Bengal Energy : Oil & Gas Producer And Explorer In Australia’s Cooper Basin

: B N G

Oil & Gas Producer And

Explorer In Australia's

Cooper Basin

Bengal Energy Ltd.	February 2022
Questions and comments should be directed to:
[e-mail]
	www.bengalenergy.ca

DISCLAIMER

Certain information regarding Bengal Energy Ltd ("Bengal" or the "Company") set forth in this document contains forward-looking statements or financial outlooks (collectively, "forward-looking statements") under applicable securities law. The use of any of the words "plan", "expect", "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are typically intended to identify forward-looking statements. Forward-looking statements are not based on historical facts, but rather on Bengal's internal projections, estimates, beliefs, opinions, and assumptions at the time the statements were made concerning, among other things, the impact of economic conditions in North America and Australia and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes, how they are interpreted and enforced, and how Bengal may be impacted by such; increased competition and the availability of business prospects and opportunities; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuation; results of exploration, testing and drilling activities, and the continued or anticipated performance of assets; and future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof). We believe the expectations reflected in those forward looking statements are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what, if any, benefits Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.

These statements are only predictions, not guarantees, and actual events or results may differ materially. In particular, forward-looking statements included in this document include, but are not limited to, statements with respect to: the Company's focus, plans, priorities and strategies; the Company's position in the business environment, particularly in the Australian business environment; the expected continued advantage of the Cooper Basin's proximity to Asia; the Company's level of debt and the continuation of such and the Company's expected cash flow; the Company's development plans for ATP 934, including, without limitation, the successful tie-in into an existing gathering network, the successful work-over of the Ramses and Ghina wells, the completion of the twin drilling of the existing Karnak well and the expected benefit of such to the Company; and the ability of third parties to perform their obligations under contracts and the expected benefit of such contracts and performance to the Company; the continued stabilization and strengthening of crude oil pricing, natural gas usage and primary energy consumption and the ability of Australia to be well positioned in respect of such trends; Bengal's position in comparison to Canadian and Australian listed peers; the continued performance of Cuisinier, the expected waterflood drilling program in 2021 and the estimated performance of the Chef field expansion; the success of neighbouring sites supporting Legbar exploration and the future development of the southern farm-out block; the expected de-risking of Bengal's asset portfolio as a result of the Santos farm-in; the expected further synergistic and complementary opportunities in the Cooper Basin; the performance of the Barrolka asset, the estimated gas holdings and pipelines in the block and the availability of immediate market access upon success; the planned fracture stimulation in H1 2022 in respect of ATP - Tookoonooka, the availability of a market for produced oil at a nearby inland oil refinery and the potential of Permian gas in certain areas of the permit; the benefits of certain additional offshore assets; future seismic and related de-risking effects; the performance of future wells; and the estimates of resources, reserves and well recovery.

In addition, statements relating to "reserves" or "resources" are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described can be profitably produced in the future. With respect to forward-looking statements contained in this document, Bengal has made assumptions regarding: current and future commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; access to capital to fund the Company's exploration programs; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; royalty rates; future operating and transportation costs; and other matters. Although the forward-looking statements contained in this document are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

INVESTOR RELATIONS

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MEDIA ENQUIRIES

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CONTACT INFORMATION

Suite 1110, 715 5th Ave S.W. Calgary, AB, Canada, T2P 2X6

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© 2021 Bengal Energy. All Rights Reserved.

DISCLAIMER

Certain Oil and Gas Metrics and Abbreviations

This document contains certain oil and gas metrics, such as finding and development costs, log pay, operating netbacks and field netbacks, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance and should not be unduly relied upon.

Reserves Estimates: Other than the reserves estimates disclosed on slides 5,11 and 13 the recovery, reserves and resources estimates provided herein are internal estimates only. The reserve estimates disclosed on slides 5,11 and 13 were prepared by GLJ Petroleum Consultants Ltd. dated June 17, 2021 with an effective date of March 31, 2021 in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and using GLJ Petroleum Consultants Ltd.'s forecast prices at March 31, 2021. There is no guarantee that the estimated reserves or resources will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.

Analogous Information: Certain noted drilling, completion, production, reserve and resource data provided in this document may constitute "analogous information" under applicable securities legislation, such as reserve and resource estimates or the reserves and resources present on the Company's lands, and nearby lands, total production and production-rates from wells drilled by the Company or other industry participants located in geographical proximity to lands held by the Company. This information is derived from publicly available information sources (as at the date of this document) that the Company believes are predominantly independent in nature. The Company believes this information is relevant as it helps to define the reservoir characteristics in which the Company may have an interest. The Company is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluation Handbook and therefore, the reader is cautioned that the data relied upon by the Company may be in error, may not be analogous to the Company's land holdings and/or may not be representative of actual results of wells anticipated to be drilled or completed by the Company in the future.

