Tinkerine Studios Ltd. — Interim / Quarterly Report 2024

Aug 11, 2023

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Interim Condensed Consolidated Financial Statements (Unaudited)

Three Months Ended June 30, 2023 and 2022

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BENGAL ENERGY LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Thousands of Canadian dollars)

(unaudited)

As at		June 30	March 31
		2023	2023
	Notes
Assets
Current assets:
Cash and cash equivalents		$ 880	$ 795
Trade and other receivables		1,281	1,085
Prepaid expenses and deposits		813	903
		2,974	2,783
Exploration and evaluation assets	5	11,927	12,248
Property, plant and equipment	6	33,518	34,666
Total assets		$48,419	$49,697
Liabilities and Shareholders’ Equity
Current liabilities:
Trade and other payables		$ 3,448	$ 3,035
Current portionof leaseliability		17	32
		3,465	3,067
Decommissioning and restoration liability	7	4,990	5,096
Leaseliability		4	-
		8,459	8,163
Shareholders’ equity:
Share capital	8	118,796	118,796
Contributed surplus		8,113	8,103
Accumulated and other comprehensive loss		(3,474)	(2,254)
Deficit		(83,475)	(83,111)
		39,960	41,534
Total liabilities and shareholders’ equity		$48,419	$49,697

Commitments (Note 16)

See accompanying notes to the interim condensed consolidated financial statements.

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BENGAL ENERGY LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE LOSS

(Thousands of Canadian dollars, except per share amounts)

(unaudited)

For the three months ended June 30 2023	2022
Notes Revenue Oil sales 10 $ 1,672 Royalties (113)	$ 2,463 (148)
1,559	2,315
Expenses General and administrative 805 Operating 729 Depletion and depreciation 6 301 Share-based compensation 9 Loss (gain) on foreignexchange 29	788 838 267 18 (13)
1,873 Other expense Finance expense 12 50	1,898 27
Net (loss)income (364)	390
Exchange differences on translation of foreign operations (1,220)	(2,004)
Comprehensive loss $ (1,584)	$ (1,614)
Net (loss) income per share – basic & diluted 11 $ (0.00) Weighted average shares outstanding (000s) – basic 11 485,304 Weighted average shares outstanding (000s)– diluted 11 485,304	$ 0.00 485,304 488,757

See accompanying notes to the interim condensed consolidated financial statements.

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BENGAL ENERGY LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Thousands of Canadian dollars)

(unaudited)

For the three months ended June 30	2023	2022
Share capital
Balance at beginning ofperiod	$118,796	$118,796
Balance at end ofperiod	$118,796	$118,796
Contributed surplus
Balance at beginning of period	$ 8,103	$ 8,015
Share-based compensation – expensed	$ 9	$ 18
Share-based compensation –capitalized	$1	$2
Balance at end ofperiod	$8,113	$8,035
Accumulated other comprehensive loss
Balance at beginning of period	$ (2,254)	$ (1,078)
Exchange differences translationof foreignoperations	$ (1,220)	$ (2,004)
Balance at end ofperiod	$ (3,474)	$ (3,082)
Deficit
Balance at beginning of period	$ (83,111)	$ (83,814)
Net (loss)income	$ (364)	$ 390
Balance at end ofperiod	$ (83,475)	$ (83,424)
Total shareholders’ equity	$39,960	$40,325

See accompanying notes to the interim condensed consolidated financial statements.

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BENGAL ENERGY LTD.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of Canadian dollars)

(unaudited)

For the three months ended June 30		2023	2022
	Notes
Operating activities:
Net (loss) income		$ (364)	$ 390
Add (deduct) non-cash items
Depletion and depreciation		301	267
Accretion on decommissioning and restoration liability		44	29
Share-based compensation		9	18
Interest on lease liability		-	1
Unrealizedforeignexchangeloss (gain)		2	(25)
Funds (used in) from operations		(8)	680
Changein non-cash working capital	15	(94)	335
Net cash(usedin)fromoperating activities		(102)	1,015
Investing activities:
Exploration and evaluation expenditures	5	(40)	(1,494)
Property, plant and equipment expenditures	6	(173)	(1,924)
Changein non-cash working capital	15	431	(137)
Net cash from(usedin)investing activities		218	(3,555)
Financing activities:
Lease payments		(10)	(9)
Net cashusedin financing activities		(10)	(9)
Net increase in cash and cash equivalents		106	(2,549)
Cash and cash equivalents, beginning of period		795	5,413
Impact of foreignexchange oncashand cashequivalents		(21)	(17)
Cash and cash equivalents,end ofperiod		$880	$2,847

See accompanying notes to the interim condensed consolidated financial statements.

