Highlights 

  • Q2 oil sales declined 24% to CAD 0.9M from CAD 1.3M in Q2 fiscal 2025 
  • Average output decreased 10% to 114 barrels per day amid well downtime 
  • Net loss recorded at CAD 0.7M versus CAD 0.6M in the prior year quarter 

Bengal Energy Ltd. (TSX:BNG) released its financial and operational results for the second quarter of fiscal 2026, ended September 30, 2025. 

For the quarter, crude oil sales totaled CAD 0.9M, a 24% decrease from CAD 1.3M in the same period of fiscal 2025. The decline reflected reduced production volumes and lower realized prices. The company reported an average realized oil price of USD 68.97 per barrel, down 16% from USD 82.59 per barrel in Q2 fiscal 2025. 

Funds used in operations amounted to CAD 0.4M during the quarter, compared to CAD 0.3M in the prior year period. The lower revenue and a CAD 0.1M increase in operating expenses impacted margins, though this was partially offset by a CAD 0.2M reduction in general and administrative expenses. 

Bengal reported a quarterly net loss of CAD 0.7M, compared with CAD 0.6M in Q2 fiscal 2025. For the six-month period ended September 30, 2025, total oil sales stood at CAD 2.0M, compared to CAD 3.2M in the same period of the previous year. 

Operational Results 

Bengal’s share of Cuisinier field production reached 10,530 barrels, or an average of 114 barrels of oil per day, representing a 10% decline from 11,670 barrels (127 bopd) in Q2 fiscal 2025. The lower output was mainly due to downtime at four Cuisinier wells, with production resuming in September 2025. 

Planned workover operations intended to enhance production were postponed after flooding in the Cooper Basin restricted surface access. The company stated it continues to work with the field operator to address allocation of discrepancies and assess the potential timing and scale of additional output. 

Operating netback for Q2 fiscal 2026 was CAD 15.10 per barrel, compared with CAD 42.84 per barrel in the same quarter of the prior year. 

Business Development 

Bengal reported ongoing discussions related to potential farm-out opportunities, as well as other corporate activities including acquisitions and divestitures. The company noted that lower oil prices and limited access to capital markets have delayed progress on these initiatives. 

Company Overview 

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with operations in Australia.