Beacon Energy PLC Schwarzbach-2 (SCHB-2) Well Update (1481G)
July 17 2023 - 1:00AM
UK Regulatory
TIDMBCE
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 12 1/4 " 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
12 1/4 " 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
L arry Bottomley (CEO) / Stewart MacDonald (CFO) +44 (0)20 7466 5000
Strand Hanson Limited (Financial and Nominated Adviser)
Rory Murphy / James Bellman +44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / George Pope
energy@buchanan.uk.com +44 (0)20 7466 5000
Tennyson Securities Limited (Joint Broker)
Peter Krens / Ed Haig-Thomas +44 (0)20 7186 9030
Optiva Securities Limited (Joint Broker)
Christian Dennis +44 (0)20 3411 1881
For further information, please visit www.beaconenergyplc.com and @BeaconEnergyPlc on Twitter
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the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
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(Withdrawal) Act 2018.
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END
UPDUNARROUUBAUR
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