Shares in Beacon Energy were readmitted following the acquisition of Rhein Petroleum. This brings with it a producing oilfield with potential production of up to 4,000 barrels of oil per day in the coming years.
A drilling rig has been contracted for the onshore Schwarzbach-2 well and it should mobilise in June. Drilling should take 25 days to reach a depth of 2,255 metres and then there will be 12 days of testing. A tie-in to existing production facilities would take 12 days. The cash raised will finance this drilling.
The share price dropped 34.3% to 0.115p following the reversal. The...
