Mr. Chayan Chakrabarty reports

BENGAL ENERGY ANNOUNCES FIELD RESOURCE MATURATION AND DEVELOPMENT PLAN ON ITS 100% OWNED TOOKOONOOKA POTENTIAL COMMERCIAL AREA

Bengal Energy Ltd. has completed its field resource maturation and development plan for its Tookoonooka potential commercial area (PCA) 332.

Highlights of the plan:

• PCA 332, in which Bengal has a 100-per-cent working interest, covers a 343-square-kilometre prospect area and was granted for a 15-year term effective Jan. 30, 2023.
• The plan includes up to 15 independent multihorizon prospects located in PCA 332, including the Tigris-1 oil opportunity.
• The company believes that drilling success at Tigris-1 would allow Bengal to pursue a follow-up multiwell development program as well as support the appraisal by Bengal of other opportunities on PCA 332.
• The company has identified analogue discoveries located in the Tintaburra and Toobunyah fields approximately 25 kilometres east of the Tookoonooka lease with production rates between 1,000 and 1,500 barrels of oil per day from the Hutton zones and 200 to 500 barrels of oil per day from the Wyandra zones.
• Fully paid for and installed oil sales infrastructure in PCA 332 allows for ready egress by trucking in the event of successful drilling through established sales and transportation agreement with Inland Oil Refinery (IOR), located within 62 kilometres through a hard-sealed road.
• The execution of the plan and the exploration and development of any of the prospects included in the plan, including Tigris-1, are subject to the company securing adequate financing and on terms acceptable to it. To date, such financing has not been secured; however, the company is actively seeking potential farm-in partnerships with third party industry participants and other financing arrangements in this connection.

Chayan Chakrabarty, Bengal's president and chief executive officer, said: "We believe that the significant volumes of crude oil prospective resources identified in the Resource Report, combined with current oil pricing, opportunities for immediate and lower cost commercialization, together with the Company's established skills as an operator in Queensland, prioritizes the Company focusing on the development of PCA 332 as a compelling step to deliver value for the Company's shareholders. We believe that with financing in place and with exploration success at Tigris-1, Bengal would be in a position to pursue up to 12 development wells in follow-up to success at Tigris-1, along with pursuing several of the other prospects that Bengal has identified on the block."

Tookoonooka Project - PCA 332:

The Company was granted the 15-year term PCA 332 with an effective date of January 30, 2023, of the 343 km2 Tookoonooka field located within the Southeast Cooper oil province, Queensland Australia. The Company completed a 3D seismic survey over ~218 km2 or ~64 per cent of PCA 332 in 2013/2014 which identified 15 independent multi-horizon prospects located in the following zones: (a) Hutton Sandstone; (b) Birkhead Formation; and (c) Wyandra Sandstone.

The 15 independent multi-horizon high-impact prospects included in the Plan were identified in the Company's independent oil and natural gas resource assessment report prepared for the Company by ERC Equipoise, Perth ("ERCE") dated March 30, 2022 (the "Resource Report"). The Resource Report sets out prospective resources of 1U: "Low" (3.2 million barrels), 2U: "Best" (10.6 million barrels), and 3U: "High" (37.1 million barrels) for ATP 732 (now PCA 332). Please refer to Bengal's press release dated March 30, 2022 for detailed disclosure regarding the Resource Report.

Drill-Ready Tigris-1 Oil Opportunity

Included in the Plan for Tookoonooka is the Tigris-1 oil opportunity. Tigris-1 is in a location capable, in the Company's opinion, of testing multiple reservoir targets, based on 3D seismic, in a near-crestal position in the Wyandra Sandstone, Birkhead Formation and Hutton Sandstone. In Bengal's view, the Caracal-1 oil show (52 Degree API)2 supports migration from the northwest through the Tigris prospect. As well, Permian source rocks subcrop the 3D identified structure which, in Bengal's view, allows for direct charge into the reservoirs with, in the success case, the opportunity to pursue multiple offset locations to Tigris-1.

Potential Project Next Steps

In the event that the drilling of Tigris-1 is undertaken, whether by the Company directly (following the securing of financing) or by a farm-in partner, and leads to a well capable of production of commercial volumes of crude oil, the Company would expect to then be in a position to commence a long-term production test, with production from such long-term production test expected to be sold by the Company under its existing offtake and transportation agreement with IOR. Should Tigris-1 be drilled and be capable of commercial production, after the long-term production test the Company expects that it would be able to apply for a Petroleum License (a "PL") which, if granted, would secure the acreage for up to 30 years.

The Resource Report

The Resource Report is dated March 30, 2022 with an effective date of March 20, 2023 and was prepared by ERCE, an independent consultancy specialising in geoscience evaluation, engineering and economic assessment, whom the Company engaged to evaluate the Company's contingent and prospective oil and natural gas Resources across its tenements in the Cooper Basin license acreage in Queensland, Australia, specifically in ATP 732 (now PCA 332) and also in ATP 934, PL 188, PL 1110, PL 1109, and PL 411 (collectively, the "Resource Properties").

The Resource Report was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Additional information in respect of the Company's reserves data and other oil and gas information under NI 51-101, is filed on its profile on SEDAR at www.sedarplus.com.

Further details of the findings in the Resource Report and the basis of its preparation are set out below. See also Cautionary Statements below regarding "Resource Report".

Prospective Resources

Prospective Resources (undiscovered) have been assigned to the Wyandra, Hutton and Murta formations in ATP 732 (now PCA 332). With respect to these prospective resources, the Company does not currently have sufficient information to establish a development plan. The Company expects the total costs required to achieve commercial production would be material but cannot determine the project timelines or recovery technologies to be used at this time. In the event that the drilling of Tigris-1 is undertaken, whether by the Company directly (following the securing of financing) or by a farm-in partner and leads to a well capable of production of commercial volumes of crude oil, the Company would expect to prepare a pre-development study including estimated costs, timelines and recovery technologies.

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 TSX under the symbol "BNG".

We seek Safe Harbor.