Schedule One - Beacon Energy plc

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Beacon Energy PLC (AIM: BCE) (the "Company" or "Beacon")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

55 Athol Street

Douglas

Isle of Man

IM1 1LA

COUNTRY OF INCORPORATION:

Isle of Man

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

https://www.beaconenergyplc.com/

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Admission is sought as a result of a reverse takeover in accordance with AIM Rule 14.

In accordance with the Company's strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the SPA with Tulip Oil Holdings B.V. ("Tulip") and Deutsche Rohstoff A.G. ("DRAG"), as announced on 16 December 2022. Pursuant to the SPA, the Company has conditionally agreed to acquire 100 per cent. of the share capital of Rhein Petroleum GmbH ("Rhein Petroleum") for a consideration of 3,488,549,633 new Ordinary Shares in the Company plus contingent "earn out" consideration based on future production and exploration.

In conjunction with the Acquisition, the Company has conditionally placed 5,491,516,026 Fundraise Shares by way of a Placing, a Primary Bid Offer, the Subscription and the issue of the Director and Adviser Fee Shares at the Fundraise Price of 0.11 pence to raise total gross proceeds of £6.04 million (approximately US$7.34 million).

The net proceeds of the Fundraise are estimated at £4.77 million. The net proceeds together with the Company's existing cash resources will be used to fund the drilling of the SCHB-2 development well onshore Germany and for general working capital requirements.

The Acquisition constitutes a reverse takeover pursuant to the AIM Rules and is therefore subject, among other things, to the approval of Shareholders at the Extraordinary General Meeting.

On Admission and following completion of the Proposals, the members of the Concert Party will, in aggregate, be interested in 4,445,172,797 Ordinary Shares, representing approximately 42.30 per cent. of the Enlarged Share Capital (on an undiluted basis). The issue of the TOH Consideration Shares and the TOH Subscription Shares would normally trigger an obligation for an offer to be made under Rule 9 of the City Code to all the remaining Shareholders to acquire their shares.

However, the Company has applied to the Takeover Panel for a waiver of Rule 9 of the City Code in order to permit the issue of the TOH Consideration Shares and the TOH Subscription Shares to occur without triggering an obligation on the part of the Concert Party to make a general offer to the Company's other shareholders and the Takeover Panel has agreed to grant the Rule 9 Waiver, subject to Independent Shareholders approving the Rule 9 Waiver Resolution on a poll.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

The Company has 1,527,613,961 existing Ordinary Shares currently in issue.

The Company will, on Admission, issue 3,488,549,633 new Ordinary Shares as Consideration for the Acquisition (the "Consideration Shares"), and 5,491,516,026 new Ordinary Shares pursuant to the Fundraise (the "Fundraise Shares").

The Fundraise Shares can further be split into 588,429,355 Director Fee Shares, 935,909,087 Adviser Fee Shares, 2,290,909,082 Placing Shares, 134,545,454 PrimaryBid Shares, 427,272,726 Director Subscription Shares, and 1,114,450,322 TOH Subscription Shares.

The Director Fee Shares, Director Subscription Shares, the Consideration Shares issued to Tulip, and the TOH Subscription Shares are subject to lock-in agreements pursuant to AIM Rule 7. The Adviser Fee Shares are subject to lock-in agreements, as described in the Company's Admission Document.

On Admission, the Company will have 10,507,679,620 Ordinary Shares in issue and admitted to trading on AIM subject to approval of the Proposals.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Capital raised on Admission of £6.04 million (gross)

Implied market capitalisation on Admission of £11.56 million at the Fundraise Price

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

63.56%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

N/A

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Directors

Mr. Mark Andrew Rollins, (Non-Executive Chairman)

Mr. Larry Anthony Bottomley (Chief Executive Officer)

Mr. Stephen James Whyte (Non-Executive Director)

Mr. Ross Michael Warner (Non-Executive Director)

Proposed Directors

Mr. Stewart MacDonald (Chief Financial Officer)

Mr. Leo Willem Koot (Non-Executive Director)

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

* Larry Bottomley and Mark Rollins are both existing directors of the Company, being the Chief Executive Officer and Chairman, respectively

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

N/A

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

(i) 31 December

(ii) Unaudited half-yearly accounts for Beacon to 31 October 2022.

Unaudited half-yearly accounts for Rhein Petroleum GmbH to 30 June 2022.

(iii) 30 June 2023, 30 September 2023, 30 June 2024.

EXPECTED ADMISSION DATE:

 11 April 2023

NAME AND ADDRESS OF NOMINATED ADVISER:

Strand Hanson Limited

26 Mount Row

Mayfair

London

W1K 3SQ

United Kingdom

NAME AND ADDRESS OF BROKER:

Tennyson Securities

65 Petty France

London

SW1H 9EU

United Kingdom

Optiva Securities Limited

118 Piccadilly

London

W1J 7NW

United Kingdom

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

https://www.beaconenergyplc.com/

Copies of the Admission Document, which contains full details of Beacon and its securities, are also available at the offices of Tennyson Securities, 65 Petty France, London, SW1H 9EU

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

QCA Corporate Governance Code

DATE OF NOTIFICATION:

24 March 2023

NEW/ UPDATE:

NEW