Beacon Energy plc chief executive officer Larry Bottomley will step down from 1 June 2024. His replacement is the company’s chief financial officer Stewart MacDonald. Mr Bottomley, who will become a non-executive director, has more than 40 years’ industry experience and became Beacon’s CEO in January 2022. He was instrumental in re-establishing the company from […]
Tag: Beacon Energy plc
Beacon raises €3m via placing-primary bid offer
Beacon Energy plc raised in total €3 million (£2.6m) via an oversubscribed placing with new and existing institutional investors and a primary bid offer. The company issued 5,137,000,000 shares at 0.05 pence per new ordinary share, representing an approximate 28% discount to the closing middle market price of 0.07 pence per existing ordinary share on 27 February 2024. On admission, Beacon will have […]
Beacon to restart production at Erfelden
Beacon Energy plc has completed sand jetting operations with coiled tubing on the Schwarzbach-2(2.) well in the Erfelden field in Hessen, Germany. PUMP The company’s subsidiary Rhein Petroleum GmbH expects to restart production “in the coming days” following reinstallation of the rod pump. Beacon said that the impact of the sand jetting would only be known […]
Beacon begins sand jetting Schwarzbach-2(2)
Beacon Energy plc continues clean-up on Schwarzbach-2(2) while beginning sand jetting operations to stimulate the well in the Erfelden field, Germany. PERFORATIONS The rod pump was installed in late 2023 but production remains at approximately 40 barrels of oil per day, indicating that the reservoir near the wellbore is invaded by drilling fluids restricting flow rates. Sand […]
Beacon commercial production lower than expected
Beacon Energy plc began commercial production at lower than expected rates following installation of a rod pump on the Schwarzbach-2(2.) well in the Erfelden field, Hessen. STIMULATION Initial rates fell, indicating legacy drilling fluids had invaded the reservoir less than three metres around the wellbore restricting flow rates, said the company. The well has now […]
Beacon increases Erfelden best estimate reserves
Beacon Energy plc has nearly doubled its Erfelden field reserves estimate after including drill results of the Schwarzbach-2(2.) well. QUALITY RESERVOIRS The field in Hessen comprises four juxtaposed structural compartments of Kuehkopf, Stockstadt Mitte, Schwarzbach Main and Schwarzbach South. SCHB-2(2.) previously encountered a 34-metre gross interval containing 28m of oil-bearing net reservoirs in the Pechelbronner-Schichten […]