Beacon Energy PLC Arrival of Drilling Rig & Site Visit (4682C)
June 13 2023 - 1:00AM
UK Regulatory
TIDMBCE
RNS Number : 4682C
Beacon Energy PLC
13 June 2023
13 June 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Arrival of Schwarzbach-2 Development Well Drilling Rig & Site Visit
Beacon Energy (AIM:BCE) is pleased to announce the arrival of
the E202 drilling rig to the Schwarzbach Production Facility for
the planned Schwarzbach-2 ("SCHB-2") development well within the
Erfelden Field, onshore South West Germany. This rig is fully
crewed and has been contracted from RED Drilling & Services
GmbH .
The Company also announces that it will host an analyst site
visit on Wednesday 21 June 2023. The visit will involve a tour of
the Schwarzbach facility which is owned and operated by Rhein
Petroleum GmbH, the Company's wholly owned subsidiary, as well as
an overview of the SCHB-2 development well which is located on an
adjacent drilling pad and is expected to be drilling ahead at this
time. No inside information will be provided at the site visit.
Larry Bottomley, Chief Executive Officer of Beacon Energy,
commented :
"We are pleased to report that preparations for this highly
important well are on track meaning we are well placed to spud on
or around the 19 June 2023. In the success case, this well has the
potential to be truly transformative for Beacon as we seek to
deliver a step-change in our production and cash flow. The
proximity to the Schwarzbach facility means increased volumes can
be tied-back to these existing production facilities enabling
immediate benefits to our investment proposition and financial
capabilities as we seek to establish a self-funding business
model.
"We are also looking forward to hosting an analyst site visit
later this month during which we will provide a more detailed
overview of Beacon's operations to this important market
audience."
Enquiries:
Beacon Energy plc
L arry Bottomley (CEO) / Stewart MacDonald +44 (0)1624 681
(CFO) 250
Strand Hanson Limited (Financial and Nominated
Adviser) +44 (0)20 7409
Rory Murphy / James Bellman 3494
Buchanan (Public Relations) +44 (0)20 7466
Ben Romney / George Pope 5000
Tennyson Securities Limited (Joint Broker) +44 (0)20 7186
Peter Krens / Ed Haig-Thomas 9030
Optiva Securities Limited (Joint Broker) +44 (0)20 3411
Christian Dennis 1881
For further information, please visit www.beaconenergyplc.com and @BeaconEnergyPlc on Twitter
To register for Beacon Energy's email alerts, please complete
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About the Erfelden Field
The Erfelden oilfield is the most northern oil field in the
Upper Rhine Graben and is comprised of four juxtaposed structural
segments: the mainly depleted Kuehkopf segment, the producing
Schwarzbach Main segment, the discovered Stockstadt Mitte segment
and the unproven Schwarzbach South segment.
The westerly Kuehkopf segment was discovered by Exxon and
produced oil between 1956 and 1985, who also operated the adjacent
Stockstadt field. Both accumulations were discovered, appraised and
developed from the subsurface description from legacy 2D seismic
data.
Rhein Petroleum subsequently secured the licence (Operator,
100%) and acquired an extensive 3D seismic survey which led to the
discovery of the Schwarzbach Main segment in 2015 when the
Schwarzbach-1 well (SCHB-1) discovered oil in the Oligocene
Pechelbronner-Schichten ("PBS") sandstones in a North-South
trending structural high at northern end of the Erfelden Field. The
Schwarzbach Main segment is still producing light oil (37-38 API)
from the SCHB-1a well through the Schwarzbach Production facility
which is owned and operated by Rhein Petroleum.
The Schwarzbach-2 development well (SCHB-2) is targeting the
Stockstadt Mitte segment and will "twin" the Stockstadt Mitte-1
well (SK-M1), drilled by Exxon in 1986 which proved hydrocarbons in
this segment. This well encountered oil in the PBS sandstones and
in the shallower Meletta-Schichten sands ("ME"). The independent
Competent Person's Report published by the Company in December 2022
assigned 2P reserves of 3.784mmbbls to the Stockstadt Mitte
segment.
The development plan for the Stockstadt Mitte segment envisages
3 wells - the SCHB-2 production well and subsequently an additional
2 wells; a producer and a water injector. The aim is that these
additional wells will be drilled over the course of the next 18
months funded from the free cash flow generated by production from
the SCHB-2 well.
The drill pad has been prepared immediately adjacent to the
Schwarzbach Production facility and 3 conductor pipes have been set
to a depth of 85m below ground level. A flowline from the drilling
pad to the Schwarzbach Production facility has been installed to
facilitate tie-back and hook-up as these wells are completed and
put into production.
The Schwarzbach South segment is undrilled, with 2C Contingent
Resources of 2.4mmbbls described in the CPR. This segment will be
the target of future development drilling.
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