REG - Beacon Energy PLC - Schwarzbach-2 (SCHB-2) Well Update

Beacon EnergyAnnouncement

17/07/2023 07:00

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RNS Number : 1481G  Beacon Energy PLC  17 July 2023

17 July 2023

Beacon Energy plc

("Beacon Energy" or the "Company")

Schwarzbach-2 (SCHB-2) Well Update

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"),
announces an update on the Schwarzbach-2 ("SCHB-2") drilling operations which
spudded 19 June 2023.

Rhein Petroleum has performed a successful recovery or 'fishing' operation in
the SCHB-2 well to free a directional drilling assembly stuck in the 12¼"
hole section and has returned it safely back to surface.

 

The stuck pipe incident occurred after the well had made good progress,
reaching a drilled depth 100m above the first target which remains untested.
The operations team will now clean out the 12¼" hole section before
continuing with drilling to the target reservoirs.

The Company expects to provide a further update on the progress of drilling
operations during the course of next week.

Beacon Energy Chief Executive Officer, Larry Bottomley commented:

"Clearly this is an unfortunate development that has caused a delay in
delivering the SCHB-2 development well, however we see a minor impact to the
overall costs of the well relative to its upside potential in the success
case. These unavoidable challenges are common when drilling and it has been
our focus to ensure it was resolved in a safe, rapid and cost-efficient
manner.

 

"We are very pleased with the exemplary performance of the operating team in
Rhein Petroleum, who have moved swiftly to resolve the situation so we can
continue to focus on delivering the objectives of this well.

"We had made good progress with the drill up to this point, with the situation
occurring just above the first target zone, with all shallower horizons being
on prognosis and the well encountering the expected increase in background
hydrocarbon gas as the drill bit got closer to that target.  The operations
team are fully focused on drilling to TD and we will update the market on the
results of these efforts."

END

 

Enquiries:

 Beacon Energy plc                                        +44 (0)20 7466 5000

 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 / George Pope

 energy@buchanan.uk.com (mailto:energy@buchanan.uk.com)

 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

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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.

 

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