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Bengal Energy Ltd. (TSX: BNG) is an international junior oil and gas exploration and production company with assets in Australia's Cooper Basin. Bengal's core assets include the Cuisinier field and PCA 332, which hold significant crude oil and natural gas prospects. The company is focused on growing shareholder value through exploration, production, and acquisitions in a stable economic environment. Tigris-1, a drill-ready oil opportunity in PCA 332, presents a promising development potential for Bengal. With a commitment to commercialization and strategic partnerships, Bengal aims to capitalize on its resources and expertise to unlock value for shareholders.
Bengal Energy (TSX: BNG) announced the results of its annual general meeting of shareholders held on September 19, 2024, in Calgary, Alberta. Five nominees proposed by management were elected as directors of Bengal. The elected directors are:
- Chayan Chakrabarty: 408,990,223 votes (99.99%)
- Brian J. Moss: 408,939,378 votes (99.98%)
- Barry Herring: 408,945,123 votes (99.98%)
- W.B. (Bill) Wheeler: 404,088,029 votes (98.79%)
- R. Neal Grant: 408,984,478 votes (99.99%)
The nominees were listed in Bengal's information circular proxy statement dated August 12, 2024. The election was conducted by ballot vote, with the results showing overwhelming support for all candidates.
Bengal Energy (TSX: BNG) has filed its information circular and related materials for the upcoming Annual General Meeting on September 19, 2024. The company announced changes to its Board of Directors:
1. Peter Lansom will not seek re-election and will retire from the Board at the meeting.
2. As previously announced, Robert Steele will also retire from the Board.
3. R. Neal Grant, based in Adelaide, Australia, has been nominated for election to the Board. Mr. Grant brings over 40 years of experience in engineering, financial management, and operational roles, including work in the Cooper Basin and Western Canadian CO2 projects.
The company emphasized Mr. Grant's extensive background and its potential value to Bengal's strategic direction and growth.
Bengal Energy (TSX: BNG) has released its financial and operational results for Q1 fiscal 2025 ended June 30, 2024. Key highlights include:
- Crude oil sales revenue increased 14% to $1.9 million compared to Q1 fiscal 2024
- Production decreased 2% to 174 bbl/d
- Realized oil price increased 16% to US$90.35/bbl
- Funds from operations improved to $0.2 million from $nil in Q1 fiscal 2024
- Net loss reduced to $0.2 million from $0.4 million in Q1 fiscal 2024
The company continues to evaluate its water injection program at Cuisinier and is pursuing natural gas opportunities in its 100%-owned permits. Bengal is also in discussions about potential farm-out opportunities to increase shareholder value.
Bengal Energy (TSX: BNG) has announced details for its upcoming Annual General Meeting (AGM) and changes to its board of directors and management. The AGM is scheduled for September 19, 2024, at 3:00 p.m. Calgary time. Robert Steele, who has served on the board since 2010 and as Chairman since 2021, will not seek re-election and will retire at the meeting.
Additionally, the company has identified redundancies in its Australian staff following a strategic review. Kai Eberspaecher, Chief Operating Officer, will leave his position on October 31, 2024. These changes come as Bengal continues its focus on international oil and gas exploration and production, particularly in Australia.
Bengal Energy announced its fiscal 2024 reserve and resource estimates based on GLJ 's evaluation report effective March 31, 2024. The company's proved reserves (1P) dropped to 872 Mbbls from 2,005 Mbbls in 2023, while proved plus probable reserves (2P) fell to 1,857 Mbbls from 5,477 Mbbls. The net present value (NPV) of 1P reserves is $18.6 million, or $0.04 per share, and 2P reserves have an NPV of $42 million, or $0.09 per share. The decrease is mainly attributed to significant reductions in undeveloped future drilling locations and reclassification of reserves as contingent resources.
The GLJ Report includes contingent resources for the Cuisinier property in Australia, with a company gross best estimate of 3,495 Mbbls and a high estimate of 7,525 Mbbls. Bengal holds a 30.4% working interest in this property. The development program includes drilling plans for both proved and probable undeveloped reserves through 2025, 2027, 2029, and 2031, contingent on available financing.
Bengal Energy (TSX: BNG) announced its fiscal 2024 Q4 results ending March 31, 2024. Key financial highlights include a significant decrease in Proved Plus Probable (2P) Reserves to 1,857 Mbbls from 5,477 Mbbls in 2023, and 1P Reserves down to 872 Mbbls from 2,005 Mbbls. This resulted in a decreased net present value of $42 million compared to $121 million last year. Bengal reported a net loss of $12.7 million, largely due to an impairment charge of $11.6 million. Revenue from oil sales was $1.8 million, slightly down from $2.0 million the previous year due to a 10% drop in production volume. Funds from operations improved to $0.3 million from a negative $0.4 million. Operationally, production volumes fell by 10% year-over-year, and capital expenditures were , delaying several projects until further funding is available. The company faces uncertainties in future development activities, contingent on internal approvals and financing.
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