On August 12, 2024, Bengal Energy Ltd. announced its financial and operational results for the first quarter of fiscal 2025 which ended on June 30, 2024. Some of the key highlights include:
– Crude oil sales revenue increased by 14% to $1.9 million in Q1 of fiscal 2025 compared to Q1 of fiscal 2024.
– Funds from operations were $0.2 million in Q1 fiscal 2025 compared to $nil in Q1 2024.
– Bengal reported a net loss of $0.2 million in the current quarter compared to a net loss of $0.4 million in Q1 fiscal 2024.
From an operational standpoint, production volumes decreased by 2% in the current quarter compared to Q1 of fiscal 2024. Bengal delayed its capital programs due to financing availability.
Bengal’s assets are situated in Australia’s Cooper Basin, known for its large accumulations of high-quality crude oil and natural gas. The stable economic and political environment in Australia makes it an attractive location for operations. Bengal owns assets like PL 303 Cuisinier, ATP 934 Barrolka, PCA 332 Tookoonooka, and others, which offer significant potential for oil and gas exploration and production.
The Company is also in discussions for potential farm-out opportunities and other initiatives aimed at enhancing shareholder value. Bengal emphasizes the importance of non-IFRS financial measures like funds from operations, operating netback, and adjusted net income to provide transparency and better analyze performance.
However, Bengal cautions that forward-looking statements come with inherent risks and uncertainties, and actual results may vary from those expressed or implied in such statements. The Company recommends a thorough review of the risks associated with its operations as detailed in its annual information form and management’s discussion and analysis reports.
