Bengal Energy Ltd. announced the completion of its Field Resource Maturation and Development Plan (?Plan?) for its Tookoonooka Potential Commercial Area (?PCA?) 332 (?PCA 332?). PCA 332, in which Bengal has a 100% working interest, covers a 343 km prospect area and was granted for a 15-year term effective January 30, 2023. The Plan includes up to 15 independent multi-horizon prospects located in PCA 332, including the Tigris-1 oil opportunity (?Tigris-1?).

The Company believes that drilling success at Tigris-1 would allow Bengal to pursue a follow-up multi-well development program, as well as support the appraisal by Bengal of other opportunities on PCA 332. The Company has identified analogue discoveries located in the Tintaburra and Toobunyah fields approximately 25 km east of the Tookoonooka lease with production rates between 1,000 and 1,500 barrels of oil per day (?bopd?) from the Hutton zones and 200 to 500 bopd from the Wyandra zones. Fully paid for and installed oil sales infrastructure in PCA 332 allows for ready egress by trucking in the event of successful drilling through established sales and transportation agreement with Inland Oil Refinery (?IOR?) located within 62 km via a hard-sealed road.

The execution of the Plan and the exploration and development of any of the prospects included in the Plan, including Tigris-1, is subject to the Company securing adequate financing and on terms acceptable to it. To date such financing has not been secured; however, the Company is actively seeking potential farm-in partnerships with third party industry participants and other financing arrangements in this connection. The Company was granted the 15-year term PCA 332 with an effective date of January 30, 2023, of the 343 km Tookoonooka field located within the Southeast Cooper oil province, Queensland Australia.

The Company completed a 3D seismic survey over 218 km or 64% of PCA 332 in 2013/2014 which identified 15 independent multi-horizon prospects located in the following zones: (a) Hutton Sandstone; (b) The 15 independent multi-horizon high-impact prospects included in the Plan were identified in the Company's independent oil and natural gas resource assessment report prepared for the Company by ERC Equipoise, Perth (?ERCE?) dated March 30, 2022 (the ?Resource Report?). The Resource Report sets out prospective resources of 1U: ?Low? (3.2 million barrels), 2U: ?Best?

(10.6 million barrels), and 3U: ?High? (37.1 million barrels) for ATP 732 (now PCA 332). Drill-Ready Tigris-1 Oil Opportunity Included in the Plan for Tookoonooka is the Tigris-1 oil opportunity.

Tigris-1 is in a location capable, in the Company's opinion, of testing multiple reservoir targets, based on 3D seismic, in a near-crestal position in the Wyandra Sandstone, Birkhead Formation and Hutton Sandstone. In Bengal's view, the Caracal-1 oil show (52 Degree API) supports migration from the northwest through the Tigris prospect. As well, Permian source rocks subcrop the 3D identified structure which, in Bengal's view, allows for direct charge into the reservoirs with, in the success case, the opportunity to pursue multiple offset locations to Tigris-1. Potential Project Next Steps In the event that the drilling of Tigris-1 is undertaken, whether by the Company directly (following the securing of financing) or by a farm-in partner, and leads to a well capable of production of commercial volumes of crude oil, the Company would expect to then be in a position to commence a long-term production test, with production from such long-term production test expected to be sold by the Company under its existing offtake and transportation agreement with IOR.

Should Tigris-1 be drilled and be capable of commercial production, after the long-term production test the Company expects that it would be able to apply for a Petroleum License (a ?PL?) which, if granted, would secure the acreage for up to 30 years. The Resource Report The Resource Report is dated March 30, 2022 with an effective date of March 20, 2023 and was prepared by ERCE, an independent consultancy specialising in geoscience evaluation, engineering and economic assessment, whom the Company engaged to evaluate the Company's contingent and prospective oil and natural gas Resources across its tenements in the Cooper Basin license acreage in Queensland, Australia, specifically in ATP 732 (now PCA 332) and also in ATP 934, PL 188, PL 1110, PL 1109, and PL 411 (collectively, the ?Resource Properties?). Prospective Resources (undiscovered) have been assigned to the Wyandra, Hutton and Murta formations in ATP 732 (now PCA 332).

With respect to these prospective resources, the Company does not currently have sufficient information to establish a development plan. The Company expects the total costs required to achieve commercial production would be material but cannot determine the project timelines or recovery technologies to be used at this time. In the event that the drilling of Tigris-1 is undertaken, whether by the Company directly (following the securing of financing) or by a farm-in partner and leads to a well capable of production of commercial volumes of crude oil, the Company would expect to prepare a pre-development study including estimated costs, timelines and recovery technologies.