Capitalised terms used in this announcement carry the same meanings as those ascribed to them in the Company's Admission Document (available at www.beaconenergyplc.com) unless the context requires otherwise. 

11 April 2023 

Beacon Energy plc

("Beacon Energy" or the "Company")

 Completion of Acquisition

and

Re-admission to AIM and re-commencement of trading

Beacon Energy plc ( AIM: BCE ) is pleased to announce the completion of its acquisition of Rhein Petroleum and the Company's re-admission to trading on AIM, with the re-commencement of dealings in its Ordinary Shares expected to take place at 8:00 a.m. today, 11 April 2023 ("Admission"). 

The Admission Document was published on 21 March 2023 and is available on the Company's website https://beaconenergyplc.com/

Key Highlights:

·    The Acquisition provides Beacon with a beneficial interest in a proven and producing oil field with material existing resources and a platform with potential to achieve production of up to 4000 bopd in the coming years.

·    Beacon now has independently certified 2P net reserves of 3.85 mmbbl and a 2C net contingent resource base of 22.96 mmbbl, located across four core assets in Germany.

·    Beacon has a full-cycle portfolio of largely operated production, development, appraisal and exploration assets in a proven, mature hydrocarbon basin.

·    Onshore Germany presents compelling market dynamics with an advantageous fiscal and regulatory regime, predictable permitting processes and supportive regional authorities with a focus on domestic energy security.

·    The transaction provides Beacon with a near-term active work programme designed to enhance production and cash flow, and a well understood existing production base which will generate immediate revenue.

·    Highly experienced Board and management team, with significant combined regional, technical and capital markets experience, enhanced through addition of Stewart MacDonald as CFO and Leo Koot as NED.

·    Beacon successfully raised gross proceeds of approximately £6 million pursuant to the Fundraise, the proceeds of which will be used to fund the drilling of the SCHB-2 development well which is scheduled to spud in June.

Admission and Total Voting Rights

The Existing Ordinary Shares will be cancelled from trading on AIM and the new Ordinary Shares, including the Placing Shares, the Consideration Shares, the Primary Bid Shares, the TOH Subscription Shares, the Director Subscription Shares, the Director Fee Shares and the Adviser Fee Shares are expected to be admitted to trading on AIM with effect from 8.00 a.m. on 11 April 2023 under the ISIN of IM00BKSCP798 with SEDOL number BKSCP79.

On Admission, the Company will have a total of 10,507,679,620 Ordinary Shares with voting rights in issue. There are no Ordinary Shares held in treasury. The figure of 10,507,679,620 may be used by shareholders, following Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Larry Bottomley, Chief Executive Officer of Beacon Energy, commented :

"Following completion of the transformative acquisition of Rhein Petroleum, we are delighted to announce the recommencement of trading of Beacon's shares on AIM.  The transaction is highly value accretive and provides Beacon with a solid growth platform, underpinned by proven reserves, current production, and an exciting work programme commencing with the important Schwarzbach-2 ("SCHB-2") development well in the coming months. 

"This transaction is the first step in Beacon's clearly defined strategy to build a self-funding business, with cash flows from activities directed into further value enhancing organic growth.  We thank shareholders for their patience and support through the RTO process and look forward to rewarding them all as we deliver the corporate and operational plan."

Enquiries:

For further information, please visit  www.beaconenergyplc.com  and @BeaconEnergyPlc on Twitter

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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.