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 […]
Tag: Erfelden field – Hessen – Germany
Beacon’s German subsidiary faces liquidation
Beacon Energy plc expects its German subsidiary Rhein Petroleum GmbH, with debts of €7.5 million, will be sold following a 20% drop in production. CAPITAL The company said it was looking to other areas in Europe as well as Africa and the Far East for new opportunities which it has been assessing for the past […]
Beacon losses increase at Erfelden
Beacon Energy plc resumed trading following publication today of its annual audited accounts for its operations in the Erfelden field in Hessen, onshore Germany. POTENTIAL Comprehensive loss for 2023 totalled $3.7 million (May – December 2022: $1m) while cash and equivalents increased to $4.8m by year end. Continued cost reductions, due to be fully implemented […]
Beacon to reinstall rod pump at SCH-2 well
Beacon Energy plc plans to reinstall a rod pump to allow a stabilised flow rate at the Schwarzbach-2 sidetrack oil well in the Erfelden field, Hessen onshore Germany. FLOW RATE The company said that the electrical submersible pump (ESP) had been running at the lower limit of its operating range, at approximately 50 bopd – meaning […]
Beacon trims board as part of cost cutting
Beacon Energy plc has trimmed its board and plans to reduce operating costs following lower than expected oil flow from the Schwarzbach-2 sidetrack well in the Erfelden field, Hessen. CREDITORS The departure of NEDs Larry Bottomley, previously CEO, and Stephen Whyte leaves non-executive chairman Mark Rollins, CEO Stewart MacDonald, independent NED Ross Warner and NED […]
Beacon to cut costs under Erfelden poor show
Beacon Energy plc subsidiary plans to cut costs and open talks with its creditors as the Schwarzbach 2(3.) sidetrack well continues to perform below expectations in the Erfelden field, Hessen. CHALLENGES In early June, the electrical submersible pump (ESP) was producing intermittently with an apparent initial poor response from the reservoir. The company today said […]