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Schwarzbach-2 (SCHB-2) Well Update
Schwarzbach-2 (SCHB-2) Well Update.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n\n31 July 2023\nBeacon Energy plc\n(\"Beacon Energy\" or the \"Company\")\nSchwarzbach-2 (SCHB-2) Well Update\n \nBeacon 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.\nFollowing 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.\nThis technical sidetrack is designated Schwarzbach-2 (2.) (\"SCHB-2 (2.)\").\nThe 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.\nBeacon Energy Chief Executive Officer, Larry Bottomley commented:\n\"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.\n \nThe operations team are fully focused on drilling the sidetrack to TD and we will update the market as appropriate.\"\nEND\n \nEnquiries:\n\n\n\n\nBeacon Energy plc\nLarry Bottomley (CEO) / Stewart MacDonald (CFO)\n\n\n+44 (0)20 7466 5000\n\n\n\n\n \n\n\n\n\nStrand Hanson Limited (Financial and Nominated Adviser)\nRory Murphy / James Bellman\n\n\n+44 (0)20 7409 3494\n\n\n\n\n \n\n\n\n\n\n\n\nBuchanan (Public Relations)\nBen Romney / Barry Archer / George Pope\[email protected]\n \n\n\n+44 (0)20 7466 5000\n\n\n\n\n \n\n\n \n\n\n\n\nTennyson Securities Limited (Joint Broker)\nPeter Krens / Ed Haig-Thomas\n\n\n+44 (0)20 7...