Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Bengal Ups Ante in Australia's Cuisinier Oil Field
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Bengal Energy will be conducting a non-brokered private placement of 8,000 units of the Company at a price of $1,000 per Unit for aggregate gross proceeds of $8.0 million.
The proceeds from the Private Placement will be used to fund the Company's previously announced exercise of a pre-emptive right to purchase an additional 5.357% interest in the Cuisinier Oil Field and Authority to Prospect 752P in the Cooper-Eromanga Basin in Queensland, Australia.
Upon completion of the Acquisition, the Company's total ownership in Cuisinier will increase to 30.357%, resulting in Bengal's net production participation increasing by more than 20%.
"We are very pleased to increase our ownership in Cuisinier, a key light oil, high netback producing property," said Chayan Chakrabarty, Bengal's President…
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