REG - Beacon Energy PLC - Completion of Acquisition and Re-admission to AIM

Beacon EnergyAnnouncement

11/04/2023 07:00

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RNS Number : 6813V  Beacon Energy PLC  11 April 2023

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/ (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:

 Beacon Energy plc                                        via Buchanan

 Larry Bottomley (CEO) / Stewart MacDonald (CFO)

 Strand Hanson Limited (Financial and Nominated Adviser)  +44 (0)20 7409 3494

 Rory Murphy / James Bellman

 Buchanan (Public Relations)                              +44 (0)20 7466 5000

 Ben Romney / Jon Krinks

 Tennyson Securities Limited (Joint Broker)               +44 (0)20 7186 9030

 Peter Krens / Ed Haig-Thomas

 Optiva Securities Limited (Joint Broker)                 +44 (0)20 3411 1881

 Christian Dennis

For further information, please visit  www.beaconenergyplc.com
(http://www.beaconenergyplc.com)   and @BeaconEnergyPlc on Twitter

To register for Beacon Energy's email alerts, please complete the following
form:  https://www.beaconenergyplc.com/media-centre/news/#alerts
(https://www.beaconenergyplc.com/media-centre/news/#alerts)

 

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.

 

 

 

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