New Risk • 20h
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.2m (US$9.46m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (37% average weekly change). Earnings have declined by 57% per year over the past 5 years. Market cap is less than US$10m (CA$13.2m market cap, or US$9.46m). Minor Risk Revenue is less than US$5m (CA$3.6m revenue, or US$2.6m). Annonce • May 07
Bengal Energy Ltd. announced that it has received CAD 1.525 million in funding from Texada Capital Management Ltd and other investor. On May 5 2026. Bengal Energy Ltd. announces that it has closed the transaction. It has issued 43,571,428 common shares of the Company at CAD 0.035 per Common Share for aggregate gross proceeds of CAD 1,525,000. the Company paid a cash finder's fee equal to CAD 9,000. Texada Capital Management Ltd and a director of the Corporation participated in the transaction. Texada subscribed for Common Shares for the proceeds of CAD 1,000,000. Annonce • Apr 25
Bengal Energy Ltd. announced that it expects to receive CAD 1.515 million in funding Bengal Energy Ltd. announced a non-brokered private placement to issue 43,285,714 common shares at an issue price of CAD 0.035 for the proceeds of CAD 1,514,999.99 on April 23, 2026. The Offering is anticipated to close on or about April 30, 2026, subject to receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange ("TSX"). The Common Shares issued pursuant to the Offering will be subject to a statutory hold period expiring four months plus a day from the closing date. W.B. (Bill) Wheeler, a director of the Company will participate for 28,571,429 Common Shares. Annonce • Apr 07
Bengal Energy Ltd. announced that it expects to receive CAD 1.145 million in funding Bengal Energy Ltd. announced that it will receive CAD 1,145,000 in a round of funding on April 6, 2026. The transaction will include participation from new lender Texada Capital Management Ltd. The company issued promissory note in the transaction. The Texada Loan is structured as a demand promissory note having a maturity date of one year from the date of advance and bearing interest at 12% per annum, payable quarterly. Reported Earnings • Feb 18
Third quarter 2026 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2025) Third quarter 2026 results: CA$0.001 loss per share (in line with 3Q 2025). Revenue: CA$883.0k (down 34% from 3Q 2025). Net loss: CA$415.0k (loss widened 12% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Second quarter 2026 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 2Q 2025) Second quarter 2026 results: CA$0.001 loss per share (in line with 2Q 2025). Revenue: CA$887.0k (down 22% from 2Q 2025). Net loss: CA$678.0k (loss widened 12% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
First quarter 2026 earnings released: CA$0.001 loss per share (vs CA$0 in 1Q 2025) First quarter 2026 results: CA$0.001 loss per share (further deteriorated from CA$0 in 1Q 2025). Revenue: CA$942.0k (down 46% from 1Q 2025). Net loss: CA$258.0k (loss widened 23% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Annonce • Jul 16
Bengal Energy Ltd., Annual General Meeting, Sep 18, 2025 Bengal Energy Ltd., Annual General Meeting, Sep 18, 2025. Location: alberta, calgary Canada Annonce • Jul 03
Bengal Energy Ltd. Auditor Raises 'Going Concern' Doubt Bengal Energy Ltd. filed its Annual on Jul 01, 2025 for the period ending Mar 31, 2025. In this report its auditor, Meyers Norris Penny LLP - MNP LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Jul 02
Full year 2025 earnings released: CA$0.009 loss per share (vs CA$0.026 loss in FY 2024) Full year 2025 results: CA$0.009 loss per share (improved from CA$0.026 loss in FY 2024). Revenue: CA$5.12m (down 21% from FY 2024). Net loss: CA$4.18m (loss narrowed 67% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 12
Third quarter 2025 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2024) Third quarter 2025 results: CA$0.001 loss per share (in line with 3Q 2024). Revenue: CA$1.35m (down 4.2% from 3Q 2024). Net loss: CA$370.0k (loss narrowed 27% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Second quarter 2025 earnings released: CA$0.001 loss per share (vs CA$0 in 2Q 2024) Second quarter 2025 results: CA$0.001 loss per share (further deteriorated from CA$0 in 2Q 2024). Revenue: CA$1.13m (down 38% from 2Q 2024). Net loss: CA$608.0k (loss widened 185% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Annonce • Aug 23
