CALGARY, Nov. 5, 2012 /CNW/ - Bengal Energy (TSX: BNG) ("Bengal" or "the Company") is pleased to report that the first exploration well in the Company's Tookoonooka drilling campaign, Caracal-1, has been cased pending perforation and testing to confirm the prospectivity of this well as a future oil producer. Bengal operates and is the 100% working interest owner of the 654,335 acre permit Authority to Prospect 732P (the "Tookoonooka Permit"), located in the Cooper Basin, Queensland, Australia, on which the Caracal-1 well is located. The Caracal-1 well encountered a developed sandstone at the Cretaceous Wyandra level. An 18 metre core was cut over the Wyandra section with preliminary petrophysical analysis indicating a total of 9.2 metres of porous sandstone with an average of 18% porosity. The Company advises that the core, the samples and the subsequently taken sidewall cores all have positive indications of hydrocarbons; yet these indications are not uniform across the entire interval. The Company notes that drilling fluid invasion, which occurred during the coring operation, may have adversely affected the resistivity logging response, as such response is inconsistent with similar data from other Wyandra producers in offset producing fields. Formation fluids will need to be produced from the Caracal-1 well prior to making a final determination of the status of this well.
The well shows sufficient promise to be cased and perforating and testing operations to confirm fluid type and inflow will commence in late November 2012. The 100% owned Bengal 1 Rig, which was used to drill the Caracal-1 well, will conduct the perforating and testing operations. Caracal-1 is located approximately 40 kilometres southeast of the producing Ipundu/Tarbat oil fields which have produced to date in excess of 3.3 million barrels from the Wyandra/Murta interval.
"We are pleased with this potential discovery on our first exploration well on our operated, 100% Bengal WI Tookoonooka Permit," said Chayan Chakrabarty, President and CEO of Bengal. "We are especially pleased that the potential discovery was made by our Company-owned rig.
Should the Caracal-1 well yield encouraging results upon testing, we see the potential for significant Wyandra light oil development on the Caracal structure."
The Tookoonooka Permit is located on the southeast flank of the Cooper Basin in Australia in an area of established oil and gas production and infrastructure.
Bengal Energy Ltd. is an international junior oil and gas exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Bengal trades on the TSX under the symbol BNG. Additional information is available at www.bengalenergy.ca.
SOURCE Bengal Energy Ltd.
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