Based on the field Operator Santos's analysis of field performance since the water flood pilot commenced, the Company will recommend to the Operator that the water flood program be extended to other wells in the Cuisinier field.
The Operator began injecting water into the Cuisinier 24 well in December of 2021, which reversed the downward trend of production at certain other wells in the area. Specifically:
The strongest performing wells, Cuisinier 15, 16, and 25, have all shown moderate increases in oil rate since the waterflood pilot came online. (See the map below for producing well locations and the C24 water injection well).
Cuisinier 9, 20, and 28 have also shown improvement, although starting from a lower initial rate.
All the wells monitored experienced a gross cumulative oil rate rise in
Absent the impact of several wells that were shut-in for various operational reasons, the joint venture has observed encouraging evidence to suggest that the overall field decline has been arrested with even a general upward trend in oil rate since
'These positive results from the waterflood pilot have confirmed our long-held theory that there is more oil recoverable in the field, although at this early stage it is difficult to predict exactly how much. To date there has been some frustration at the pace of progress, and we certainly would have preferred to see these results many months earlier. However, as long as we are able to manage routine operational issues, we would expect to see the benefits of the waterflood increasing in the next three months with a positive impact on production and reserves. Based on what we've seen and learned from this pilot, we will be recommending very strongly to the field Operator that we sustain waterflood operations with minimal facility downtimes and expand them to include other wells in the Cuisinier field. In our view, the Cuisinier Field with its ultralight oil with low viscosity and low GOR makes it an excellent waterflood candidate. The operating netback(1) of
About Bengal
CAUTIONARY STATEMENTS:
This news release contains certain forward-looking statements or information ('forward-looking statements') as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words 'plan', 'expect', 'future', 'project', 'intend', 'believe', 'should', 'could', 'anticipate', 'estimate', 'potential', 'advance', 'continue', 'new', 'develop', 'build', 'process', 'current', 'trend' or other similar words or statements that certain events 'may' or 'will' occur are intended to identify forward looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in
In particular, forward-looking statements contained herein include, but are not limited to, statements regarding the Company's risks associated with the waterflood program and the associated estimates of pay thickness include, but are not limited to, the risk that Bengal's waterflood and other development activities may provide different or unexpected results; delays in the anticipated timing of completing the development activities; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves.
The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: Bengal's development and exploration opportunities; the economic conditions in
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Email: investor.relations@bengalenergy.ca
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