Bengal Energy Ltd. Announces Peter Lansom Will Not Stand for Re-Election as A Director Bengal Energy Ltd. announced that Mr. Peter Lansom has informed the Company of his decision not to stand for re-election as a director at the upcoming Meeting and will retire from the Board effective at that time. Mr. Lansom, who joined the Board on September 28, 2021, has been a valued director of Bengal over the past few years. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: CA$0 (vs CA$0.001 loss in 1Q 2024) First quarter 2025 results: EPS: CA$0 (improved from CA$0.001 loss in 1Q 2024). Revenue: CA$1.76m (up 13% from 1Q 2024). Net loss: CA$210.0k (loss narrowed 42% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Annonce • Jul 26
Bengal Energy Ltd. Announce Board and Management Changes Bengal Energy Ltd. announced upcoming changes to the board of directors (the 'Board') and management of the Company. 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. 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. Annonce • Jul 22
Bengal Energy Ltd., Annual General Meeting, Sep 19, 2024 Bengal Energy Ltd., Annual General Meeting, Sep 19, 2024. Location: alberta, calgary Canada Reported Earnings • Jun 16
Full year 2024 earnings released: CA$0.026 loss per share (vs CA$0.001 profit in FY 2023) Full year 2024 results: CA$0.026 loss per share (down from CA$0.001 profit in FY 2023). Revenue: CA$6.48m (down 14% from FY 2023). Net loss: CA$12.7m (down CA$13.4m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 14
Third quarter 2024 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2023) Third quarter 2024 results: CA$0.001 loss per share (in line with 3Q 2023). Revenue: CA$1.40m (down 2.0% from 3Q 2023). Net loss: CA$504.0k (loss widened 42% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Annonce • Jan 19
Bengal Energy Ltd Appoints Barry Herring to Its Board of Directors Bengal Energy Ltd. announced the appointment of Barry Herring to its Board of Directors. Based in Calgary, Alberta, Mr. Herring is a Chartered Professional Accountant with 40 years of experience. He has served as the Chief Financial Officer of both public and private entities and has managed several initial public offerings and merger transactions. Mr. Herring has extensive experience in the oil and gas industry and has provided leadership on numerous foreign transactions and complex consolidations. Mr. Herring has also been appointed as the Chair of the Audit Committee of the Bengal Board of Directors. New Risk • Nov 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.1m (US$8.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Market cap is less than US$10m (CA$12.1m market cap, or US$8.79m). Minor Risk Revenue is less than US$5m (CA$6.8m revenue, or US$4.9m). New Risk • Aug 25
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: CA$6.8m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Revenue is less than US$5m (CA$6.8m revenue, or US$5.0m). Market cap is less than US$100m (CA$21.8m market cap, or US$16.1m). Reported Earnings • Aug 14
First quarter 2024 earnings released: CA$0.001 loss per share (vs CA$0.001 profit in 1Q 2023) First quarter 2024 results: CA$0.001 loss per share (down from CA$0.001 profit in 1Q 2023). Revenue: CA$1.56m (down 33% from 1Q 2023). Net loss: CA$364.0k (down 193% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Annonce • Jul 23
Bengal Energy Ltd., Annual General Meeting, Sep 21, 2023 Bengal Energy Ltd., Annual General Meeting, Sep 21, 2023. Reported Earnings • Jun 18
Full year 2023 earnings released: EPS: CA$0.001 (vs CA$0.001 loss in FY 2022) Full year 2023 results: EPS: CA$0.001 (up from CA$0.001 loss in FY 2022). Revenue: CA$7.55m (up 5.0% from FY 2022). Net income: CA$703.0k (up CA$1.08m from FY 2022). Profit margin: 9.3% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 09
Third quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.001 loss in 3Q 2022) Third quarter 2023 results: CA$0.001 loss per share (in line with 3Q 2022). Revenue: CA$1.43m (down 17% from 3Q 2022). Net loss: CA$354.0k (loss narrowed 28% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Feb 03
