|By PR Newswire||
|November 12, 2012 07:22 PM EST||
Drilling Results Set Stage for Production Growth
CALGARY, Nov. 12, 2012 /CNW/ - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") today announced its financial and operating results for the three and six months ended September 30, 2012. The Company focused on drilling during the quarter, spending $10 million to pursue its successful drilling program in Australia.
FISCAL Q2 2013 HIGHLIGHTS:
100% Drilling Success at Cuisinier: Since March 2012, Bengal has drilled four oil producers, resulting in a
drilling success rate of eight for eight in the Cooper Basin of
Australia. The Company is currently producing 325 barrels of oil per
day (bopd) (net to the Company) from two of the newly drilled wells,
under Extended Production Test, while certain regulatory and capacity
constraints limit full production from all the wells. The following
presents the current status of the Company's Cuisinier wells.
The Company is currently trucking its production to a nearby terminal. The operator of the field is progressing plans for facilities upgrades and pipeline connection to a large facility at an adjacent field that should handle production from all wells in the field. The operator is also applying for a Petroleum Lease ("PL") that will allow all the wells in the field to produce at their productive capacities. The Company expects regulatory approval and facilities upgrades to be completed in the quarter ending June 30, 2013.
(Net to Bengal)
|Cuisinier 1, 2 and 3||125 bopd (aggregate)||Shut-in, awaiting Petroleum Lease|
|Cuisinier 4||125 bopd||Shut-in, awaiting tie-in|
|Cuisinier 5 and 6||325 bopd (aggregate)||Production Test|
|Barta North and Cuisinier North 1||75 bopd (aggregate)||Shut-in awaiting tests and tie-in|
Cuisinier Reserves Increase Substantially: An independent reserves update of the quantity of oil reserve volumes
contained on Company lands within the boundaries of the Barta
sub-Block, of Authority to Prospect ("ATP") 752 onshore Australia in
the Cooper/Eromanga Basins in the State of Queensland effective
September 30, 2012, prepared by GLJ Petroleum Consultants Ltd.
recognized 717,000 proved barrels (an increase of 904%), 1,550,000
proved plus probable barrels (an increase of 269%) and 7,512,000 proved
plus probable plus possible barrels (an increase of 614%) to Bengal.
The net present values discounted at 10% amount to $16 million for
proved, $37 million for proved plus probable and $164 million for
proved plus probable plus possible.
Company's New Rig Drills First Well at Tookoonooka: The Company's recently purchased drilling rig, Bengal 1, has been fully
commissioned and, on October 5, 2012 commenced drilling of the first
well on the Company's 100% owned ATP 732P Permit ("Tookoonooka") in the
Cooper Basin. The first exploration well in the Company's Tookoonooka
drilling campaign, Caracal-1, has been cased as a potential oil
producer awaiting testing results.
- Bengal Reports Financial Results: The Company reported that revenues in the three and six months ended September 30, 2012 amounted to $437,000 and $935,000, respectively compared to $1,017,000 and $2,336,000 respectively in 2011. The lower revenues resulted from production reductions primarily related to expiration of Extended Production Tests for the Cuisinier 1, 2 and 3 wells; as mentioned earlier, the regulatory approvals (expected in the quarter ending June 30, 2013) will allow all the wells in the Cuisinier Field to produce at their productive capacities. The net loss for the three and six month periods amounted to ($845,000) or ($0.02) per share and ($1,056,000) or ($0.02) per share, respectively compared to ($4,247,000) or ($0.08) per share and ($5,308,000) or ($0.10) per share, respectively. The 2011 losses were impacted by an impairment loss related to the drilling of two dry holes in 2011 and 2008. The Company spent $10,299,000 in the three-month period ended September 30, 2012 and $17,625,000 in the six month period ended September 30, 2012 related to the drilling of four Cuisinier wells, the acquisition of the Rig, seismic acquisition in Australia and India and preparation for drilling the Caracal-1 well.
For more information on the Company's operational activities and permits, refer to Bengal's website at www.bengalenergy.ca.
