Bengal Announces AGM Details and Board of Directors Renewal

Rhea-AI Summary

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.

Positive

• Strategic review of Australian assets completed, potentially optimizing operations
• Reduction in staff redundancies may lead to cost savings

Negative

• Loss of experienced board member Robert Steele after 14 years of service
• Departure of Chief Operating Officer Kai Eberspaecher may create operational challenges

Calgary, Alberta--(Newsfile Corp. - July 24, 2024) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") provides an update respecting its Annual General Meeting of shareholders (the "Meeting") and upcoming changes to the board of directors (the "Board") and management of the Company.

Meeting Details

Bengal will hold the Meeting on Thursday, September 19, 2024, at 3:00 p.m. (Calgary time) in person hosted in the boardroom of Bengal office at 640, 630-6^th Ave S.W., Calgary, Alberta. Shareholders and guests can listen to the Meeting via teleconference a link will be available on our website prior to the meeting. Shareholders and proxyholders will not be able to vote their shares via teleconference. We encourage all shareholders to submit their proxies in advance of the Meeting. The Notice of Meeting and Information Circular Proxy Statement for the Meeting is expected to be mailed and filed under Bengal's SEDAR+ profile on sedarplus.ca on or about August 19, 2024.

Board of Directors Renewal

Mr. Robert Steele has provided notice to Bengal that he will not stand for re-election as a director at the Meeting and will retire as a member of the Board at the Meeting. Mr. Steele joined the Board in 2010 and has served as Chairman of the Board since September 28, 2021.

Chayan Chakrabarty, President, and Chief Executive Officer of Bengal commented: "I consider myself very fortunate to have had the opportunity to work with Mr. Steele over the last 10 plus years, benefiting immensely from his advice and direction. On behalf of Bengal's board of directors, management, employees and stakeholders, I would like to express our sincere thanks to Mr. Steele for his many years of service and significant contributions to Bengal as a director, and we wish him all the best in his future endeavours."

Management Change

Further to its recent strategic review of its Australian assets, the Company identified a number of redundancies in its Australian staff. Affected staff include Mr. Kai Eberspaecher, Chief Operating Officer, who will leave his employment with the Company on October 31, 2024.

"I would like to thank Kai for his time and dedication to Bengal over the past three years." stated Chayan Chakrabarty, President and Chief Executive Officer. "We wish him the very best in his future endeavors."

About Bengal

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.

CAUTIONARY STATEMENTS:

Forward-Looking Statements

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", "project", "intend", "believe", "should", "would," "anticipate", "estimate", "advance", "continue", "new", "develop" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. In particular, forward-looking statements contained herein include, but are not limited to, statements regarding: the anticipated board and management changes; expectations regarding the timing, format and location of the Meeting; and expectations regarding the mailing and filing of the Notice of Meeting and Information Circular Proxy Statement for the Meeting.

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 ability to hold the Meeting on the expected timing, in the planned location and in the anticipated format; that the date of the Meeting doesn't change; that the Information Circular and Proxy Statement will be mailed and filed on the timing anticipated; and the anticipated changes to the Board and management. 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 Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.

Forward-looking statements are subject to numerous factors, many of which are beyond the Company's control, including that the Meeting date could be postponed or changed; that the location, timing and format of the Meeting may change; that the anticipated timing of the Board and management changes are different than as set forth herein; and the risk factors disclosed previously and from time to time in the Company's filings available under its SEDAR+ profile at sedarplus.ca. 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Bengal Energy Ltd.
Chayan Chakrabarty, President & Chief Executive Officer
(403) 205-2526
Jerrad Blanchard, Chief Financial Officer
(403) 205-2526
Email: investor.relations@bengalenergy.ca
Website: www.bengalenergy.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217628

FAQ

When is Bengal Energy's (BNGLF) Annual General Meeting in 2024?

Bengal Energy's Annual General Meeting is scheduled for Thursday, September 19, 2024, at 3:00 p.m. Calgary time.

Who is retiring from Bengal Energy's (BNGLF) board of directors?

Robert Steele, who has served on the board since 2010 and as Chairman since 2021, will retire at the upcoming Annual General Meeting.

What management changes are occurring at Bengal Energy (BNGLF)?

Kai Eberspaecher, Chief Operating Officer, will be leaving his position with Bengal Energy on October 31, 2024, as part of staff redundancies identified in the company's Australian operations.

How can shareholders participate in Bengal Energy's (BNGLF) 2024 AGM?

Shareholders can attend in person at Bengal's office in Calgary or listen via teleconference. However, voting via teleconference is not available, and shareholders are encouraged to submit proxies in advance.