Bengal Energy Announces Positive Results from Sustainability Screening Study for Cooper Basin Operated Projects in Queensland, Australia

Calgary, Alberta--(Newsfile Corp. - March 14, 2022) - Bengal Energy Ltd. (TSX: BNG) ("Bengal" or the "Company") is pleased to announce that the German-Australian Chamber of Commerce ("AHK Australien") has produced positive results from a screening study to evaluate tailor-made and novel technologies targeted specifically at Bengal's upcoming Cooper Basin operated activities with the objective of lowering Bengal's carbon footprint and operating costs.

Renewable electrification and carbon capture projects are among several innovative technologies identified by the study which may lower operating costs and provide incremental revenue opportunities while reducing the Company's operational carbon footprint.

The Company believes that the electrification of well sites using renewable energy has the potential to both improve operating economics and reduce carbon emissions through early integration into production design. The pursuit of carbon capture projects in collaboration with Bengal's landholders may have the potential to yield long-term revenue streams, reduce rehabilitation liability while providing commercial development opportunities for various Bengal stakeholders. The Company has initiated several follow-on projects to further substantiate these benefits and operationalize these recommendations as part of its 2022 development program.

Bengal's mission is to develop and employ sustainability strategies that are practical and immediately applicable to support all its stakeholders while generating attractive economics that add to shareholder value. The screening study was completed by the AHK Australien's Energy Cluster, which has partnered with various Australian counterparties to develop and implement innovative technologies within Australia's energy sector. The purpose of the study is to develop strategies aligned with the Company's sustainability mission.

AHK Australien connects German technology providers with Australian clients and promotes trade relationships that can benefit its members and the Company in the application of leading technology to its early operations.

Beyond sustainability measures and immediate economic advantages, these projects may have the potential to generate carbon credits (Australian Carbon Credit Units, or "ACCUs") which Bengal anticipates will be able to be used as an offset or traded along with potential research and development credits that may be assessable due to the innovative nature of these projects. For reference, the price for ACCUs on the spot market has risen from around AUD 37 / tonnes of carbon dioxide equivalent ("tCO₂e") in November 2021 to AUD 54 / tCO₂e^[1].

"As a nimble junior operator with a focus on responsible resource development, Bengal believes it will be able to assess and deploy novel technologies early in the lifecycle of our upstream oil and gas assets allowing the Company to generate additional value for shareholders and utilize simultaneous sustainable sources of energy to gain a competitive advantage, especially in light of the Company's ambition to get listed on the Australian Stock Exchange in the near future," said Chayan Chakrabarty, Bengal's President and Chief Executive Officer.

In its press release dated March 9, 2022, Bengal provided details of its upcoming activity plans for two of its 100% owned and operated permits in the Cooper Basin. The Company will release updates and results of its operations, and targeted sustainability projects specific to its operated activities, in subsequent disclosures.

About Bengal

Bengal Energy Ltd. is an international junior oil and gas exploration and production company with assets in Australia. The Company is committed to growing shareholder value through international exploration, production, and acquisitions. Bengal's common shares trade on the Toronto Stock Exchange under the symbol "BNG". Additional information is available at www.bengalenergy.ca.

About German-Australian Chamber of Industry and Commerce

The German-Australian Chamber of Industry and Commerce is the primary contact for all bilateral business matters between Germany and Australia. With offices in Sydney and Melbourne and strong links to the German Chamber of Industry and Commerce (DIHK), the AHK Australien has successfully fostered the trade and industry partnership between both countries for over 40 years. Recently, the AHK Australien, as the first AHK Worldwide, has adopted its new strategy aimed at spearheading its efforts in four distinct industry clusters to streamline AHK's work on policy and trade development in identified high-potential industries: Health, Energy, Food and Beverage, Mining and Resources. The AHK Australien is supported in part by the German Federal Ministry for Economic Affairs and Energy based on a decision of the German Bundestag. More at https://australien.ahk.de/en/.

CAUTIONARY STATEMENTS:

Forward-Looking Statements

This news release contains certain forward-looking statements or information ("forward-looking statements") as defined by applicable securities laws that involve substantial known and unknown risks and uncertainties, many of which are beyond Bengal's control. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "plan", "expect", "future", "project", "intend", "believe", "should", "anticipate", "estimate", "may", "possible", "potential", "promising" or other similar words or statements that certain events "may" or "will" occur are intended to identify forward-looking statements. The projections, estimates and beliefs contained in such forward-looking statements are based on management's estimates, opinions, and assumptions at the time the statements were made, including assumptions relating to: the impact of economic conditions in North America and Australia and globally; industry conditions; changes in laws and regulations including, without limitation, the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility and fluctuations in market valuations of companies with respect to announced transactions and the final valuations thereof; results of exploration and testing activities; and the ability to obtain required approvals and extensions from regulatory authorities.

We believe the expectations reflected in those forward-looking statements contained herein are reasonable but no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, if any, Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements. In particular, forward-looking statements contained herein include, but are not limited to, statements regarding: the Company's focus, plans, priorities and strategies, and the alignment of such with the AHK Australien study; the Company's position in the business environment, particularly in the Australian business environment; the applicability of the AHK Australien study, the ability of the Company to implement new technology into its operations and the expected benefits to the Company of such implementation, including, without limitation, benefits related to revenue opportunities and the reduction of the Company's operational carbon footprint; the electrification of well sites using renewable energy and the potential benefits of such; the ability of certain projects to generate carbon credits, the potential uses of such credits and the anticipated benefits of such to the Company. Bengal believes the expectations reflected in the forward-looking statements contained herein are reasonable but, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits Bengal will derive from them. As such, undue reliance should not be placed on forward-looking statements.

The forward-looking statements contained herein are subject to numerous known and unknown risks and uncertainties that may cause Bengal's actual performance or achievement in future periods to differ materially from those expressed in, or implied by, these forward-looking statements, including but not limited to, risks associated with: Bengal's development and exploration opportunities; the economic conditions in North America, Australia and globally; the impact of ongoing global events, including European tensions and the COVID-19 pandemic and the ability of the Company to carry on its operations as currently contemplated in light of the such events; the failure to obtain required regulatory approvals or extensions; determinations by OPEC and other countries as to production levels; the failure to satisfy the conditions under farm-in and joint venture agreements; the failure of third parties to performance their obligations under contracts with the Company; the failure to secure required equipment and personnel; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; changes in laws and regulations including, without limitation, the adoption of new environmental and tax laws and regulations and changes in how they are interpreted and enforced; the results of exploration and development drilling and related activities; the ability to access sufficient capital from internal and external sources; and stock market volatility. The Company cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. Additional information on these and other factors that could affect the Company are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this news release speak only as of the date hereof and Bengal does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be require pursuant to applicable securities laws.

FOR FURTHER INFORMATION PLEASE CONTACT:

Bengal Energy Ltd. Chayan Chakrabarty, President & Chief Executive Officer
Jerrad Blanchard, Chief Financial Officer
(403) 205-2526
Email: investor.relations@bengalenergy.ca
Website: www.bengalenergy.ca

^[1] https://www.accus.com.au

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116710