Calgary, Alberta ­ Bengal Energy Ltd. awarded Potential Commercial Area (PCA) 332 over an area of 343 square kilometers that was previously covered by Bengal's Authority to Prospect 732. The grant of PCA 332 provides a 15-year term with no relinquishments and allows the Company to continue to pursue the development of its highly prospective oil and gas portfolio in Queensland's Cooper Basin. The appraisal permit, granted by the Queensland Government in record time, provides much-needed certainty for Bengal to focus on its hydrocarbon projects in the Talgeberry-Tintaburra corridor.

The majority of PCA 332 is covered by 3D seismic. Three of the 16 locations are drill-ready, and the Company is currently seeking investment towards drilling on these locations through equity financing and farm-out. Bengal has invested upfront into innovative ways to accelerate the commercialisation of found hydrocarbons, including the implementation of its new technology to assess resource streams as early as possible.

Bengal has recently reached an offtake agreement with the Eromanga Oil Refinery (IOR operated) for any crude oil produced from PCA 332. The 52 API Caracal crude has a high diesel content which makes it particularly suited to IOR.