31st Jul 2023 07:00
31 July 2023
Beacon Energy plc
("Beacon Energy" or the "Company")
Schwarzbach-2 (SCHB-2) Well Update
Beacon Energy (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH ("Rhein Petroleum"), announces an update on the Schwarzbach-2 ("SCHB-2") drilling operations.
Following the successful recovery of the directional drilling assembly stuck in the 12¼" hole section of the SCHB-2 well, the deeper part of the 12¼" hole has proved to be unsuitable for onwards drilling so 95/8" casing has been run in the upper part of the open hole. The operations team are now undertaking a deviated mechanical sidetrack to achieve the primary objectives of testing the reservoir targets and completing this well as a producer as part of the development of the Stockstadt Mitte segment of the Erfelden field.
This technical sidetrack is designated Schwarzbach-2 (2.) ("SCHB-2 (2.)").
The Company expects to reach TD during the course of this week and will provide a further update on progress of the SCHB-2(2.) well as appropriate.
Beacon Energy Chief Executive Officer, Larry Bottomley commented:
"We believe the fishing operation degraded the quality of the deeper part of the 12¼" hole and felt it prudent to undertake a mechanical sidetrack to ensure that we can fully evaluate the primary objectives and complete this well as a producer. This causes an additional small delay in completing the SCHB-2(2.) development well as we maintain our focus on delivering a material increase to the Company's production.
The operations team are fully focused on drilling the sidetrack to TD and we will update the market as appropriate."
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Enquiries:
Beacon Energy plc Larry Bottomley (CEO) / Stewart MacDonald (CFO) | +44 (0)20 7466 5000 | ||
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Strand Hanson Limited (Financial and Nominated Adviser) Rory Murphy / James Bellman | +44 (0)20 7409 3494 | ||
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Buchanan (Public Relations) Ben Romney / Barry Archer / George Pope
| +44 (0)20 7466 5000 | ||
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Tennyson Securities Limited (Joint Broker) Peter Krens / Ed Haig-Thomas | +44 (0)20 7186 9030 | ||
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Optiva Securities Limited (Joint Broker) Christian Dennis | +44 (0)20 3411 1881 | ||
For further information, please visit www.beaconenergyplc.com and @BeaconEnergyPlc on Twitter
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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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