Bengal Energy to Form Strategic JV With Australia's Beach Energy For Cooper Basin Exploration and Development Program

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Bengal Energy (BNG.TO) announced that it has agreed to form a strategic joint venture for the exploration and development of its 100% owned Tookoonooka Block in the Cooper Basin of Australia with Beach Energy Ltd., an Australian energy company.

Highlights:

Beach will fund Bengal's share of a two well drilling and 3D seismic exploration and appraisal work program to a maximum of AUD$11.5 million, in order to acquire a 50% interest in ATP 732;

Bengal will have the benefit of Beach's extensive exploration, appraisal and development capability while maintaining a 50% interest in this large permit;

Through the JV, Bengal is working with a major operator in the Cooper Basin with current programs in oil and unconventional gas exploration. This provides an excellent platform for future exploration success and commercialization for ATP 732;

The JV demonstrates a continuation of Bengal's overall strategy in the Cooper Basin: directing cash flow generated from Cuisinier oil production to support its ongoing field development, while simultaneously delivering a focused exploration and appraisal plan for conventional and unconventional projects in ATP 732.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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