Financial and Operating Summary
$000s except per share, volumes
and netback amounts
Three Months Ended
Six Months Ended
|Natural gas liquids||19||13||46||45||29||55|
|% of revenue||8.7||9.3||(7)||8.9||9.2||(3)|
|Operating & transportation||162||316||(49)||409||838||(51)|
|Cash from (used in) operations:||315||159||(98)||(444)||(1,212)||(63)|
|Per share ($) (basic & diluted)||0.01||0.00||-||(0.01)||(0.02)||(50)|
|Funds from (used in) operations:(2)||(471)||(430)||10||(533)||(423)||26|
|Per share ($) (basic & diluted)||(0.01)||(0.01)||-||(0.01)||(0.01)||−|
|Per share ($) (basic & diluted)||(0.02)||(0.08)||(75)||(0.02)||(0.10)||(80)|
|Natural gas (mcf/d)||159||196||(19)||192||221||(13)|
|Natural gas liquids (boe/d)||3||3||-||4||3||33|
|Total (boe/d @ 6 mcf:1 bbl)||65||130||(50)||77||140||(45)|
|Operating & transportation||27.40||26.78||2||29.32||32.70||(10)|
|(1)||Netback is a non-IFRS measure. Netback per boe is calculated by dividing the revenue and costs in total for the Company by the total production of the Company measured in boe.|
|(2)||Funds from operations is a non-IFRS measure. The comparable IFRS measure is cash from operations. A reconciliation of the two measures can be found in Bengal's management's discussion and analysis for the quarter ended September 30, 2012.|
Bengal offers an attractive portfolio of both lower-risk and high-impact drilling opportunities. Increasing production from new wells drilled at Cuisinier is expected to drive operating income and set the stage for future development. Potential near-term exploration drilling success on permit ATP 732P could create further momentum. The Company also offers long-term plays in India to potentially add value in 2013 and onward. The Company will continue to evaluate accretive production acquisition, exploration and corporate transaction opportunities within and around the Company's core areas.
Bengal has filed its consolidated financial statements and management's discussion and analysis for the quarter ended September 30, 2012 with Canadian securities regulators. The documents are available on SEDAR at www.sedar.com or by visiting Bengal's website at www.bengalenergy.ca.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia and India. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal trades 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", "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, Australia, India 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; and the ability to obtain required approvals, extensions, permits and leases from regulatory authorities. We believe the expectations and assumptions 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. Forward-looking statements contained herein include, but are not limited to, statements regarding: facility upgrades and pipeline tie-ins and the impact thereof; the application for the PL, including the timing and impact thereof; the timing of receipt of regulatory approvals and the impact thereof; impact of Cuisinier production on operating income; impact of drilling success on the ATP 732P. 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, or leases; failure to secure required equipment and personnel; changes in general global economic conditions including, without limitations, the economic conditions in North America, Australia, India; 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; imprecision of reserve and resource estimates; unexpected decline rates in wells; wells not performing as expected; 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 under the heading "Risk Factors" and in Bengal's annual MD&A 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.
Barrels of Oil Equivalent
When converting natural gas to equivalent barrels of oil, Bengal uses the widely recognized standard of 6 thousand cubic feet (mcf) to one barrel of oil (boe). However, a boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Within this release references are made to terms commonly used in the oil and gas industry. Funds from operations, funds from operations per share and netbacks do not have any standardized meaning under International Financial Reporting Standards (IFRS) and previous generally accepted accounting principles (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. Netbacks equal total revenue less royalties and operating and transportation expenses calculated on a boe basis. Management utilizes these measures to analyze operating performance. 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.
SOURCE Bengal Energy Ltd.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Aug. 28, 2015 07:45 PM EDT Reads: 138
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 28, 2015 06:00 PM EDT Reads: 304
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Aug. 28, 2015 05:30 PM EDT Reads: 403
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Aug. 28, 2015 03:45 PM EDT Reads: 165
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 28, 2015 03:30 PM EDT Reads: 812
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
Aug. 28, 2015 02:00 PM EDT
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Aug. 28, 2015 12:30 PM EDT Reads: 143
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Aug. 28, 2015 12:00 PM EDT Reads: 186
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 28, 2015 11:30 AM EDT
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 28, 2015 10:00 AM EDT
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 28, 2015 07:45 AM EDT Reads: 389
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Aug. 28, 2015 07:30 AM EDT Reads: 549
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 28, 2015 03:00 AM EDT Reads: 349
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
Aug. 28, 2015 12:30 AM EDT Reads: 344
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Aug. 26, 2015 07:00 AM EDT Reads: 104
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 542
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 472
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,558
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 272
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,218