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

Beacon EnergyAnnouncement

31/07/2023 07:00

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RNS Number : 6429H  Beacon Energy PLC  31 July 2023

31 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.

Following the successful recovery of the directional drilling assembly stuck
in the 12¼" hole section of the SCHB-2 well, the deeper part of the 12¼"
hole has proved to be unsuitable for onwards drilling so 9(5)/(8)" casing has
been run in the upper part of the open hole. The operations team are now
undertaking a deviated mechanical sidetrack to achieve the primary objectives
of testing the reservoir targets and completing this well as a producer as
part of the development of the Stockstadt Mitte segment of the Erfelden field.

This technical sidetrack is designated Schwarzbach-2 (2.) ("SCHB-2 (2.)").

The Company expects to reach TD during the course of this week and will
provide a further update on progress of the SCHB-2(2.) well as appropriate.

Beacon Energy Chief Executive Officer, Larry Bottomley commented:

"We believe the fishing operation degraded the quality of the deeper part of
the 12¼" hole and felt it prudent to undertake a mechanical sidetrack to
ensure that we can fully evaluate the primary objectives and complete this
well as a producer. This causes an additional small delay in completing the
SCHB-2(2.) development well as we maintain our focus on delivering a material
increase to the Company's production.

 

The operations team are fully focused on drilling the sidetrack to TD and we
will update the market as appropriate."

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 / Barry Archer / 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

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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