Bengal Energy Provides Update on Ramses 2 Oil Well – Retains 100% Interest and Advances Self-Funded Production Test Plan

Calgary, Alberta–(Newsfile Corp. – June 29, 2026) – Bengal Energy Ltd. (TSX: BNG) (“Bengal” or the “Company”) announces that discussions have terminated and the Company will not be proceeding with binding documentation under the non-binding Letter of Intent (“LOI”) previously announced on March 24, 2026, with an Australian energy services company (the “Investor”) regarding a carried production test and potential completion of the Ramses 2 oil well in PL 188, Cooper Basin, Queensland, Australia.

Despite good-faith due diligence efforts during the exclusivity period, discussions with the counterparty regarding the LOI have been terminated and the parties will not be proceeding with binding documentation. The Investor cited unprecedented rainfall and continuing surface flooding conditions in the region that have prevented reliable access to the Ramses site as the reasons for not continuing discussions.

Bengal continues to hold a 100% working interest and operatorship in PL 188, including the Ramses 1 and Ramses 2 wells. The Company remains encouraged by the technical potential of Ramses 2, which previously recovered an extrapolated 588 barrels per day of 37-degree API oil based on a 105-minute drill stem test when drilled in 2007 from the Jurassic-aged Poolowanna Formation.

Bengal currently plans to proceed with the production test on its own account. Operations will be scheduled during optimal weather and site access windows.

The Company is evaluating funding alternatives for the test program, including internal resources (supported in part by the net proceeds of its recent non-brokered private placement, a portion of which was allocated to advance Ramses development), potential new partnership or structured financing arrangements on accretive terms, and other capital-efficient options. Bengal remains committed to disciplined capital allocation while unlocking value across its 100%-owned Australian portfolio.

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”. Additional information is available at www.bengalenergy.ca.

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”, “prospective”, “project”, “intend”, “believe”, “should”, “would,” “anticipate”, “estimate”, or other similar words or statements that certain events “may” or “will” occur are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the technical potential of the Ramses 2 well; the Corporation’s plan to proceed with a production test at the Ramses 2 well; the expected future revenue or production from the Ramses 2 well; the Corporation’s evaluation of, and ability to secure, funding alternatives for the test program, including internal resources, potential partnership or structured financing arrangements, and other capital-efficient options; and other such similar 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 potential production from the Ramses 2 well; ability to secure funding for the test program; the impact of economic conditions in North America and Australia and globally; industry conditions; changes in laws and regulations; increased competition; the availability of qualified operating or management personnel; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; results of exploration and testing activities; weather and access conditions; the ability to obtain required approvals, funding or partners on acceptable terms; and the ability to execute operational plans. We believe the expectations reflected in those forward-looking statements 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 that 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 financial results, 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: that the production test on Ramses 2 well will not support a commercially viable completion of the well or that if the well is completed that it will not result in commercial volumes of production; that the Ramses 2 well will not achieve the anticipated production results; failure to secure adequate funding for the test program; the failure to obtain required regulatory approvals or extensions; the failure to satisfy the conditions under farm-in, joint venture or services agreements; weather, flooding and access constraints in remote areas such as the Cooper Basin; the failure to secure required equipment, personnel or additional capital/financing on acceptable terms; changes in general global economic conditions; increased competition; fluctuations in commodity prices; changes in laws and regulations including environmental and tax laws; the results of exploration, development drilling and testing activities (which are not necessarily indicative of long-term performance or ultimate recovery); and stock market volatility. Readers are encouraged to review the material risks discussed in Bengal’s annual information form for the year ended March 31, 2026, under the heading “Risk Factors” and in Bengal’s management’s discussion and analysis for the fiscal year ended March 31, 2026, under the heading “Risk Factors”. The Company cautions that the foregoing list of assumptions, risks, and uncertainties is not exhaustive. 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 required pursuant to applicable securities laws.

Test Results

Test results disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery. A recent pressure transient analysis or well-test interpretation has not been carried out by the Corporation and thus the test results provided herein should be considered to be preliminary until such analysis or interpretation has been completed. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of the related well.

Disclosure of Oil and Gas Information

This document discloses test results which are not necessarily indicative of long-term performance or of ultimate recovery.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303417