14th Oct 2024 14:16
(Alliance News) - Beacon Energy PLC on Monday released half-year results and full-year results as it remained convinced that Erfelden in Germany is a potentially highly valuable oil discovery.
The oil & gas company with a portfolio of onshore German assets said pretax loss narrowed to USD2.1 million in the first half of 2024 from USD2.5 million a year ago.
Total income rose to USD667,000 from USD315,000. Operating expenses increased to USD1.7 million from USD448,000.
Further on Monday, the company announced that pretax loss widened to USD3.5 million in 2023, compared to USD1.1 million in the eight months to December 31, 2022.
The company reported USD972,000 total income compared to none. Operating costs were USD3.6 million versus none.
Looking ahead, Chair Mark Rollins said: "Even with the challenges we have experienced, the board remains convinced that Erfelden is a material and potentially highly valuable onshore oil discovery, with best estimated recoverable reserves of 7.2 million barrels."
Stocks resumed trading after the publications of the results, up 12% at below 0.01 pence per share on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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