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Beacon Energy plc announced on 16 April 2024 that mobilisation of the drilling rig for its SCHB2 side track has been delayed by approximately two weeks. The rig, originally scheduled for mid-April, is now expected to be released by its current third-party operator at the end of April 2024. Side track operations are anticipated to commence approximately seven days after mobilisation and are expected to last around 14 days.
| Date | 16 Apr 2024 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 7079K |
16 April 2024
Beacon Energy plc
("Beacon Energy" or the "Company")
Erfelden Operational Update
Beacon Energy (AIM:BCE), the full-cycle oil and gas company with a portfolio of onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH ("Rhein Petroleum"), announces that mobilisation of the drilling rig for the SCHB2 side track, which had originally been scheduled for mid-April, has been delayed by approximately two weeks.
The rig is currently contracted to a third-party operator for well operations located approximately 50km from the Erfelden site.
The Company has received notification from the rig contractor that due to extended ongoing operations encountered by the current operator, release of the rig is now expected at the end of April 2024.
The Company will provide a further update once mobilisation of the rig has commenced. Side track operations are expected to commence around seven days after mobilisation. The side track operation itself is expected to take approximately 14 days.
Larry Bottomley, CEO of the Company, said:
"Beacon Energy is obviously unable to control third-party delays of this kind however it is minor slippage to our previously guided timeline. We continue to prepare the site for the arrival of the rig so that the side track activities can commence as soon as possible. We look forward to the commencement of the side track as we seek to realise the full potential of the SCHB2 well and will provide further updates on mobilisation as required."
Enquiries:
|
Beacon Energy plc Larry Bottomley (CEO) / Stewart MacDonald (CFO) |
+44 (0)20 7466 5000 |
|
Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Bellman |
+44 (0)20 7409 3494 |
|
Buchanan (Public Relations) Ben Romney / Barry Archer / George Pope |
+44 (0)20 7466 5000 |
|
Tennyson Securities Limited (Broker) Peter Krens / Ed Haig-Thomas |
+44 (0)20 7186 9030
|
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.