Bengal Energy Ltd., Calgary, has been awarded potential commercial area (PCA) 332 over an area of 343-sq km in Queensland, Australia, that was previously covered by Bengal's authority to prospect (ATP) 732, which was due to expire in March.
The grant of PCA 332 by the Queensland Government provides a 15-year term with no relinquishments and allows Bengal Energy to focus on hydrocarbon projects in the Talgeberry-Tintaburra corridor in Queensland's Cooper basin, the company said in a release Feb. 2.
The majority of PCA 332 is covered by 3D seismic.
The award allows the company to “develop and commercialize the 16 drilling locations we have uncovered in the corridor, said chief executive officer Chayan Chakrabarty.
Three of the 16 locations are drill-ready, and Bengal is seeking investment through equity financing and farm-out.
Bengal recently reached an offtake agreement for any crude oil produced from the PCA to be processed at the IOR-operated Eromanga oil refinery 1,000 km west of Brisbane.