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BENGAL ENERGY LTD.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three months ended June 30, 2023 and 2022

(Tabular amounts are stated in thousands of Canadian dollars except share and per share amounts) (unaudited)

1. REPORTING ENTITY

Bengal Energy Ltd. (the “Company” or “Bengal”) is incorporated under the laws of the Province of Alberta and is involved in the exploration, development and production of oil and gas reserves in Australia. The interim condensed consolidated financial statements (the “financial statements”) of the Company for the three months ended June 30, 2023 and 2022 are comprised of the Company and its wholly-owned subsidiaries including Bengal Energy Australia (Pty) Ltd. (“Bengal Pty”) and Bengal Energy International Inc., which are incorporated in Australia and Canada respectively. The Company conducts many of its activities jointly with others; these financial statements reflect only the Company’s proportionate interest in such activities.

The Company has its registered office at 2400, 525 – 8th Avenue SW, Calgary, Alberta T2P 1G1 and its head and principal office at 1110, 715 – 5th Ave SW, Calgary, Alberta, Canada, T2P 2X6.

2. BASIS OF PREPARATION

These financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. These interim condensed consolidated financial statements do not include all of the information required for full annual financial statements.

These financial statements were approved and authorized for issuance by the Board of Directors on August 10, 2023.

The consolidated financial statements are prepared on a historical cost basis except as detailed in the accounting policies disclosed in the company’s audited consolidated financial statements for the year ended March 31, 2023. The Company’s presentation currency is Canadian dollars. The functional currency of the Canadian parent entity is Canadian dollars; the functional currency of the Australian subsidiary is Australian dollars.

Evolving Demand for Energy - Changing Regulation

Emission, carbon, and other regulations impacting climate and climate-related matters are dynamic and constantly evolving. With respect to environmental, social, and governance (“ESG”) and climate reporting, the International Sustainability Standards Board has issued an IFRS Sustainability Disclosure Standard with the aim to develop sustainability disclosure standards that are globally consistent, comparable, and reliable. In addition, the Canadian Securities Administrators have issued a proposed National Instrument 51-107 Disclosure of Climate-related Matters. The cost and financial reporting impact of compliance with these standards, and others that may be developed or evolve over time, has not yet been quantified by the Company.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies used to prepare these financial statements are consistent with those described in Note 3 of the Company’s consolidated financial statements for the year ended March 31, 2023.

4. MANAGEMENT JUDGMENTS AND ESTIMATES

The timely preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities and income and expenses. Accordingly, actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

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recognized in the period in which the estimates are revised and in any future periods affected. Significant estimates and judgments made by management in the preparation of these financial statements are outlined below.

The economic climate may have significant adverse impacts on the Company, including material declines in revenue and cash flows, and related impacts to working capital levels and/or debt balances, which may also have a direct impact on the Company’s operating results and financial position. These and other factors may adversely affect the Company’s liquidity and the Company’s ability to generate income and cash flows to meet the Company’s current and future obligations. A full list of the critical judgments in applying accounting policies and key sources of estimation uncertainty can be found in the Company’s consolidated financial statements for the year ended March 31, 2023.

5. EXPLORATION AND EVALUATION ASSETS (“E&E ASSETS”)

($000s)
Balance, April 1, 2022	$ 10,352
Additions	2,227
Capitalized share-based compensation	5
Exchange adjustments	(336)
Balance, March 31, 2023	$ 12,248
Additions	40
Exchange adjustments	(361)
Balance, June 30, 2023	$ 11,927

A summary of E&E assets is shown in the table below:

A summary of E&E assets is shown in the table below:
($000s)
ATP 732 / PCA 332 - Tookoonooka	$ 7,565
PL 303 – Barta Block Cuisinier (controller permit ATP 752)	2,546
ATP 934 – Barrolka	2,111
Other	26
Balance, March 31, 2023	$ 12,248
($000s)
ATP 732 / PCA 332 - Tookoonooka	$ 7,368
PL 303 – Barta Block Cuisinier (controller permit ATP 752)	2,471
ATP 934 – Barrolka	2,062
Other	26
Balance, June 30, 2023	$ 11,927

Exploration and evaluation assets consist of the Company’s exploration projects in Australia, which are pending the determination of proved or probable reserves. Costs primarily consist of acquisition costs, geological & geophysical work, seismic and drilling, and completion costs until the drilling of wells is completed, and the results have been evaluated.

