Operations

As announced on 16 December 2022, in accordance with Beacon Energy’s strategy to focus on growth through acquisition or farm-in to oil and gas projects, the Company entered into the Share Purchase Agreement to acquire 100 per cent of the share capital of Rhein Petroleum GmbH.

The transaction acquisition delivered a full-cycle portfolio of largely operated production, development, appraisal and exploration assets located onshore Germany, a low political risk jurisdiction. The Company believes the region provides significant potential for growth, where, over time, it believes a substantial business can be built.

The Rhein Petroleum Assets provide a near-term active work programme designed to enhance production and cash flow, and a well understood existing production base which will generate immediate revenue.

The acquisition provides access to a built-in growth pipeline of onshore, material, high-margin, low-risk and near-term development and appraisal opportunities. The Rhein Petroleum Assets include a mix of low, medium and higher risk exploration opportunities that are low cost and potentially transformational.

In addition, Beacon Energy benefits from the experienced operating team at Rhein Petroleum, which has a track record of exploration, appraisal, development and production operations.