Bengal Energy Secures Permit for Hydrocarbon Exploration and Development in Cooper Basin Calgary, Alberta Bengal Energy Ltd. awarded Potential Commercial Area (PCA) 332 over an area of 343 square kilometers that was previously covered by Bengal's Authority to Prospect 732. The grant of PCA 332 provides a 15-year term with no relinquishments and allows the Company to continue to pursue the development of its highly prospective oil and gas portfolio in Queensland's Cooper Basin. The appraisal permit, granted by the Queensland Government in record time, provides much-needed certainty for Bengal to focus on its hydrocarbon projects in the Talgeberry-Tintaburra corridor. The majority of PCA 332 is covered by 3D seismic. Three of the 16 locations are drill-ready, and the Company is currently seeking investment towards drilling on these locations through equity financing and farm-out. Bengal has invested upfront into innovative ways to accelerate the commercialisation of found hydrocarbons, including the implementation of its new technology to assess resource streams as early as possible. Bengal has recently reached an offtake agreement with the Eromanga Oil Refinery (IOR operated) for any crude oil produced from PCA 332. The 52 API Caracal crude has a high diesel content which makes it particularly suited to IOR. Annonce • Jan 12
Bengal Energy Ltd. Provides Operations Update for Wareena Natural Gas Well Workover Program Bengal Energy Ltd. announced an operations update on its Wareena workover project. Natural gas well testing operations commenced in December 2022 with both the Wareena 1 and Wareena 5 wells being reperforated and tested from the PC 20 zone. Due to surface facility fluid capacity limitations and time constraints, the Company was unable to complete testing operations. Based on the salinity of produced water samples Bengal believes the water recovered from the wells was not formation water but completion fluids from prior work programs. Bengal intends to complete testing as soon as possible subject to equipment availability, and the Company will provide updates and test information after the conclusion of testing operations. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: CA$0.003 (vs CA$0 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.003 (up from CA$0 in 2Q 2022). Revenue: CA$2.01m (up 13% from 2Q 2022). Net income: CA$1.47m (up CA$1.39m from 2Q 2022). Profit margin: 73% (up from 4.8% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Oct 29
Bengal Energy Ltd. Achieves Positive Initial Results from its Pilot Waterflood Activities in its Joint-Venture Cuisinier Oil Field in Queensland, Australia Bengal Energy Ltd. achieved positive initial results from its pilot waterflood activities in its joint-venture Cuisinier oil field in Queensland, Australia. Based on the field Operator Santos's analysis of field performance since the water flood pilot commenced, the Company will recommend to the Operator that the water flood program be extended to other wells in the Cuisinier field. The Operator began injecting water into the Cuisinier 24 well in December of 2021, which reversed the downward trend of production at certain other wells in the area. Specifically: The strongest performing wells, Cuisinier 15, 16, and 25, have all shown moderate increases in oil rate since the waterflood pilot came online. Cuisinier 9, 20, and 28 have also shown improvement, although starting from a lower initial rate. All the wells monitored experienced a gross cumulative oil rate rise in September 2022 of about 35 bopd in total according to the Operator. Absent the impact of several wells that were shut-in for various operational reasons, the joint venture has observed encouraging evidence to suggest that the overall field decline has been arrested with even a general upward trend in oil rate since December 2021. Annonce • Sep 13
Bengal Energy Ltd. Provides Operations Updates for Recent Campaign Bengal Energy Ltd. announce that water shut-off operations at its Wareena 1 and Wareena 5 sites have been completed successfully. The water shut-off operations at the two Wareena sites were completed on time and on budget, with initial results that may support the Company's plans for further interventions designed to increase natural gas flow. Subject to the success of these interventions and positive test results, Bengal will evaluate its future capital and commercial plans to tie-in the wells to allow for commercial production and sale of natural gas from the wells. At Wareena 1, the wellhead pressure was approximately 2,300 pounds/square inch, based on a measurement taken prior to the workover in 2021. However, there was considerable cross flow of water from the dominant lower watered out zone which resulted in diminished well performance. Post water shut-off, the fluid level increased and the Company is monitoring the well. This data supports the Company's expectation that the reservoir should be capable of flowing commercial volumes of natural gas following the remediation of perforation damage resulting from more than eight years of inactivity. The Company intends to re-perforate all of the PC-20 sand and swab and test the well. These