Bengal Energy Ltd. (TSX: T.BNG, Stock Forum) said that the company has received the final grant of petroleum lease 303 from the Queensland Government in Australia, allowing all eight Cuisinier oil wells to produce.
The Department of Natural Resources and Mines has granted petroleum lease 303 for a term of 21 years commencing on April 8, 2013.
According to the Bengal Energy press release, the output when all eight wells are on production is expected to reach 2,000 to 2,500 barrels of oil per day (500 to 625 barrels of oil per day net to Bengal).
The grant of PL 303 located within the boundaries of the Barta sub-block of Authority to Prospect 752P is significant because Bengal's Cuisinier 1, 2 and 3 wells have been shut in awaiting grant of the petroleum lease.
Bengal holds a 25% working interest in ATP 752P located in the Cooper-Eromanga Basin, in Queensland, Australia.
Bengal is an international junior oil and gas exploration and production company with assets in Australia and India.
On Thursday, Bengal lost 1.5% and was trading at $0.68 a share. The company had a market cap of $41.9 million, based on 61.6 million shares outstanding. The 52-week high and low was $1.09 and $0.485 respectively.