Member Info for panman

Never really surprised with a raise on aim but not happy with tennyson doing the bookrunning as they were pumping it to pi's as having considerable upside rom .27p

Guess they wanted that upside for themselves.

Wonder if there's a case to be made for miss selling an investment?

"Accordingly, we believe that there is considerable running room from Fridays closing 0.27p/shr share price (market cap of c.US$35m) up to fair value."

Think myself its an emotional thing in that the compulsion to trade can be stronger than the need to make profits.

That's a hard one to break too in my experience.

Found it on advfn but no link however def states clean up is ongoing at restricted rates of 150bbls/day....

TENNYSON E&P news – Beacon Energy – Schwarzbach-2(2.) update –

anticipated initial flow rate of 900 bopd

Tennyson Securities, Energy Research

11 September 2023

Beacon Energy (BCE LN) has issued an update on the Schwarzbach-2(2.) well, following on from last month’s announcement of a substantial oil discovery. The company has completed analysis of the well’s flow potential, based on the reservoir parameters, nearby analogue wells, and the oil recovered to surface, with indications of a minimum of 900 bopd expected from this wellbore – at least 50% higher than the considered pre-drill base case of 600 bopd.

Since TD was reached, the company has perforated the well in preparation for production, however delays in the programme resulted in the clean-up operation only starting last Friday.

Due to the rig having commitments elsewhere, it has now been released, with Beacon finishing clean-up on a rig-less basis. This is ongoing at restricted rates of around 150 bbls/d, before a rod pump can be installed over the coming weeks to allow for a full clean up at rates up to c.250 bbls/d. Once all drilling fluids etc have been recovered, an electrical

submersible pump can be installed and production ramped up to the expected commercial rate in excess of 900 bopd.

Meanwhile, Beacon is updating its subsurface model with the learnings of Schwarzbach-2(2.). As previously announced, the company expects the reserve base to substantially increase in the next audit.

The new well data now points to current 2P reserves (i.e. base case) up to, and potentially in excess of the 5.8 mmbbl pre-drill high case (versus 3.78 mmbbls pre-drill 2P case).

In terms of valuation implications, at 900 bopd, Beacon expects monthly operating cash flow of over US$1.5m per month at US$80/bbl Brent prices – equivalent to almost US$20m per annum.

The reserves are yet to be formally upgraded, however assuming the new base case is

consistent with the 3P case pre-drill, this would imply an NPV10 valuation of c.US$112m using the assumptions from the CPR (including a realised oil price of trending down to a long term c.US$60/bbl in 2030).

This is approximately double the pre-drill best case NPV10 of US$56.5m, and clearly has been de-risked substantially through the drilling of Schwarzbach-2(2.).

Furthermore, this valuation does not include anything for the 2C resources of 2.4 mmbbls at the adjacent Schwarzbach South fault block in particular, which will have also been

de-risked through the drilling of this well, nor does it include value for any other appraisal or exploration asset within Beacon’s substantial German portfolio. Accordingly, we believe that there is considerable running room from Friday’s closing 0.27p/shr share price (market cap of c.US$35m) up to fair value.

The company has p

Didn't a recent note state they're currently producing c. 150bb's fluid at the mo as they're cleaning up already?

Thought it was a mix of oil/gas/drilling fluids. Likely not a great deal of oil yet but wonder if they're selling it already?

84kt clean coal/month sounds pretty good imho as does the rising coal price. Be interesting to see how this affects sentiment and so price next few sessions.

and brent nigh on $92 too. perfect storm for this one to report their next moves in the next few weeks.

predict fomo's going to be a ***** when it hits peeps here. each to their own but much happier holding through the doldrums than being involved in that.

Been a buyer today as well. Like the cut of this ones jib and like the price too.

Pve have put their results up to june up....

Significant events after balance date

Subsequent to the balance date, production at Podere Maiar-1 commenced on 4th July 2023, with the 4-week

ramp-up and commissioning period completed during the week ending 4th August 2023. The ramp-up and

commissioning process progressed seamlessly concluding with a three-day shut down and removal of memory

gauges from the C2 production zone. On the last day of the shut down period, a slick line rig attended site to

complete the work programme and obtain pressure / temperature gradient data. Data analysis is currently

underway and production recommenced. During the ramp-up period, approximately 1,800,000 standard cubic

meters (scm) of gas was produced, all of which was sold to BPGM under the 18-month GSA. Initial gas

production cash flows were received before the end of August 2023

Initial production, results of the data analysis and ongoing stable gas production will have a significant impact

on the Group’s operations.

Exactly. The 250bpd is all the rod pump can handle not all the well can produce.

Good job they didn't come in with the 900boipd straight away then WhiteNight. We'd be sitting at thruppence.

Agreed watching the presentation is a must explains prospects much better than the rns did imho.

Interesting they have to use the rod first to make sure the flow is clean of drilling fluids et all as these can damage the esp. Once they have a clean flow its time to change and go for the higher flow.

https://www.beaconenergyplc.com

Watching the presentation now, they expect the full 250bopd from the rod pump whilst clean up continues.

The 250bopd is a limitation of the pump is all.

Presentation well worth a watch imho. Calmed my fears.

They could do with the rod pump managing the full 250bopd imho. They have had delays as warned of in the finals and if the rod delivers below base production they could look to raise to maintain funds should there be issues going forwards.

"Management's base case is that the SCHB-2 well will be drilled, tested and completed by the end of July and that production flow rates from the well will be consistent with the "best estimate" outlined in the Competent Persons Report ("CPR") published in December 2022.

Management have also considered a number of downside scenarios, including scenarios where the well is delayed, the cost of the well increases or the production flow rate from the well is materially below the "best estimate" outlined in the CPR.

Under the base case forecast, the Group will have sufficient financial headroom to meet forecast cash requirements for the 12 months from the date of approval of these consolidated financial statements. However, in the downside scenarios, in the absence of any mitigating actions, the Group may have insufficient funds to meet its forecast cash requirements. Potential mitigants include deferral and/or reduction of expenditure and raising additional equity or debt funding."

Believe its the rod pump to be fitted during oct not the esp giving up to 250bopd short term?

Just as an outside view of someone who looked in and saw the drill only had a 14% chance of success it does seem pretty obvious they'd need to place beforehand.

84% chance of failure? if they hadn't of placed they'd have left all those gambling on success wide open to a much bigger loss should this well not come in simply because the placing for the next attempt would be at 1p or some such horrendous figure.

Hope the gamble pays off for you but yes was always on the cards its responsible management with such a low odds play.

That articles old and was placed on advfn last week as an attempt to deramp,.

Did you notice its actually about groves and Edmonds not carl?

Do still believe the market needs proof of 20K sales/month occurring before moving the stock but dislike attempted stock manipulation on the back of old and well known news.

Thanks for the heads up.

At least they got it out. Would have been a lot more drawn out had they got stuck.

Wonder if the pics of the replacement pipe are to show they're ready to re line?

Guess we'll know soon enough.

They must have had a lot of faith in the co's ability to pay the loan back if they agreed to unsecured and nonconvertible.

Where's their security for such a sum?

According to the last RNS they're not on 90 day settlement..

"Production is ongoing and a sizeable stockpile has been built. The Company expects to announce first sales and receive first revenues this month from TransOre International FZE, as previously announced."