Bengal Energy, Calgary, has exercised a preemptive right to purchase an additional 5.357% interest in Cuisinier oil field and ATP 752P in the Cooper-Eromanga basin in Queensland, Australia, for $7.6 million (Aus.).
The acquisition brings Bengal Energy’s total ownership to 30.357%.
Cuisinier field has 13 successful light oil wells drilled to date. It is connected by pipeline to the Cook processing facility and currently generates 375 b/d of oil production net to Bengal.
After giving effect to the acquisition, this production is expected to increase to 455 b/d. Over coming months, Bengal Energy will be positioned to further benefit from additional volumes coming on-stream once the five successful wells drilled in the 2013 campaign are tied in, which is anticipated to occur in September 2013.
Bengal Energy is exercising its preemptive right pursuant to the proposed sale by one of the joint venture partners of a 15% interest in ATP 752P for $20 million (Aus.). That acquisition will be effected by way of an asset sale agreement that the company expects to enter into in July 2013 and will be subject to receipt of governmental approvals in Australia.
