Exploration and production company Bengal Energy has increased its ownership to 100% in its operated natural gas prospective permit Authority to Prospect 934 (ATP 934) located in the Cooper Basin natural gas fairway in Australia.

The increase in the ownership is a result of the acquisition of an additional 28.57% working interest in ATP 934 for A$311,221 ($250,367).

The transaction includes potential future cash payments of up to A$1m ($0.8m), conditional upon fulfilment of certain conditions and commercial milestones.

Covering an area of 1,462km², ATP 934 is surrounded with natural gas fields that produced 93.7 billion cubic feet of natural gas and associated liquids in June last year.

“The increase in the ownership is a result of the acquisition of an additional 28.57% working interest in ATP 934 for A$311,221 ($250,367).”

Bengal Energy president and CEO Chayan Chakrabarty said: “This acquisition supports our continuing initiative to maximise Bengal’s ownership and operatorship of its hydrocarbon prone permits in the Cooper Basin of Australia and provides additional flexibility relative to farm-out or financing activity.

“The upside to the 100% ownership of this large block, in what we believe to be a highly natural gas prone portion of the basin, is the additional leverage from successful exploratory drilling on the permit, which would be of significant value to Bengal’s shareholders.”

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The company is currently exploring ways to fund the first of three exploratory wells in an attempt to evaluate the resource potential of the block by the end of this year.

According to the company, targeted drill depths on ATP 934 are between 2,700m and 2,900m.