION PLEASE CONTACT:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49669
Click on, or paste the following link into your web browser,to view the associated documents http://www.newsfilecorp.com/release/49669
News Source: Newsfile
|Company:||Bengal Energy Ltd.|
|EQS News ID:||911323|
|End of News||DGAP News Service|
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