Canada-based Bengal Energy has signed an agreement to buy an additional 5.357% interest in the Cuisinier Oil Field and the Authority to Prospect (ATP) 752P, located in the Cooper-Eromanga Basin in Queensland, Australia, for about AUD7.6m ($7m).
The additional stake will increase the company’s interest in the oil field to 30.357%.
Bengal Energy has drilled 13 light oil wells to date, in the Cuisinier Oil Field, which currently produces about 375 barrels of oil per day (b/d).
The acquisition of additional stake is expected to increase the production by about 20% to 455 b/d.
The Cuisinier Oil Field is connected by pipeline to the Cook Processing Facility, which is located on the Barta sub-block of ATP 752P.
Bengal Energy is expecting additional production from the five wells in the oil field which are successfully drilled as part of the 2013 campaign.
The company is also planning to buy 15% interest in ATP 752P for about $20m from one of the joint venture partners in July 2013.