Business
Schwarzbach-2 (SCHB-2) Well Update
Schwarzbach-2 (SCHB-2) Well Update.
About this update from Beacon Energy Plc
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 9 5 / 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." END Enquiries: Beacon Energy plc L arry 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 / Barry Archer / George Pope [email protected] +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.