operations are expected to occur as soon as equipment and contractors are available. At Wareena 5, the Company has been monitoring the well post water shut-off and the data indicates that the PC- 20 sand was likely impaired during the well's shut-in period of more than eight years. The Company intends to re-perforate all of the PC-20 sand and swab and test the well in concert with its operations at Wareena 1. The Company has also reported the deployment of its Early Oil Production System (the "Bengal EOPS") at the Caracal 1 production area in Australia's Cooper Basin. The successful commissioning of the Bengal EOPS - a mobile Lufkin "Road Runner" Pumping Unit - allows for oil production from Bengal's wells as well as being able to offer pumping services to third parties. Further evaluation is required to assess the commercial viability of the Caracal 1 well for long term oil production. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: CA$0.001 (vs CA$0 in 1Q 2022) First quarter 2023 results: EPS: CA$0.001 (up from CA$0 in 1Q 2022). Revenue: CA$2.32m (up 59% from 1Q 2022). Net income: CA$390.0k (up CA$572.0k from 1Q 2022). Profit margin: 17% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Jul 26
Bengal Energy Ltd., Annual General Meeting, Sep 28, 2022 Bengal Energy Ltd., Annual General Meeting, Sep 28, 2022. Reported Earnings • Jun 18
Full year 2022 earnings released: CA$0.001 loss per share (vs CA$0.03 profit in FY 2021) Full year 2022 results: CA$0.001 loss per share (down from CA$0.03 profit in FY 2021). Revenue: CA$7.19m (up 46% from FY 2021). Net loss: CA$374.0k (down 110% from profit in FY 2021). Oil reserves and sales price Proven reserves: 2.145 MMbbls Average sales price/bbl (hedged): US$115 Combined production Oil equivalent production: 0.067 MMboe (0.081 MMboe in FY 2021) Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • Mar 03
Bengal Energy Ltd. announced that it expects to receive CAD 4.184 million in funding from Texada Capital Management Ltd Bengal Energy Ltd. announced that that it has entered into definitive agreements with respect to a non-brokered private placement of approximately 52,300,000 common shares at a price of CAD 0.08 per common share for aggregate gross proceeds of approximately CAD 4,200,000 on March 1, 2022. The transaction will include participation from existing investor, Texada Capital Management Ltd for 41,067,871 common shares. All securities issued pursuant to the transaction will be subject to a 4 month and a day hold period under securities laws, in addition to any other hold period or restrictions required by applicable securities laws. The closing of the transaction is subject to customary closing conditions, including, but not limited to, receipt of all necessary approvals, including approval by the TSX. The transaction is expected to close on or about March 3, 2022. Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: CA$0.001 loss per share (down from CA$0.007 profit in 3Q 2021). Revenue: CA$1.73m (up 45% from 3Q 2021). Net loss: CA$494.0k (down 174% from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Dec 31
Bengal Energy Announces Chef-1 Exploration Well Update Bengal Energy Ltd. Announced that drilling of the Chef-1 exploration well, located in the Authority to Prospect 752 ("ATP 752") within the Barta sub-block, Potential Commercial Area 206 (PCA 206), has been completed. Following a review of the well logs, the ATP 752 joint venture parties have decided to plug and abandon the well. This exploration well is located outside of the producing Cuisinier field Petroleum Lease 303 ("PL 303"), in a location 4 km to the northeast with primary targets in the Jurassic Birkhead Formation and Hutton Sandstone, and secondary targets within the Triassic Nappamerri Group. The well encountered multiple oil shows in the primary and secondary targets; however, no commercial pay was identified at this location. The Birkhead Formation contained strong oil shows whilst drilling with up to 80% fluorescence and associated gas. Testing of this zone revealed 15% oil saturation (85% water) indicating that oil flowed into this structure but appears to have been subsequently swept. The Company is encouraged by these results, as it indicates that structural targets in this region are likely to have received hydrocarbon charge. Future exploration wells will be informed by these results and seek to identify independent structures isolated from historic production with the objective of high-grading potential oil-bearing targets. These drilling results also support the Company's expectation that this play extends beyond the northern side of the Cook oil field through the Cuisinier oil field within PCA 206 and PCA 207 where Bengal also holds a 30.357% interest. Executive Departure • Oct 06