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6. PROPERTY, PLANT AND EQUIPMENT (“PP&E”)

($000s)	Petroleum	Other	Right-of-	Total
	and natural	assets	use assets
	gas
	properties
Cost:
Balance, April 1, 2022	$ 52,317	$ 346	$ 143	$ 52,806
Additions	5,486	2	-	5,488
Capitalized share-based compensation	2	-	-	2
Change in decommissioning and
restoration liability	1,663	-	-	1,663
Exchange adjustments	(2,292)	(1)	-	(2,293)
Balance, March 31, 2023	57,176	347	143	57,666
Additions	173	-	-	173
Capitalized share-based compensation	-	-	-	-
Change in decommissioning and
restoration liability	-	-	-	-
Exchange adjustments	(2,255)	(3)		(2,258)
Balance, June 30, 2023	$ 55,094	$ 344	$ 143	$ 55,581
($000s)	Petroleum	Other	Right-of-	Total
	and natural	assets	use assets
	gas
	properties
Accumulated depletion, depreciation
and impairment losses:
Balance, March 31, 2022	22,878	329	91	23,298
Depletion and depreciation	1,039	3	30	1,072
Exchange adjustments	(1,370)	-	-	(1,370)
Balance, March 31, 2023	22,547	332	121	23,000
Depletion and depreciation	293	1	7	301
Exchange adjustments	(1,238)	-	-	(1,238)
Balance, June 30, 2023	$ 21,602	$ 333	$ 128	$ 22,063
($000s)
Net carrying amount:
Balance, March 31, 2023	34,629	15	22	34,666
Balance, June 30, 2023	$ 33,492	$ 11	$ 15	$ 33,518

At June 30, 2023 and March 31, 2023, there were no external or internal indicators of impairment. As a result, a quantitative impairment test was not performed. During the three months ended June 30, 2023, the Company capitalized $0.1 million general and administrative expense (2022 - $0.1 million).

The calculation of depletion for the three months ended June 30, 2023, included $80.4 million for estimated future development costs associated with proved and probable reserves in Australia (March 31, 2023 - $80.4 million).

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7. DECOMMISSIONING AND RESTORATION LIABILITY

Changes to decommissioning and restoration obligations were as follows:

($000s)
Balance, April 1, 2022	$ 3,379
Change in estimate		1,663
Accretion		164
Exchange adjustments		(110)
Balance, March 31, 2023		5,096
Change in estimate		-
Accretion		44
Exchange adjustments		(150)
Balance, June 30, 2023	$	4,990

The Company’s decommissioning liabilities result from ownership interests in petroleum and natural gas properties. The Company estimates the total unadjusted and uninflated cash flows required to settle its decommissioning and restoration costs at June 30, 2023 is approximately $3.3 million (March 31, 2023 – $3.7 million) which will be incurred between 2025 and 2060. An inflation factor of 6.50% (March 31, 2023 – 6.50%) and a risk-free discount rate of 3.50% (March 31, 2023 – 3.50%) have been applied to the decommissioning liability at June 30, 2023.

8. SHARE CAPITAL

Authorized:

Unlimited number of common shares with no par value.

Unlimited number of preferred shares, of which none have been issued.

Issued:

The following provides a continuity of share capital:

			Number of common shares	Amount
				($000s)
Balance, March	31,	2023	485,304,215	118,796
Balance, June	**30, **	2023	485,304,215	118,796

9. SHARE-BASED COMPENSATION

The Company has a share option plan for directors, officers and employees of the Company whereby share options representing up to 10% of the issued and outstanding common shares can be granted by the Board of Directors. Share options are granted for a term of up to five years and vest one-third after the first year and one-third on each of the next two anniversary dates. The exercise price of each option equals the market price of the Company’s common shares on the date of the grant.

Stock options granted under the plan can be exercised on a cashless basis, whereby the recipient receives a lesser amount of shares in lieu of paying the exercise price based on the deemed market price of the shares on the exercise date, and withholding taxes if the employee so elects.

