BCE Beacon Energy Plc

TIDMBCE

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 12 1/4 " hole section of the SCHB-2 well, the deeper part of the 12 1/4 " 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 12 1/4 " 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."

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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 / Barry Archer / 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 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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July 31, 2023 02:00 ET (06:00 GMT)

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