Independent Chairman Ian Towers has left the company On the 28th of September, Ian Towers' tenure as Independent Chairman ended after 10.9 years in the role. As of June 2021, Ian still personally held only 230.15k shares (CA$26k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 10.08 years. Annonce • Sep 14
Bengal Energy Ltd. Announces Operational Update for Its Expanded Development and Exploration Programs Bengal Energy Ltd. provided an update on its planning for the natural gas and oil development program on its 100% working interest in the Wareena, Ghina, Karnak and Ramses Petroleum Leases ("PLs"), as well as the re-entry and fracture stimulation of its 100%-owned Caracal well on ATP 732 in its Cooper Basin operating area. In addition, the Company continues to advance its exploration program and will participate in drilling the Chef exploration well in its Cuisinier project area and expects to benefit from a free carried exploration well at the Legbar location on its ATP 934 farmout block. To assist in these programs and to strengthen Bengal's technical team, the Company announced that Ms. Fatemeh Kamali, PhD, Petroleum Engineer, and Mr. Michael Nisbet, Geologist, have joined the team as consultants effective September 1, 2021. Both individuals are based in Australia and bring invaluable experience in their respective fields to Bengal's team. The Company is in the process of finalizing its reinstatement plans for its 100% working interest PLs near ATP 934. While not currently producing, all PLs have existing wells indicating log pay, drill stem test ("DST") results and/or gas production from the Permian Toolachee formation, as previously disclosed. Bengal has identified up to five wells to be tested and re-completed for production in its first phase of development. Specifically, this program is expected to include the following development activities: recommissioning of the 26km pipeline, which the Company has 100% working interest in, to tie the previously producing Wareena liquids-rich gas wells into a nearby compression station accessing the Eastern Australia local and export markets; twin drilling of the existing Karnak well which showed a liquids-rich gas pay zone in the Permian Toolachee formation. Bengal expects that with the application of the advanced underbalanced drilling techniques, which are now commonplace in the Cooper Basin, a successful new well could be immediately tied into nearby gathering infrastructure for commercial production; re-entry and stimulation of the oil bearing Wyandra formation in the Company's 100% owned Caracal well on ATP 732. The Caracal well was drilled in 2012, at which time a core was cut over the Wyandra section indicating the presence of free flowing 52-degree crude oil. The well was cased and during its completion operations, a small amount of oil and filtrate water was recovered. Renewed technical evaluation, combined with a cost-effective early production system, has led Bengal's management to advance the priority of this project. The stimulation program is being designed to enhance near well bore permeability and porosity. If successful, produced oil can be sold to the nearby Inland Oil Refinery at Eromanga; work-over of the Ramses well which demonstrated both a Permian gas discovery and Jurassic oil- zone completion in a cased well, which recovered 588 bbls/d of light crude oil, based on a 105- minute DST. No transient pressure analysis was carried out. Because of the relatively short duration of the DST, these results should be considered preliminary, until a longer duration well test is carried out to confirm deliverability. Upon successful completion of a longer duration test, this well is expected to be immediately equipped for production and the produced oil sold into the regional market; and work-over of the Ghina well to evaluate the previous Permian liquids-rich gas discovery and assess the economics of tie-in and field recovery and support a follow-up drilling campaign. As part of its development program, Bengal is moving ahead with establishing an early oil production system (an "EOPS") by refurbishing a secondhand trailer-based beam pump that will allow Bengal, in concert with frac tanks, to accelerate production and establish design parameters for further capital investment. Bengal believes that this approach will lower the risks of this cost-effective development of reserves by rightsizing facilities. Bengal expects to utilize the EOPS at both the Ramses and Caracal locations and believes that this solution is well suited to the Company's specific operated oil production needs. Annonce • Aug 24
