Bengal Energy May Open Higher on New Exploration Discovery In Australia (TSE:BNG)


Bengal Energy (BNG.TO) looks set to open higher on Friday, following a new exploration discovery in Australia. The company said the first four wells of the Cuisinier 2016 five well drilling campaign have been cased as future oil producers in the Murta horizon. At Shefu-1 well, oil pay was found to occur structurally lower than what has been encountered in previous rounds of appraisal drilling at Cuisinier. The stock closed Thursday at $0.19, within a 52-week range of $0.10 – $0.27.

The stock decreased 11.90% or $0.025 on September 13, hitting $0.185. About 2,000 shares traded hands. Bengal Energy Ltd (TSE:BNG) has risen 61.54% since February 5, 2016 and is uptrending. It has outperformed by 45.05% the S&P500.

Bengal Energy Ltd. is an oil and gas exploration and production company. The company has a market cap of $12.61 million. The Company’s divisions include Australia, Canada and India. It currently has negative earnings. The Firm is engaged in the business of acquiring international oil and natural gas properties and exploring for, developing and producing oil and natural gas.

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