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Beacon Energy plc noted recent movement in its share price on AIM on 16 August 2023. The company is undertaking operations on the SCHB-2(2.) well, targeting hydrocarbons in the Erfelden field, which has 2P oil reserves of 3.784mmbbls assigned in December 2022. The SCHB-2(2.) well has reached a total drill depth of 2255 metres measured depth (1717 metres True Vertical Depth) and is currently undergoing electric wireline logging.
| Date | 16 Aug 2023 |
| Time | 17:49:36 |
| Category | Corporate updates |
| ID | 5582J |
16 August 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Statement Regarding Recent Price Movement
Beacon Energy (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH ("Rhein Petroleum"), notes the recent movement in the price of the Company's shares on AIM.
The Company is currently undertaking operations on the Schwarzbach-2(2.) ("SCHB-2(2.)") well to target hydrocarbons in the undeveloped Stockstadt Mitte segment of the Erfelden field, with 2P oil reserves of 3.784mmbbls assigned to this segment from the independent Competent Person's Report ("CPR") published by the Company in December 2022.
The SCHB-2(2.) well has reached total drill depth of 2255 metres measured depth (1717 metres True Vertical Depth) and the Company is currently undertaking electric wireline logging in the well. Until the electric wireline logging programme has been completed and the results analysed, the implications for the future cash generative potential of the Erfelden field and the Company's aspiration to build a self-funding platform for growth will not be known.
We look forward to updating the market in due course.
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Enquiries:
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Beacon Energy plc Larry Bottomley (CEO) / Stewart MacDonald (CFO) |
+44 (0)20 7466 5000 |
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Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Bellman |
+44 (0)20 7409 3494 |
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Buchanan (Public Relations) Ben Romney / George Pope |
+44 (0)20 7466 5000 |
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Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas |
+44 (0)20 7186 9030 |
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Optiva Securities Limited (Joint Broker) Christian Dennis |
+44 (0)20 3411 1881 |
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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.