Bengal Energy Ltd. Announces Operational Update for Its Expanded Development Program Bengal Energy Ltd. announces its plan for the natural gas and oil development program on its 100% working interest in the Wareena, Ghina, Karnak and Ramses Petroleum Leases ("PLs") in its Cooper Basin operating area. In readiness for this program, the Company announced that it has signed formal service contracts with Ago Vires Pty Ltd. as principal contractor operating out of its home base of Thargomindah, Queensland, Fyfe Pty Ltd. for surface facilities engineering and pipeline integrity, InGauge Energy Pty Ltd. for drilling and well completion planning and execution, Risk Safety Management Associates Pty. Ltd. for all aspects of Bengal's health and safety program, planning and monitoring and T29 Holdings Pty Ltd. for all aspects relating to surface access, native title and tenure, estimated rehabilitation cost and tenure, and title regulatory matters. As all such contractors are based in Queensland, entering into these contracts is in keeping with Bengal's ESG practice of hiring locally. The Company is currently finalizing reinstatement plans for its recently acquired 100% working interest in four PLs near to ATP 934 (the Company's 100% owned natural gas exploration block). While not currently producing, all PLs have existing wells indicating log pay, drill stem test results and/or gas production from the Permian formation. Bengal has identified four wells to be tested and re-completed for production in its first phase of development. Specifically, this program is expected to include the following development activities: recommissioning of the 26km pipeline, which the Company has 100% working interest in, to tie the previously producing Wareena liquids-rich gas wells into a nearby compression station accessing the Eastern Australia local and export market; work-over of the Ramses well which demonstrated both a Permian gas discovery and oil-zone completion in a cased well and recovered 588 bbls/d of light crude oil, based on a 105-minute drill stem test. No transient pressure analysis was carried out. Because of the relatively short duration of the DST, these results should be considered preliminary, until a longer duration well test is carried out to confirm deliverability. Upon completion of such a successful test, this well is expected to be immediately equipped for production and the oil sold into the regional market; work-over of the Ghina well to evaluate the previous Permian liquids-rich gas discovery and assess the economics of tie-in and field recovery; and twin drilling of the existing Karnak well which showed a liquids rich gas pay zone in the Permian formation. Bengal expects that with the application of the advanced underbalanced drilling techniques, which are now commonplace in the Cooper Basin, a successful new well could be immediately tied into nearby gathering infrastructure for commercial production. Reported Earnings • Jun 22
Full year 2021 earnings released: EPS CA$0.03 (vs CA$0.028 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: CA$4.41m (down 43% from FY 2020). Net income: CA$3.93m (up CA$6.82m from FY 2020). Profit margin: 89% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Executive Departure • Mar 07
Chief Financial Officer has left the company On the 4th of March, Matthew Moorman's tenure as Chief Financial Officer ended after 3.2 years in the role. As of December 2020, Matthew personally held only 420.91k shares (CA$15k worth at the time). Matthew is the only executive to leave the company over the last 12 months. Annonce • Mar 06
Bengal Energy Ltd Announces Resignation of Matt Moorman as Chief Financial Officer Bengal Energy Ltd. announced that Mr. Matt Moorman has tendered his resignation as Chief Financial Officer of Bengal, effective March 4, 2021, to pursue other opportunities. Mr. Blanchard was previously the Chief Financial Officer of the company, from December 1, 2013 to September 29, 2017, and brings to Bengal a strong technical background, coupled with hands-on experience in all aspects of corporate finance, financial reporting, implementation of controls and governance for public companies operating in Canadian and international jurisdictions. Jerrad has approximately 10 years of Chief Financial Officer experience in both public and private Companies operating in Canada and a variety of international locations in the oil and gas and mining and minerals sectors. Annonce • Feb 27