A summary of stock option activity is presented below:

	Options	Weighted average
		exercise price
Balance, March 31, 2022	12,445,000	0.08
Granted	300,000	0.11
Expired	(1,825,000)	0.10
Balance, March 31, 2023	10,920,000	0.08
Balance, June 30, 2023	10,920,000	0.08
Exercisable, June 30, 2023	6,830,000	0.08

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10. REVENUE

Revenue from the sales of crude oil is based on the consideration specified in the Liquids Aggregation Agreement with the joint venture operator. The Company recognizes revenue when it transfers control of the product to the joint venture operator, which is generally at the time the joint venture operator obtains legal title of the crude oil and when it is physically delivered to the pipeline at an estimated transaction price based on average US Brent price and is adjusted for quality and other factors specified in the Liquids Aggregation Agreement once the product is shipped to the end customer and lifted.

The transaction price as prescribed in the Liquids Aggregation Agreement is a variable price based on the benchmark US Brent commodity price index, and may be adjusted for quality, location, delivery method or other factors depending on the agreed upon terms of the contract. The amount of revenue recorded can vary depending on the grade, quality and quantity of crude oil transferred to the joint venture operator. Revenues are typically collected 60 days following delivery to Port Bonython. Effective July 1, 2022, the Cuisinier Joint Venture negotiated a revised Liquids Aggregation Agreement with corresponding transportation agreements through to December 31, 2023.

11. PER SHARE AMOUNTS

Income (loss) per share is calculated based on net income (loss) and the weighted-average number of common shares outstanding.

common shares outstanding.
($000s except per share amounts)
Three months ended June 30,	2023	2022
Net (loss) income for the period	(364)	390
Weighted average number of common shares
Common shares – basic (000s)	485,304	485,304
Common shares–diluted (000s)	485,304	488,757
Basic and diluted(loss) incomeper share	$(0.00)	$0.00

For the three months ended June 30, 2023, there were 10,920,000 (2022 - nil) options considered antidilutive.

12. FINANCE EXPENSE

FINANCE EXPENSE
($000s)
Three months ended June 30,		2023		2022
Interest income	$	-	$	(5)
Accretion on decommissioning and restoration liability		44		29
Interest on lease liability		1		1
Interest–other		5		2
		$50		$27

13. FINANCIAL RISK MANAGEMENT

The Company has exposure to credit, liquidity and market risk from its use of financial instruments. This note presents information about the Company’s exposure to these risks, the Company’s objectives and policies and processes for measuring and managing risk.

The Board of Directors has overall responsibility for identifying the principal risks of the Company and ensuring the policies and procedures are in place to appropriately manage these risks. Bengal’s management identifies, analyzes and monitors risks and considers the implication of the market condition in relation to the Company’s activities.

(a) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from Bengal’s cash calls paid to joint venture partners and receivables from petroleum and natural gas marketers. As at June 30, 2023, Bengal’s receivables consisted of $1.3 million (March 31, 2023 - $1.1 million) from joint venture partners (all of which has been collected subsequent to period end).

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Bengal has a Liquids Aggregation Agreement with a purchaser and has not experienced any collection problems to date.

Cash calls paid to Bengal’s Australian joint venture partners are held in trust accounts by the partner until spent. Bengal attempts to mitigate the risk from joint venture receivables by approving significant spending by partners prior to expenditure and only paying the cash call shortly before the funds are to be spent.

The Company had no accounts considered past due at June 30, 2023 (March 31, 2023 - $nil). Past due is considered greater than 90 days outstanding.

The carrying amount of accounts receivable and cash and cash equivalents represents the maximum credit exposure. Bengal establishes an allowance for doubtful accounts as determined by management based on their assessment of collection. Bengal does not have an allowance for doubtful accounts as at June 30, 2023 (March 31, 2023 – $nil) and did not provide for any doubtful accounts, nor was it required to write-off any receivables during the three months ended June 30, 2023.

Cash and cash equivalents, when held, consist of cash bank balances and guaranteed investment certificates redeemable at any time. Bengal manages the credit exposure related to guaranteed investments by selecting counterparties based on credit ratings and monitors all investments to ensure a stable return, avoiding complex investment vehicles with higher risk such as asset-backed commercial paper.

(b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations, including work commitments, as they are due. Bengal prepares an annual budget and updates forecasts for operating, financing and investing activities on an ongoing basis to ensure it will have sufficient liquidity to meet its liabilities when due.

