Bengal Energy (TSE:BNG) has released an update.
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Bengal Energy Ltd. reports a significant decrease in their Proved Plus Probable Reserves, down from 5,477 thousand barrels in the previous year to 1,857 thousand barrels, with an associated net present value drop to $42 million from $121 million. The company faced an impairment charge of $11.6 million due to reduced reserve volumes, but remains committed to future drilling at the Cuisinier field, dependent on a solid development plan and financing. Despite a 10% production drop, a slight increase in realized oil prices slightly offset fourth-quarter fiscal 2024 crude oil sales revenue, which stood at $1.8 million.
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