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Pin to quick picksBeacon Energy. Share News (BCE)

Share Price Information for Beacon Energy. (BCE)

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Share Price: 0.0125
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Change: 0.002 (19.05%)
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IN BRIEF: Beacon Energy shares drop on downbeat Erfelden update

Mon, 29th Jan 2024 10:47

Beacon Energy PLC - Isle of Man-registered oil and gas company - Says Schwarzbach-2(2.) well in the Erfelden field in Germany continues to clean-up, although production remains at a rate of approximately 40 barrels of oil per day. Says the "low" output rate indicates that the reservoir near the well bore has been invaded with drilling fluids which are restricting flow rates. Additionally, Beacon says it has now started sand jetting operations with a coiled tubing unit to stimulate the well. Sand jetting will focus on the oil-bearing reservoirs in the Pechelbronner-Schichten sandstones.

Chief Executive Officer Larry Bottomleu says: "While the SCHB-2(2.) well encountered excellent oil-bearing reservoirs with thickness and properties in excess of pre-drill prognosis, drilling fluids that invaded the reservoir near the well bore during operations are currently impeding production. The retrieval of the downhole pressure data will inform our understanding of the impact that the drilling fluid invasion has had on productivity.

"We remain fully focused on establishing optimal production from the SCHB-2(2.) well as quickly as possible through the rod pump and ultimately the installation of the [electrical submersible pump]. Despite these operating challenges, the exceptional technical results of the SCHB-2(2.) well have materially increased the potential reserves of the Erfelden field and provided confidence on the productivity potential from this and future wells."

Current stock price: 0.079 pence, down 9.7%

12-month change: down 39%

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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15 Sep 2023 11:21

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15 Sep 2023 10:08

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18 Aug 2023 09:13

Beacon Energy shares surge as finds oil-bearing reservoirs in Germany

(Alliance News) - Beacon Energy PLC on Friday announced its subsidiary found "good quality" oil-bearing reservoirs in the Meletta-Schichten sandstone and the Pechelbronner-Schichten sandstones on the Schwarzbach-2(2.) well in Germany.

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16 Aug 2023 22:22

IN BRIEF: Beacon Energy reports work at Erfelden field

Beacon Energy PLC - Germany-focused upstream oil & gas company – Notes sharp share price on Wednesday and reports that is undertaking operations on the Schwarzbach-2(2.) well. Beacon is targeting hydrocarbons in undeveloped Stockstadt Mitte segment of Erfelden field. Beacon adds: "The company is currently undertaking electric wireline logging in the well. Until the electric wireline logging programme has been completed and the results analysed, the implications for the future cash generative potential of the Erfelden field and the company's aspiration to build a self-funding platform for growth will not be known."

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Beacon Energy announces drilling underway on Schwarzbach-2 operations

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IN BRIEF: Beacon Energy begins drilling at Schwarzbach-2 well

Beacon Energy PLC - Germany-focused upstream oil & gas company - Begins drilling the Schwarzbach-2 development well at the Erfelden Field, onshore south west Germany. Drilling operations are expected to take around 25 days to reach total depth of 2,255 metres, with an additional 12 days scheduled for testing. Once completed, it is expected that the well will be tied-in to existing production facilities at the site and put into production.

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13 Jun 2023 09:30

Beacon Energy touts arrival of drilling rig at Schwarzbach in Germany

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6 Jun 2023 11:55

IN BRIEF: Beacon subsidiary's drill rig set to operate this month

Beacon Energy PLC - Isle of Man-based upstream oil and gas company with operations ranging from Europe, Africa to East Asia - Says subsidiary Rhein Petroleum's E202 drilling rig is expected to mobilise next Monday for the Schwarzbach-2 development in the Erfelden field in southwest Germany. The rig will be on location and operational by June 19, with drilling expected to take around 25 days to reach the expected total depth of 2,255 metres. In April, Beacon acquired Rhein Petroleum GmbH from Tulip Oil and Deutsche Rohstoff.

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