Bengal Energy Ltd. announced that it has received CAD 16.536 million in funding from Texada Capital Management Ltd On February 25, 2021, Bengal Energy Ltd. (TSX:BNG) closed the transaction. The company has issued 330,720,000 common shares at a price of CAD 0.05 per share for gross proceeds of CAD 16,536,000 in the transaction. The insiders now owns 82.6% stake in the company. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS CA$0.007 (vs CA$0.005 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: CA$1.14m (down 56% from 3Q 2020). Net income: CA$670.0k (up 21% from 3Q 2020). Profit margin: 59% (up from 21% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Jan 26
Bengal Energy Ltd. announced that it expects to receive CAD 4 million in funding from Texada Capital Management Ltd Bengal Energy Ltd. (TSX:BNG) announced that it has entered into a non-binding term sheet for a private placement of 80,000,000 common shares at a price of CAD 0.05 per share for gross proceeds of CAD 4,000,000 on January 25, 2021. The transaction will include participation from returning investor Texada Capital Management Ltd. The transaction is subject to shareholders approval and TSX Venture Exchange approval. Annonce • Jan 20
Bengal Energy Ltd. Provides an Update on Ongoing Operational Matters Bengal Energy Ltd. provided 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 decreased water disposal fees. Farmin Activity The location for the previously announced Santos farmin well has been finalized with drilling expected in calendar H2 of 2021. The well, which has no cost to Bengal through drilling, is targeting liquids-rich natural gas from the Permian Toolachee and Patchawara formations. Access to production infrastructure is available a short distance away to the southeast. Development and Exploration Continued low commodity pricing resulted in no new development or exploration drilling during the 2020 calendar year. The new pool discovery made at the Cuisinier 29 well continued to produce at forecast rates and averaged approximately 80 bbls/d (net 24 bbls/d) during the period. As disclosed in Bengal's MD&A for the period ending September 30 2020, the Corporation received regulatory approval for a special amendment to the initial work program on ATP 934. As a condition of the approval of the special amendment, the Corporation agreed to relinquish an additional 17% of the acreage subject to the permit in addition to the 33% mandatory relinquishment for a total of 50% (240 sub-blocks) of the acreage at the end of the first term on the permit. The acreage subject to the 50% relinquishment was determined by Bengal as being the least prospective land from a technical perspective and with the most challenging surface access conditions. In return, the Corporation was granted a reduction in the total commitment from CAD 12.3 million to $1.2 million and does not expect to make any additional investments prior to the approval of a second term on the ATP. The Company is currently working with the Government of Queensland on amending the commitment requirements and is expecting a resolution by the end of February 2021. Production Volumes The Company's share of total production in calendar Fourth Quarter 2020 was 19,423 bbls, which is a 25% decline from the 25,758 bbls produced in calendar Fourth Quarter 2019. Production in calendar fourth quarter of 2020 averaged 211 bbls/d compared to 280 bbls/d produced in the same period in the prior calendar year. Normal production declines, reduced capital spending and conversion of the C24 well from a producer to a water injection well all contributed to the production decline. Pricing Brent crude oil pricing improved from an average of $43.37/bbl in calendar Third Quarter 2020 to an average of $45.24/bbl in calendar Fourth Quarter 2020. Average US Brent pricing year to date in 2021 has been $54.98/bbl. Reported Earnings • Nov 15
Second quarter 2021 earnings released: CA$0.002 loss per share The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: CA$1.14m (down 53% from 2Q 2020). Net loss: CA$182.0k (loss narrowed 64% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Annonce • Jun 28
Bengal Energy Ltd. Auditor Raises 'Going Concern' Doubt Bengal Energy Ltd. filed its Annual on Jun 25, 2020 for the period ending Mar 31, 2020. In this report its auditor, KPMG LLP - Klynveld Peat Marwick Goerdeler, gave an unqualified opinion expressing doubt that the company can continue as a going concern. 