Bengal’s financial liabilities consist of trade and other payables and lease liability and amounted to $3.5 million at June 30, 2023 (March 31, 2023 - $3.1 million).

At June 30, 2023, the Company had working capital deficit, which the Company defines as total current assets less total current liabilities, excluding other obligations and current portion of decommissioning obligations, of $0.5 million, including cash and cash equivalents of $0.9 million, compared to a working capital deficit of $0.3 million at March 31, 2023. The Company expects that its cashflows generated from operations will be sufficient to meet its ongoing operating and general expenses, however additional capital will be required to meet future capital commitments and to fund future planned capital projects.

The majority of the Company’s oil sales are benchmarked on US Brent prices. The Company incurs most of its expenditures in Australian dollars whereas the Company generates most of its revenues in US dollars. The Company is acting with its joint venture partners to reduce discretionary operational spending and limiting its capital expenditures capital towards lower risk projects that meet its internal economic hurdles and are expected to offer near-term cash flow upside.

(c) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: foreign currency risk, commodity price risk and interest rate risk. The Company is exposed to market risks resulting from fluctuations in foreign exchange rates, commodity prices and interest rates in the normal course of operations. A variety of derivative instruments may be used to reduce exposure to these risks.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in foreign exchange rates. Bengal receives US dollars for Australian oil sales and incurs expenditures in Australian and Canadian currencies. The Company may enter into derivative foreign currency contracts in order to manage foreign currency risk but has not done so to date.

The table below shows the Company’s exposure in Canadian dollar equivalent to foreign currencies for its financial instruments at June 30, 2023:

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($000s)	CAD$	AUS$	US$	Total
Cash and cash equivalents	$ 181	$ 35	$ 664	880
Trade and other receivables	13	5	1,263	1,281
Trade and other payables	(305)	(3,143)	-	(3,448)
Lease liability	(21)	-	-	(21)
	$ (132)	$ (3,103)	$1,927	$ (1,308)
Exchange rates at June 30,			2023	2022
Number of CAD$ for 1 AUS$			0.88	0.89
Number of CAD$for 1 US$			1.32	1.29

Commodity Price Risk

Commodity price risk is the risk that the fair value of future cash flows will fluctuate as a result of a change in commodity prices. Commodity prices for petroleum and natural gas are impacted by not only the relationship between the Canadian and United States dollar, as outlined above, but also world economic events that dictate the levels of supply and demand. Australian oil prices are based on the US Brent reference price, which currently trades at a premium to WTI. The Company had no commodity price derivatives at June 30, 2023 and 2022.

Interest Rate Risk

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company’s exposure to interest rate risk on its cash and cash equivalents at June 30, 2023 is restricted to investments with a maturity of three months or less. The Company had no interest rate derivatives at June 30, 2023 and 2022.

14. CAPITAL MANAGEMENT

The Company’s policy is to maintain a sufficient capital base for the objectives of maintaining financial flexibility which will allow it to operate effectively and provide creditor and market confidence allowing for financing opportunities in support of future accretive capital projects.

The Company manages its capital structure and make adjustments by continually monitoring its business conditions, including changes in economic conditions, the risk profile of its project inventory, the efficiencies of past investments, the efficiencies of forecasted investments and the timing of such investments, the forecasted cash balances, the forecasted commodity prices and resulting cash flow.

In order to maintain or adjust the capital structure, the Company may from time to time issue shares (if available on reasonable terms), issue debt instruments, sell assets, farm out properties and adjust its capital spending to manage current and projected cash levels. There can be no assurance that equity financing will be available or sufficient to meet capital commitments, or for other corporate purposes, or if equity financing is available, that it will be on terms acceptable to the Company.

15. SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION
Change in non-cash working capital items
($000s)
Three months ended June 30,		2023	2022
Trade and other receivables	$	(170)	$ 1,152
Prepaid expenses and deposits		90	99
Trade and other payables		387	(1,045)
Effect ofchangein foreigncurrencyrates		30	(8)
	$	337	$198
Attributed to:
Operating	$	(94)	$ 335
Investing		431	(137)
	$	337	$198

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The following represents the cash interest paid and received in each period:

Cash interest paid and received
($000s)
Three months ended June 30,	2023	2022
Cash interest paid	5	2
Cash interest received	-	5

16. COMMITMENTS

The Queensland Government regulatory authority granted the Company Authority to Prospect 934 ("ATP 934") under a revised work program on March 1, 2015. In Q4 fiscal 2018, the Company consolidated its ownership of ATP 934 and now holds a 100% and 40% operating interest in the northern and southern block of this permit respectively. The work program consists of 260 km2 of 3D seismic and up to three wells. In February 2023, the Company extended its ATP 732 permit and received a Potential Commercial Area (“PCA”) over 343 km2. This included additional work commitments related to both ATP 732 and PCA 332 as outlined below.

