Client NewsBeacon Energy PLC – 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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