REG - Beacon Energy PLC - Statement Regarding Recent Price Movement

Beacon EnergyAnnouncement

16/08/2023 18:00

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RNS Number : 5582J  Beacon Energy PLC  16 August 2023

16 August 2023

Beacon Energy plc

("Beacon Energy" or the "Company")

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.

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

 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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