London Stock Exchange Welcomes Beacon Energy PLC's Re-admission to AIM
Beacon Energy, an energy company seeking growth through acquisition or farm-in to interests in discovered upstream projects, today marks a milestone for the Company as it celebrates the re-admission of its shares to trading on AIM following the successful completion of the Reverse Takeover of Rhein Petroleum GmbH.
This is a transformative development for the company as the acquisition provides Beacon with a beneficial interest in a proven oil field with material existing resources, a well understood existing production base which will generate immediate revenue, and an exciting near-term work programme designed to enhance future cash flow.
The Company has successfully raised £6.04 million to complete the transaction, the proceeds of which will be used to fund the work programme and in particular the SCHB-2 well later this year.
Beacon Energy CEO, Larry Bottomley, added:
“Today is a pivotal day for Beacon Energy and we believe the initial geographic focus of Germany provides significant potential for growth, where, over time, a substantial business can be built. This transformative acquisition underpins the Company with immediate cash flow and provides an active near-term work programme designed to grow value for our shareholders. We thank new and existing shareholders for their support in the process, and welcome Tulip Oil Holdings and DRAG to our share register as significant shareholders. Finally, we also welcome our new operating team in Germany, and new Directors Stewart MacDonald and Leo Koot who join the Board as Chief Financial Officer and Non-Executive Director, respectively. We look forward to updating the market on Beacon’s progress as we embark on this exciting new chapter in the Company's journey.”
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