TIDMBCE
RNS Number : 6813V
Beacon Energy PLC
11 April 2023
Capitalised terms used in this announcement carry the same
meanings as those ascribed to them in the Company's Admission
Document (available at www.beaconenergyplc.com) unless the context
requires otherwise.
11 April 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Completion of Acquisition
and
Re-admission to AIM and re-commencement of trading
Beacon Energy plc ( AIM: BCE ) is pleased to announce the
completion of its acquisition of Rhein Petroleum and the Company's
re-admission to trading on AIM, with the re-commencement of
dealings in its Ordinary Shares expected to take place at 8:00 a.m.
today, 11 April 2023 ("Admission").
The Admission Document was published on 21 March 2023 and is
available on the Company's website https://beaconenergyplc.com/
Key Highlights :
-- The Acquisition provides Beacon with a beneficial interest in
a proven and producing oil field with material existing resources
and a platform with potential to achieve production of up to 4000
bopd in the coming years.
-- Beacon now has independently certified 2P net reserves of
3.85 mmbbl and a 2C net contingent resource base of 22.96 mmbbl,
located across four core assets in Germany.
-- Beacon has a full-cycle portfolio of largely operated
production, development, appraisal and exploration assets in a
proven, mature hydrocarbon basin.
-- Onshore Germany presents compelling market dynamics with an
advantageous fiscal and regulatory regime, predictable permitting
processes and supportive regional authorities with a focus on
domestic energy security.
-- The transaction provides Beacon with a near-term active work
programme designed to enhance production and cash flow, and a well
understood existing production base which will generate immediate
revenue.
-- Highly experienced Board and management team, with
significant combined regional, technical and capital markets
experience, enhanced through addition of Stewart MacDonald as CFO
and Leo Koot as NED.
-- Beacon successfully raised gross proceeds of approximately
GBP6 million pursuant to the Fundraise, the proceeds of which will
be used to fund the drilling of the SCHB-2 development well which
is scheduled to spud in June.
Admission and Total Voting Rights
The Existing Ordinary Shares will be cancelled from trading on
AIM and the new Ordinary Shares, including the Placing Shares, the
Consideration Shares, the Primary Bid Shares, the TOH Subscription
Shares, the Director Subscription Shares, the Director Fee Shares
and the Adviser Fee Shares are expected to be admitted to trading
on AIM with effect from 8.00 a.m. on 11 April 2023 under the ISIN
of IM00BKSCP798 with SEDOL number BKSCP79.
On Admission, the Company will have a total of 10,507,679,620
Ordinary Shares with voting rights in issue. There are no Ordinary
Shares held in treasury. The figure of 10,507,679,620 may be used
by shareholders, following Admission, as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
Larry Bottomley, Chief Executive Officer of Beacon Energy, commented :
"Following completion of the transformative acquisition of Rhein
Petroleum, we are delighted to announce the recommencement of
trading of Beacon's shares on AIM. The transaction is highly value
accretive and provides Beacon with a solid growth platform,
underpinned by proven reserves, current production, and an exciting
work programme commencing with the important Schwarzbach-2
("SCHB-2") development well in the coming months.
"This transaction is the first step in Beacon's clearly defined
strategy to build a self-funding business, with cash flows from
activities directed into further value enhancing organic growth. We
thank shareholders for their patience and support through the RTO
process and look forward to rewarding them all as we deliver the
corporate and operational plan."
Enquiries:
Beacon Energy plc via Buchanan
L arry Bottomley (CEO) / Stewart MacDonald (CFO)
Strand Hanson Limited (Financial and Nominated Adviser)
Rory Murphy / James Bellman +44 (0)20 7409 3494
Buchanan (Public Relations)
Ben Romney / Jon Krinks +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
To register for Beacon Energy's email alerts, please complete
the following form:
https://www.beaconenergyplc.com/media-centre/news/#alerts
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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END
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