Exploration & Production
Bengal Energy Updates Increased Reserves
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Bengal Energy Ltd. has announced significant increases in the net present value and volume of its reserves following the completion of its fiscal 2014 year-end independent reserves report.
A 149% increase in the value(1) of Bengal's working interest (WI) proved plus probable (2P) reserves at fiscal year-end 2014 to approximately $101 million, compared to $41 million at year end 2013. This 2014 2P value compares to the Company's enterprise value of $39.3 million(2) as at May 15, 2014; Total proved (1P) WI reserves of 1.7 MMBOE at March 31, 2014 has increased by 122% and is equivalent to the prior years' total 2P reserves; 2P WI reserves of 3.8 MMBOE at March 31, 2014 is a 122% increase over the prior year's 2P reserves of 1.7 MMBOE; and Based on 1P and 2P reserve additions, respectively…- ✓ Full news archive — U.S., Canada & international coverage
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