Bengal Energy Ltd. is pleased to provide an update with respect to its previously announced debt settlement transaction and concurrent private placement. Bengal has now received formal written notification from the Australian Foreign Investment Review Board that it will not object to the Private Placement. As previously announced, the Toronto Stock Exchange has conditionally approved the Private Placement, subject to [...]
Bengal Energy Ltd. today announces its financial results for the third quarter of fiscal 2021 ended December 31, 2020. Subsequent Event Notice As previously announced, Bengal has reached an agreement with its senior secured lender Westpac Banking Corporation to settle all principal amounts outstanding under the credit facility and extinguish the debt owing to Westpac . To facilitate the Debt Settlement, the Company [...]
Bengal Energy Ltd. is pleased to announce further details with respect to its previously announced non-brokered private placement of common shares in the capital of the Company to Texada Capital Management Ltd. . Further to the Company's press release of Monday January 25, 2021, Bengal has entered into a subscription agreement with Texada whereby Texada has agreed to subscribe for Common Shares at the price of CAD$0.05 [...]
Bengal Energy Ltd. is pleased to announce the execution of a binding agreement with its senior secured lender Westpac Banking Corporation in respect of the settlement all indebtedness and liabilities owing by Bengal's wholly owned subsidiary Bengal Energy Pty Ltd. to Westpac under its secured credit facility . Bengal is also pleased to announce that it has entered into a non-binding term sheet with Texada Capital [...]
Bengal Energy Ltd. is pleased to provide an update on ongoing operational matters. Water Injection Pilot - The Cuisinier pilot project is scheduled to commence active water injection in late January 2021. This program is designed to begin increasing pressure in the pool and thereby increase the expected oil recovery in both productivity and reserves. As injected volumes ramp up the project is expected to benefit from [...]
Bengal Energy Ltd. today announces its financial results for the second quarter of fiscal 2021 ended September 30, 2020. SECOND QUARTER FISCAL 2021 SUMMARY: The following is an overview of the financial and operational results during the three month period ended September 30, 2020: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.3 million in the second quarter of fiscal 2021, which is 47% lower than the [...]
Bengal Energy Ltd. is pleased to announce that on September 30,2020 Westpac Institutional Bank and the Company executed an agreement to extend the maturity date of the Company's bank debt of US$ 12.4 million to February 28, 2021. The Company will continue to discuss with its lender a long term solution to recapitalize its credit facility." About Bengal Bengal Energy Ltd. is an international junior oil and gas exploration [...]
Bengal Energy Ltd. is pleased to announce that the nominees listed in the information circular - proxy statement dated August 24, 2020 were elected as directors of Bengal. The detailed results of the vote for the election of directors held at its annual meeting of shareholders on September 23, 2020 in Calgary, Alberta are set out below. Election of Directors On a vote by ballot, each of the following seven nominees [...]
Bengal Energy Ltd. today announces its financial results for the first quarter of fiscal 2021 ended June 30, 2020. FIRST QUARTER FISCAL 2021 SUMMARY: The following is an overview of the financial and operational results during the three month period ended June 30, 2020: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.1 million in the first quarter of fiscal 2021, which is 45% lower than the $2.0 million [...]
Bengal Energy Ltd. is pleased to announce it has agreed the terms of a Farmin Agreement with Santos QNT Pty Ltd. covering a portion of Bengal's ATP 934 oil and gas exploration tenement in south western Queensland. Under the terms of the Farmin Agreement, Santos will pay 100% of the well costs of a one well work program with an estimated cost of AUS$ 2.7 million. Bengal's ATP 934 exploration project and development PLs [...]
Bengal Energy Ltd. today announces its financial and operating results for the fourth quarter and the fiscal year ended March 31, 2020. FISCAL YEAR END & FOURTH QUARTER 2020 HIGHLIGHTS: The following is an overview of the financial and operational results during the three and twelve month periods ended March 31, 2020: Financial Summary: Sales Revenue - Crude oil sales revenue was $1.1 million in the fourth quarter of [...]
Bengal Energy Ltd. today announces its financial results for the third quarter of fiscal 2020 ended December 31, 2019. THIRD QUARTER FISCAL 2020 SUMMARY: The following is an overview of the financial and operational results during the three and nine month periods ended December 31, 2019: Financial Summary: ● Sales Revenue - Crude oil sales revenue was $2.4 million in the third quarter of fiscal 2020, which is 20% higher than the $2.0 million recorded in Q3 fiscal 2019. Higher sales volume in Q3, fiscal 2020 compared to Q3 fiscal 2019 was the main driver for the improved revenue performance despite a lower weighted average US Brent price. ● Hedging - The Company's credit facility requires that a minimum of 50% of oil production be hedged forward by a minimum of 12 ... [...]
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