Test Rates

References in this document to production test rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. W hile encouraging, readers and cautioned not to place reliance on such rates in calculating aggregate production for the Company. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, the Company cautions that test results should be considered to be preliminary.

Pay Thickness

Estimates of pay thickness are considered to be anticipated results or information that indicate the potential value or quantities of resources under Nl 51-101. Such estimates have been prepared by management of the Company and have not been prepared or reviewed by an independent qualified reserves evaluator or auditor. The risks associated with estimates of pay thickness include, but are not limited to, the risk that the Company's exploration and development drilling and related activities may provide different results; the risk that the Company may encounter unexpected drilling results; the occurrence of unexpected events involved in the exploration for, and the operation and development of, oil and gas; delays in anticipated timing or drilling and completion of wells; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves.

INVESTOR RELATIONS

T: [phone]

E: [e-mail]

MEDIA ENQUIRIES

T: [phone]

E: [e-mail]

CONTACT INFORMATION

Suite 1110, 715 5th Ave S.W. Calgary, AB, Canada, T2P 2X6

T: [phone]

F: [phone]

E: [e-mail]

© 2021 Bengal Energy. All Rights Reserved.

DISCLAIMER (CONT'D)

Third Party Information: Certain other information contained in this presentation has been prepared by third-party sources, which information has not been independently audited or verified by the Company. No representation or warranty, express or implied, is made by the Company as to the accuracy or completeness of the information contained in this document.

Netbacks: Netback is a term that is not defined under International Financial Reporting Standards and is used by Bengal as a supplemental measure in evaluating Bengal's financial position and performance. Bengal calculates netbacks as revenues minus royalties and transportation and operation costs.

Net Present Value (NPV): Estimates of the net present value of the future net revenue from Bengal's reserves do not represent the fair market value of Bengal's reserves and are based on information for the Company's booked locations in respect of which reserves have been assigned as well as analogous public information. The estimates of reserves and future net revenue from individual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation.

Future Oriented Financial Information

This document contains future oriented financial information (FOFI) within the meaning of applicable securities laws. The FOFI has been prepared by Bengal's management to provide an outlook of the Company's activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions with respect to the costs and expenditures to be incurred by the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company's production. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this document, and such variation may be material. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is highly subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, Bengal undertakes no obligation to update such FOFI and forward-looking statements and information.

This presentation is provided for informational purposes only as of February 10, 2022, is not complete, and may not contain certain material information about Bengal, including important disclosures and risk factors associated with an investment in Bengal. This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the United States or any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in Canada, the United States or any other jurisdiction, and Bengal expressly disclaims any duty on Bengal to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws.

INVESTOR RELATIONS

T: [phone]

E: [e-mail]

MEDIA ENQUIRIES

T: [phone]

E: [e-mail]

CONTACT INFORMATION

Suite 1110, 715 5th Ave S.W. Calgary, AB, Canada, T2P 2X6

T: [phone]

F: [phone]

E: [e-mail]

© 2021 Bengal Energy. All Rights Reserved.

TOP-TIER JURISDICTION

Production, development and exploration assets in Australia's Cooper Basin, a world-class hydrocarbon jurisdiction - favourable royalty and tax jurisdiction.

Proximity to Asia provides significant advantage to supply developing markets.

HIGH GROWTH POTENTIAL

Strong mix of JV, 100%-owned cash generative assets and high-growth exploration assets that provides imminent growth with long term upside.

STRONG BALANCE SHEET

Debt-free balance sheet with CAD$4m cash and positive operating cash flow which provides a strong base to execute on the company's growth plan.

EXPERIENCED AND DEDICATED MANAGEMENT

Management has substantial in-country oil and gas experience.

MANAGEMENT ALIGNED WITH SHAREHOLDERS

Management is highly aligned with their shareholders having committed their own capital. CEO, Chayan Chakrabarty is the second largest shareholder after Texada Capital Management Ltd. ("Texada"),

GAINING EXPOSURE TO HIGH-IMPACT

PRODUCING AND EXPLORATION OIL AND GAS PROJECTS IN AUSTRALIA'S COOPER BASIN

© 2021 Bengal Energy. All Rights Reserved. 5