Beacon Energy plc today became an AIM Rule 15 cash shell after creditors sold certain assets belonging to its German subsidiary to a third party, signalling the start of its liquidation.
TRADING
Rhein Petroleum GmbH had debts of €7.5 million following a poor show at the Erfelden field in Hessen and lack of “very significant capital” to improve operations.
Beacon has six months to make an acquisition or acquisitions constituting a reverse takeover or become an investing company with a minimum £6 million and publication of an admission document.
Failure to do take one of the actions will result in suspension of the company’s ordinary shares from trading.
If a re-admission transaction is not completed within a further six months, Beacon’s shares will be cancelled to trading.
At the end of November, Beacon stated had been assessing other areas in Europe as well as Africa and the Far East for new projects.
The company said it was in discussions on a range of opportunities and was confident of one agreement on at least one opportunity before mid-2025.
Beacon acquired 100% of Rhein Petroleum, with other assets in Bayern and Baden-Württemberg, in December 2022.