At June 30, 2023, the Company had the following capital work commitments:

Permit Work Program Obligation period ending	Estimated expenditure (net) (millions CA$)(1)
ATP 934 – Onshore Australia 260 km23D seismic and up to three wells February 2027 ATP 732 – Onshore Australia Geological and up to three wells February 2029 PCA 332 – Onshore Australia Initial Production testing February 2029 Extended Production testing February2035	7.8 6.7 3.8 2.3

(1) Translated at June 30, 2023 at an exchange rate of AUS$1.00 = CAD$0.8795.

At June 30, 2023, the contractual obligations for which the Company is responsible are as follows:

Contractual obligations
(000s)	Total	Less than	1-3 years	4-5 years	After 5
		1 year			years
Office lease	53	53	-	-	-
Decommissioning andrestoration	4,990	-	842	-	4,148
	5,043	53	842	-	4,148

17. SEGMENTED INFORMATION

As at June 30, 2023, the Company has two reportable operating segments being the Australian oil and gas operations and corporate.

Revenue reported below represents revenue generated from external customers. There were no intersegment sales in any of the reported periods.

The accounting policies of the reportable segments are the same as the group’s accounting policies. Segment profit represents the profit earned by each segment without allocation of directors’ salaries, finance costs and income tax expense. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.

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($000s) Australia Corporate Three months ended June 30, 2023	Total
Revenue 1,672 - Interest expense 6 - Depletion and depreciation 240 8 Net loss (60) (251) Exploration and evaluation expenditures 40 - Petroleum and natural gas property expenditures 173 -	1,672 6 248 (311) 40 173
($000s) As at June 30, 2023
Exploration and evaluation assets 11,927 - Petroleum and natural gas properties 33,492 26 Total assets 48,173 246 Total liabilities 8,133 326	11,927 33,518 48,419 8,459
($000s) Three months ended June 30, 2022 Revenue 2,463 - Interest expense 2 1 Depletion and depreciation 259 8 Net income (loss) 642 (252) Exploration and evaluation expenditures 1,494 - Petroleum and natural gas property expenditures 1,924 -	2,463 3 267 390 1,494 1,924
($000s) As at March 31, 2023 Exploration and evaluation assets 12,248 - Petroleum and natural gas properties 34,666 - Total assets 49,440 257 Total liabilities 7,910 253	12,248 34,666 49,697 8,163

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CORPORATE INFORMATION

AUDITORS

KPMG LLP • Calgary, Canada

LEGAL COUNSEL

Burnet, Duckworth & Palmer LLP • Calgary, Canada Piper Alderman • Sydney, Australia

BANKERS

Royal Bank of Canada • Calgary, Canada WestPac • Sydney, Australia

REGISTRAR AND TRANSFER AGENT

Computershare • Toronto, Canada

DIRECTORS

Chayan Chakrabarty James B. Howe Peter Lansom Dr. Brian J. Moss Robert D. Steele (Chairman) W. B. (Bill) Wheeler

DISCLOSURE COMMITTEE

Chayan Chakrabarty Jerrad Blanchard

AUDIT COMMITTEE

James B. Howe (Chairman) Robert D. Steele W. B. (Bill) Wheeler

RESERVES COMMITTEE

Dr. Brian J. Moss (Chairman) Peter Lansom Robert D. Steele

COMPENSATION COMMITTEE

Dr. Brian J. Moss (Chairman) Robert D. Steele Peter Lansom

GOVERNANCE AND NOMINATING COMMITTEE

W.B. (Bill) Wheeler (Chairman) Robert D. Steele James B. Howe

HEALTH, SAFETY AND ENVIRONMENT COMMITTEE

Peter Lansom (Chairman) Robert D. Steele Dr. Brian J. Moss

OFFICERS

Chayan Chakrabarty, President & Chief Executive Officer Richard N. Edgar, Executive Vice President Jerrad Blanchard, Chief Financial Officer Bruce Allford, Secretary

STOCK EXCHANGE LISTING – TSX: BNG

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