Coverage of Bengal Energy Ltd (TSE:BNG) is initiated by Mackie with a Speculative Buy recommendation and price target of C$0.55. Bengal holds an interest in four large blocks within the Cooper Basin located in east-central Australia. The company produces high quality, light, sweet crude that sells at premium pricing to international benchmarks. Cash flow generated from its light oil plays will support the exploration of its large inventory of high-impact natural gas prospects within the booming Austrian market. In the event Bengals exploration efforts prove successful, we believe the company could become the target of a takeover by LNG exporters looking to secure new supply, Mackie said