Bengal Energy, Beach Energy Form JV for Cooper Basin
Bengal Energy will form a strategic joint venture for the exploration and development of its 100% owned Tookoonooka Block (ATP 732) in the Cooper Basin of Australia with Beach Energy.
As per the deal Beach will fund Bengal's share of a two well drilling and 3D seismic exploration and appraisal work program to a maximum of A$11.5 million, in order to acquire a 50% interest in ATP 732).
“The JV demonstrates a continuation of Bengal's overall strategy in the Cooper Basin: directing cash flow generated from Cuisinier oil production to support its ongoing field development, while simultaneously delivering a focused exploration and appraisal plan for conventional and unconventional projects in ATP 732,” Bengal said.
The work program will involve two exploration/appraisal wells (at locations yet to be finalized but the first well is expected to be in the vicinity of Caracal-1), as well as a 300 km2 3D seismic program across prospective adjoining areas of the permit. The work program is expected to be completed within 12-18 months.