RNS Number : 1481G
Beacon Energy PLC
17 July 2023
 

17 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 which spudded 19 June 2023.

Rhein Petroleum has performed a successful recovery or 'fishing' operation in the SCHB-2 well to free a directional drilling assembly stuck in the 12¼" hole section and has returned it safely back to surface.

 

The stuck pipe incident occurred after the well had made good progress, reaching a drilled depth 100m above the first target which remains untested. The operations team will now clean out the 12¼" hole section before continuing with drilling to the target reservoirs.

The Company expects to provide a further update on the progress of drilling operations during the course of next week.

Beacon Energy Chief Executive Officer, Larry Bottomley commented:

"Clearly this is an unfortunate development that has caused a delay in delivering the SCHB-2 development well, however we see a minor impact to the overall costs of the well relative to its upside potential in the success case. These unavoidable challenges are common when drilling and it has been our focus to ensure it was resolved in a safe, rapid and cost-efficient manner.

 

"We are very pleased with the exemplary performance of the operating team in Rhein Petroleum, who have moved swiftly to resolve the situation so we can continue to focus on delivering the objectives of this well.

"We had made good progress with the drill up to this point, with the situation occurring just above the first target zone, with all shallower horizons being on prognosis and the well encountering the expected increase in background hydrocarbon gas as the drill bit got closer to that target.  The operations team are fully focused on drilling to TD and we will update the market on the results of these efforts."

END

 

Enquiries:

Beacon Energy plc

Larry Bottomley (CEO) / Stewart MacDonald (CFO)

+44 (0)20 7466 5000

 

Strand Hanson Limited (Financial and Nominated Adviser)

Rory Murphy / James Bellman

+44 (0)20 7409 3494

 


Buchanan (Public Relations)

Ben Romney / George Pope

energy@buchanan.uk.com

 

+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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDUNARROUUBAUR