Beacon Energy shares jumped on Monday after providing an update on its drilling operations for the Schwarzbach-2(2.) well in the Erfelden field in Germany.
The company is currently drilling a deviated sidetrack of the well, which is part of the development of the Stockstadt Mitte segment of the Erfelden field.
Beacon Energy shares were 11% higher at the time of writing.
The primary objectives of the Schwarzbach-2(2.) well are to test reservoir targets and Beacon expects to reach total depth (TD) in the coming days. Once drilling is completed, the company will conduct testing to determine if the well can produce commercial quantities of oil and gas.
The drilling results will provide important information on the productivity potential of this section of the Erfelden field, which is a key asset for Beacon Energy in Germany.
Beacon Energy shares were readmitted to AIM in April this year after completing the reverse takeover of Rhein Petroleum.