Mr. Chayan Chakrabarty reports

BENGAL CRUDE REALIZATIONS RUN US$25 A BARREL ABOVE BRENT IN FISCAL 2027 TO DATE

Crude oil sold under Bengal Energy Ltd.'s third party marketing agreements in fiscal 2027 to date has realized a material premium to quoted Brent.

For Bengal crude with bills of lading from May to September, 2026, the volume-weighted invoice price was $116.63 (U.S.) per barrel. The volume-weighted EIA Europe Brent spot price on those sale dates was $91.50 (U.S.). The premium was therefore $25.13 (U.S.) per barrel (approximately 27 per cent).

Naphtha sold during this period realized a lower premium. The volume-weighted naphtha premium was $2.42 (U.S.) per barrel. Naphtha is not the basis of the premium statement in this release.

Including crude and naphtha sales from its production stream, Bengal realized a volume-weighted price of $109.34 (U.S.) against volume-weighted Brent of $95.06 (U.S.), which is a premium of $14.28 (U.S.) per barrel (approximately 15 per cent).

The incremental positive cash flows generated from the higher-than-anticipated crude oil premium is expected to be used to settle longer-term joint venture payables and for the acquisition of long-lead items associated with the company's Ramses-2 test program.

How the comparison is made

The sale date is compared with quoted prices on that date unless that date was not a trading day, in which case the comparison uses the prior EIA trading day.

The realized price is the invoice unit price before marketing and wharfage. Those charges are deducted from cash received and are not part of the product-price comparison. GST (goods and services tax) is excluded. Royalty is not deducted on the invoice and is not in this comparison.

The benchmark is the U.S. Energy Information Administration Europe Brent spot price FOB (free on board). ICE front-month futures closes are a different series and are not used.

About Bengal Energy Ltd.

Bengal Energy 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.

We seek Safe Harbor.